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MGM Mirage te cut CityCenter's condo prices
- 8-1-2009
- Categorized in: Hotels, Las Vegas, Real Estate
Las Vegas hotel and casino operator MGM Mirage is planning to cut the price of condominiums it already sold to assuage buyers after the recent collapse in home values in the U.S.
During a recent interview given to Bloomberg, MGM Mirage Chief Executive Officer Jim Murren said the company is reappraising the condos and talking to banks to help buyers getting the necessary funds. According to Murren, buyers who already paid deposits have had problems getting mortgages or have refused to pay the original price after home values in Las Vegas fell 53% since August 2006. Several buyers have requested MGM to re-price CityCenter's condo units and adequate the prize based on the current real estate pricing, a move that can also help them to qualify for a bank loan.
MGM Mirage is currently building 2,400 condo units at CityCenter, the $8.5 billion complex on the Las Vegas Strip, and has signed Contracts of sale or Contract notes for about 65% of the 670 condo units at CityCenter’s Veer Towers and 45% of the 1,500 hotel-condo units at the Vdara Condo Hotel.
CityCenter, a joint venture between MGM Mirage and state owned Dubai World, is largest development ever built in Las Vegas, the complex includes hotels, casinos, shopping and residential projects connected to neighboring properties by a monorail. Some of the projects under development at the CityCenter includes Aria Resort and Casino, Mandarin Oriental Resort, The Crystals Shopping and Entertainment district, Veet Tower and Vdara.
Crystals, CityCenter's half-million-square-foot retail center, is set to open December 3rd. Shops on the roster include Cartier, Prada, Christian Dior, Bulgari, Hermès, Versace, Louis Vuitton and Tiffany, along with Las Vegas first-timers Tom Ford, Assouline, Kiton, Miu Miu, Paul Smith and Porsche Design.
Only a few weeks ago, Mandarin Oriental announced that it will begin taking reservation starting on August 17th. The non gaming Mandarin Oriental is scheduled to open on December 4th and will offer guests 392 rooms and suites and 227 residences; the Sky Lobby separates the hotel rooms and the residences.
Other sections of CityCenter, including Aria Hotel and Casino and several theaters will open in 2010.
During a recent interview given to Bloomberg, MGM Mirage Chief Executive Officer Jim Murren said the company is reappraising the condos and talking to banks to help buyers getting the necessary funds. According to Murren, buyers who already paid deposits have had problems getting mortgages or have refused to pay the original price after home values in Las Vegas fell 53% since August 2006. Several buyers have requested MGM to re-price CityCenter's condo units and adequate the prize based on the current real estate pricing, a move that can also help them to qualify for a bank loan.
MGM Mirage is currently building 2,400 condo units at CityCenter, the $8.5 billion complex on the Las Vegas Strip, and has signed Contracts of sale or Contract notes for about 65% of the 670 condo units at CityCenter’s Veer Towers and 45% of the 1,500 hotel-condo units at the Vdara Condo Hotel.
CityCenter, a joint venture between MGM Mirage and state owned Dubai World, is largest development ever built in Las Vegas, the complex includes hotels, casinos, shopping and residential projects connected to neighboring properties by a monorail. Some of the projects under development at the CityCenter includes Aria Resort and Casino, Mandarin Oriental Resort, The Crystals Shopping and Entertainment district, Veet Tower and Vdara.
Crystals, CityCenter's half-million-square-foot retail center, is set to open December 3rd. Shops on the roster include Cartier, Prada, Christian Dior, Bulgari, Hermès, Versace, Louis Vuitton and Tiffany, along with Las Vegas first-timers Tom Ford, Assouline, Kiton, Miu Miu, Paul Smith and Porsche Design.
Only a few weeks ago, Mandarin Oriental announced that it will begin taking reservation starting on August 17th. The non gaming Mandarin Oriental is scheduled to open on December 4th and will offer guests 392 rooms and suites and 227 residences; the Sky Lobby separates the hotel rooms and the residences.
Other sections of CityCenter, including Aria Hotel and Casino and several theaters will open in 2010.