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CityCenter Prime Strip Property

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Living on, or above the Las Vegas Strip continues to have mass appeal for condo buyers even as the rest of the nation's housing market slows. The new MGM Mirage CityCenter project boasts starting prices around half a million dollars (for the less expensive residences) but that hasn't stopped more than a thousand people from paying for the privilege of thinking about buying there. Just goes to show, what happens in Vegas, is flippin' expensive.

The new 4-tower, 2700-unit, $7 Billion development is the latest behemoth development along the Las Vegas Strip, and all early indicators point to full occupancy by opening, if early reservations are any indication. Over 1,200 people have paid between $10,000 and $25,000 for the right to purchase a condo or a condo hotel room in the project, a figure that bodes well for developers of the mega-project between Bellagio and Monte Carlo resorts. Not all 1,200 reservations will result in sales, but the buzz is hot on this prime Strip property.

Potential buyers were given their first look last week at what the residential portions of the project will look like, when CityCenter opened its sales center, featuring models of three of the project's four towers. The 76-acre site will feature a 60-story, 4,000-room hotel and casino, two 400-room non-gaming hotels, and a 500,000-square-foot retail and entertainment district. The project has an estimated completion of November 2009.

"What we have done has taken the soft approach and rolling out calmly, and we hope to turn those 1,200 reservations into contracts. We are letting the customers come to us. We are not sure what will come through (from the reservations) but we are far ahead of pace. Our ambition is to sell it in 30 months, but if we can do it faster, that is great," said Tony Dennis, executive director of CityCenter's residential division.

The project's four towers are split about equally in reservations among the Vdara Condo Hotel that will feature 1,543 units with prices starting at $500,000, the two Veer Towers with starting prices at $500,000, and the Mandarin Oriental, which has a boutique hotel on its lower floors and a starting price of $1.5 million. According to Dennis about 25 percent of the interest in condos is from locals, 30 to 35 percent is from the region, especially California. About 20 percent is from abroad and the remainder from the rest of the country. Much of the interest in the condo hotel is from outside the region, Dennis said.

The project is expected to appeal to a wide range of incomes and age groups.

The Mandarin Oriental is expected to cater to older and wealthier people who are seeking a residence that is part of a resort brand hotel with housekeeping, concierge and valet services.

The Veer Towers are expected to cater to younger people and couples with their lower price range starting at USD 500,000. It will feature a pool, spa, cabanas and patio for outdoor entertaining. The two 37-story glass towers lean in opposite directions, five degrees from center. That design has been an attraction to potential buyers.

The Vdara Condo Hotel gives owners the option to rent out their units on a nightly basis.

* provided source material for this article.*

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