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All Eyes on CityCenter - A fitting end to the Bubble Decade in Las Vegas

Real Estate Agent with Francis Group Real Estate

December 15, 2009 02:23 AM

CityCenter Las Vegas, The largest private development in the history of the United States is getting set to officially open.

Quite a fascinating development years in the making and congratulations to Dave Tuttleman, the owner of KahunaVille Cantina in Treasure Island for going through with his $1.8 Million dollar purchase of a condominium unit in Veer.

CNBC will be airing from Las Vegas all day with updates on what is quite an accomplishment....and plenty of significance.

By the way... it was recently announced that a company founded by former Countrywide Executives, PennyMac will be providing in house financing for Condominium Units at CityCenter.

How Ironic...

Merry Christmas from Las Vegas...

Paul Francis, CRS
Prudential Americana Group - REALTORS
Las Vegas Real Estate
702.317.3680

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Judy Greenberg

Compass - Long Grove, IL

Compass- Long Grove -Buffalo Grove

Do you think it will be successful? Paul... Haven't spoke to you in a while. Have a very merry Christmas

Dec 17, 2009 12:40 AM

Paul Francis

Francis Group Real Estate - Las Vegas, NV

Las Vegas Real Estate Agent - Summerlin Homes

Hey Judy!

Thanks for stopping by... it has been awhile... I miss Downtown Highland Park this time of year ... and the NW Chicago Burbs for that matter. And Long Grove... and Barrington and all of the Christmas Lights... and great Christmas parties. Sigh.. :(

(Come 12/26 though... I'll be completely over it... LOL!!)

Successful? The fact that it opened in this current economy is in itself HIGHLY Successful. The project itself is certainly Mind Boggling and absolutely amazing when the logistics are concerned. (I actually have tenants in a couple of my properties that came down from Chicago to help build it so I have some special insight on some intricacies.)

Is it Chicago? No... but CityCenter is about as close to Chicago as you are going to get in Las Vegas.

I'll admit... I'm a HUGE Steve Wynn fan due to my old college days and working for The Mirage... but... I do have to admit that I think CityCenter is pretty cool and a homerun.

Actual Debt is very reasonable when all things are considered... I think anybody who wants to invest in MGM-Mirage stock at the current price will do very, very well in the next year.

As for actual Condominium unit prices... this one is REALLY tough to speculate on.

IF I was coming in from Chicago with plenty of money looking to buy a play place in Las Vegas for monthly trips or a business pad... NO DOUBT it would be CityCenter.

There is financing currently availabe for new condominium purchasers but it will be interesting to see how resales go and at this point.. we do not know what is going to happen.

Over the past several years I have shunned buyers from purchasing High rise units in Las Vegas because they are not the same as living in Downtown Chicago or any true High rise city for that matter... but this is a project that comes the closest to "getting" what high rise living is all about.

Back on the stock note... now that MGM-Mirage is not pouring all of their cash into this project... I hear that they will be looking to buy Dubai World out. In other words... cash flow for MGM-Mirage will probably skyrocket in the next year.... (Hint-Hint...)

(And OMG... the foreign visitors all over the place taking advantage of the cheap dollar is certainly going to help Las Vegas.)

Take Care Judy and Merry Christmas to you...

(Send your frozen clients my way... LOL!!)

Dec 19, 2009 05:21 PM

Tim Maitski

Atlanta Communities Real Estate Brokerage - Atlanta, GA

Truth, Excellence and a Good Deal

Paul, It's funny that this topic came up at a closing I had on Friday. While we were waiting for stuff the converstation somehow turned to this project. I had never heard about it before so you post was very timely.

I can't believe so many people applied for jobs. 175,000 people is twice the population of Sandy Springs, GA and we are a pretty big town. That's just crazy. I just don't get the feeling that people are that inclined to just fly off to Vegas for a few days on a whim. I hope they make it but I wouldn't bet on it.

Dec 20, 2009 12:38 AM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

It would be nice if it can attract the type of visitors that they hope! Nice project for the long term but I am scared what it will do to the health of MGM (just at the moment)!

Merry Christmas to you and yours Paul!

Dec 24, 2009 10:41 AM

All Eyes on CityCenter - A fitting end to the Bubble Decade in Las Vegas

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