Center Center in Las Vegas is the largest privately funded construction project in the United States. The MGM-Mirage's $11 billion project had stalled with 50% of the project unsold, in part because of the high sticker price of these condos. Today, MGM announced the project would cut prices of existing units by 30%! Those buyers who are currently under contract will be contacted by City Center sales agents regarding the price reduction. This comes as a relief to the future owners of condos in the project as the real estate market has taken a steep turn for the worse since the original contracts were written.
"We believe that in this economic climate, this price reduction is an appropriate step to take on behalf of our buyers so as to provide them greater flexibility in closing on their residences," said Bobby Baldwin, chief executive of CityCenter and chief design and construction officer for MGM Mirage.
MGM makes the announcement in one of the worst housing markets in history, but Las Vegas is starting to show signs of recovery. The higher end market is moving more slowly then the entry level homes, but the new price structure of City Center might allure investors and second home owners to make a move into one of the most prestigious projects in the world.
City Center is comprised of 5 different buildings:
Aria: The main casino for City Center
Vdara: A Condo Hotel Building
This tower will feature, 1,543 Condo Hotel Residences located just south of the Bellagio in a 57 story tower. Amenities include:* Pool, Cabanas, whirlpool atop the porte cochere with VIEWS
* Appointed "Retreat Cabanas"
* Day-to-Night pool bar and lounge
* Fully equipped Fitness Center
* Wellness Spa
* Full Service Salon
* Intimate gourmet grocery featuring a coffee bar
* High Tech conference facilities
* Owner's Mail Room and Laundry facilities
* Connected to Bellagio via pedestrian walkway
* Nightly Rentals Permitted
* Green Building Registered to pursue LEED Certification
Mandarin Oriental Residences and Hotel:
The Mandarin Oriental will house 227 residences atop a 400 room hotel in the amazing City Center project. There are two distinct floor plan collections; The Luxury Collection and the Penthouse Collection. The Luxury Collection occupies floors 24-40 and consists of one bedrooms, one and two bedroom plus den. There are 11 floor plans that range from 1,100 sq ft to 1,700 sq ft. These units have a wonderful Asian influenced design available in three different themes. Ceilings are 10' high with operable windows to incorporate the fantastic views. Solid Core Entry doors with designer hardware, detailed base molding, stackable front loading washers/dryers, elegant stained hardwood flooring, and pre-wire are included in each unit. The Penthouse Collection is premiere residence in Mandarin Oriental. These units are for owners interested in putting their own touches into their Las Vegas address. The units are delivered unfinished or "Grey Shell" and occupy the top 6 floors of the building. All surfaces, including ceilings, are delivered unfinished. Interior walls, appliances and fixtures are supplied only for the purpose of code compliance. There are 7 spacious floor plans with incredible views, almost 11' ceilings, pre-wire for state of the art television, telephone, computer Ethernet and CAT 5.
Veer Towers: Strictly Residential Building
Veer Towers was designed by architect Helmut Jahn and is a spectacular
example of our modern age. These two towers rise 37 stories with
approximately 335 condo residences in each tower. They are both
inclined at 5 degree angles which gives them the illusion of dancing.
Fransisco Gonzalez-Pulido designed the lobbies and public spaces with
impressive works of glass and metal with tons of natural light. The
residences were designed by Dianna Wong Architecture and Interior
Design, INC. which incorporates a modern style with a sleek openness,
floor to ceiling windows for great light, and spa-styled bathrooms.
Veer Towers is also very conscious of people on the go with such
feature as a private valet, a fully staffed lobby, a business center,
recreation room, an upper floor media room for films, and a fitness
center. The thing I found so amazing was the roof top infinity pools
surrounded by decking for sun bathing and relaxing. Can you imagine
getting a tan on top of your building over looking the hustle and
bustle of the city? The residences are available in studios, one and
two bedrooms, and penthouses. Square footage ranges from nearly 500 sq
feet to 3,300 sq feet.
Harmon: Strictly a hotel
For a live construction feed of the project click HERE. There are still plenty of units available for sale, if you'd like a private tour of any of these units, please contact me toll free at 1-866-589-1646 or email me at felipe@felipecrook.com If City Center is not quite what you are looking for, I have access to every high rise on the market, so feel free to call me and I'd be happy to send you a list of properties that match your criteria. Thank you.
Felipe Crook
Prudential Americana Group Realtors
Las Vegas NV 89117
Signature MGM Grand Residences were the first condo hotel project in Las Vegas Nevada. They were the hottest thing during the real estate boom while the lure of positive cash flow. You could enter your unit into the rental program MGM offered and make money while owing a piece of Las Vegas. Many of the original owners bought pre-construction during 2003-2005 and were hoping to flip their units and make hundreds of thousands of dollars. Unless you've been in a coma for last two years, you probably know that those ideas didn't quite work out so well. What we're seeing now in those three beautiful towers is a mass exodus. 
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