Thinking about CityCenter? You Might Want to Think Again

By
Real Estate Agent with Prominent Realty Group

The massive CityCenter project is finally nearing completion. For quite a while, the project was on the fence. Earlier this year, the project suffered a near fatal blow. It started with a construction defect prevented the construction of the Harmon condos, forcing MGM Mirage to refund buyer's deposits on those units already sold. Then in April, their partner in the project, Dubai World, refused to honor their financial commitment to provide funding of the project.

Despite their differences, MGM Mirage and Dubai World managed to resolve their conflict and came to agreement. Funding and construction resumed with the target date of completion by December of this year.

Now, CityCenter is facing another obstacle, early buyers wanting massive price reductions. A small group of early condo buyers have filed a law suit demanding that their contracts be changed and their unit prices reduced.

Will CityCenter still be completed? I think that it will be completed, but it may be sometime next year. CityCenter may not have a choice as far as the price reductions are concerned. Buyers at those price levels may not be able to get financing unless the prices are reduced to near market level. On the plus side, CityCenter will be a LEED certified green project, grandfathered into the original law. Owners will enjoy hefty tax benefits after taking possession.

So if you were thinking about buying a condo in CityCenter, there is a lot of things to consider. There are a lot of different projects to high rise condos to choose from in the valley that are already completed like Palms Place. If you would like listings of the current high rise condos for sale in Las Vegas, call 702-493-8033 or drop me an email at info @lvrealty.net -cr

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Rainer
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Glenn Ginsburg
A Delta Realty of Naples Florida - Naples, FL
Naples Florida Real Estate

Interesting article - there is an issue which was not discussed in your article which is compliance with the Federal law - Interstate Land Sales - Fully Disclosure Act of 1968 - sounds like a good class action suit.

Jul 17, 2009 01:49 AM #1
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Rainer
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Jacqulyn Richey

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