Luxury Las Vegas condos are quietly selling out way before the general public is even aware of them.
For example, the Conrad Majestic condos, a 654 foot tower will have a 216 room five star Conrad hotel, 696 Conrad condo hotel suites and 76 Waldorf Astoria branded residences. The 76 Waldorf Astoria luxury residential condominiums run from 2,000 to 5,000 square feet in size on the top 10 floors of the tower. Prices started at around $1400 per foot up to $2,000 per foot or between $2.8M and $10M. These luxury residences never even hit the market and were oversubscribed just from word of mouth.
The same thing happened at the MGM City Center with the new Mandarin Oriental. The 225 residences there were also oversubscribed prior to the grand opening just through in house promotions. Many buyers of Mandarin Oriental condos didn't bother to examine floor plans or interior design mock-ups. They simply plunked down more than $600 million in deposits for units costing up to $9 million each. That may be a bargain in New York or San Francisco but sets a new bar for Las Vegas.
Prices for the Mandarin's two- and three-bedroom units range from $3.7 million for 2,065 square feet to more than $9 million for 4,259 square feet. The average price: about $3 million, or $1,584 per square foot - well above the $1,000 per square foot average being fetched by condo towers just off the Strip.
Rumors have it that the Harmon Residences, another City Center upscale project, already has an oversubscribed buyer list as well. Speculation has it that pricing will go even higher than the Mandarin Oriental, but that this has not deterred a waiting list catering to the ultra chic and young celebrities. This project's grand opening is not scheduled until fall of 2007.
It is clear that there is a lot of money being spent in Las Vegas for truly unique luxury properties on the Strip, and that the demand far exceeds the supply. Look for some of the upcoming new projects to add boutique brand name hotels with luxury residences in the near future.