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CityCenter condos selling briskly

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Services for Real Estate Pros

MGM Mirage's CityCenter is a massive entertainment and residential enterprise located right on the Las Vegas Strip south of Bellagio. Construction is moving forward on schedule and the project is estimated to open its doors in November of 2009.

The development will have a total of 2,650 luxury condominiums in four separate buildings, namely in Veer Towers, Mandarin Oriental, Vdara Condo Hotel and Harmon Hotel. About half of the available units have been sold to date which has produced $1.63 billion in revenue, nearly 60% of the total projection at sell-out. Please click on the link in this paragraph to read the entire article.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Rick Tourgee
Robert Paul Properties, Inc. - Provincetown, MA
Provincetown and Cape Cod
I was in Vegas over New Years and it looked as though everything was progressing along!  If the "Rat Pack" could see Vegas now!!  :)
Jan 18, 2008 04:54 AM
Esko Kiuru
Bethesda, MD

Rick,

The Rat Pack wouldn't recognize the Strip any more.

Jan 18, 2008 08:54 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Esko 2650 condo’s, I can’t imagine something that big, mush less 1.63 billion dollars for just 50% of the units.  Can you imagine doing the loans on that many units :)

Jan 19, 2008 01:35 PM
Esko Kiuru
Bethesda, MD

George,

I'd be happy to do just a fraction of that volume. Amazing.

Jan 19, 2008 02:04 PM
Joanne Hanson
Coldwell Banker Colorado Rockies Real Estate - Frisco, CO
Summit County, Colorado Realtor
Esko, it is nice to see some postive news about your market!  Is it improving or is it just this complex that is going so well?
Jan 22, 2008 01:41 PM
Esko Kiuru
Bethesda, MD

Joan,

It's because of the MGM Mirage brand that is helping sales. Otherwise the market is still fluid.

Jan 23, 2008 01:26 PM
Joanne Hanson
Coldwell Banker Colorado Rockies Real Estate - Frisco, CO
Summit County, Colorado Realtor

"fluid" is a good word Esko!  It is still nice to hear some encouraging news.

Jan 25, 2008 02:41 PM
Esko Kiuru
Bethesda, MD

Joanne,

The luxury segment is still holding its own.

Jan 26, 2008 03:15 PM