CityCenter Las Vegas - City Center Luxury Condos for Sale
Luxury high rise condominiums for sale at MGM City Center (CityCenter) Las Vegas
MGM City Center (CityCenter) has opened in the toughest possible real estate market in Las Vegas and has had trouble selling its residential luxury condominiums at Residences at Veer Towers and Residences at Mandarin Oriental Hotel as well as CityCenter condo hotels (condotels) at Vdara which completely stopped selling units.
We have been tracking CityCenter since its inception and have done a few blog posts about it, including description of MGM City Center, Las Vegas that explains MGM is partly to blame for some of their own troubles by making fundamentally flawed assumptions like tourists coming to Las Vegas to see minimalist architecture.
- Dubai World is buying a half of the Las Vegas CityCenter
- CityCenter, Las Vegas is closing on 8% of Total Inventory
- CityCenter-Las Vegas High Rise Condo Towers Problems update
- CityCenter, cuts Veer Towers and Mandarin Oriental prices 30%
- MGM Grand Depreciates City Center Las Vegas to 2.69 Billion
Project CityCenter Residence at Mandarin Oriental condos for sale
City Center is currently (2016) selling luxury residential condos at Mandarin Oriental Hotel for $600- $1400 per square foot, while sold units have fetched $585-$1250 per square foot. The HOA (condo) fees that include world class services run about $1.30 per square foot.
Those who care about HOA fee or taxes are better off buying at Veer Towers as Mandarin Oriental was built for buyers for whom price or expenses are NOT a concern.
Read the following articles about Residences at Mandarin Oriental Hotel for detailed discussion:
- Mandarin Oriental Hotel Residence condos for sale at Las Vegas City Center, Las Vegas
- Residence at Mandarin Oriental Hotel at MGM City Center Sales History
- Why Las Vegas high rise condo builders list their condos in the Las Vegas MLS. Mandarin Oriental has listed 3 luxury condos in Las Vegas MLS, find out why
Project CItyCenter Veer Towers condos for sale
We have also visited Residences at Veer Luxury Condo Towers (lofts) at City Center. Rooftop pools and Spa at Veer Towers provides for unparalleled views of the Las Vegas Strip and the rest of the city.
In 2012 CityCenter Las Vegas sold 427 units to Ladder Capital, A New York investment firm for $112 million dollars, or about $300 per square foot, and they leased these units then for nominal rental fees while waiting for the market to come back. Other than 12 penthouse units, CityCenter is completely sold out of Veer Towers.
Veer Towers is currently selling units that are in Las Vegas MLS. In 2015, 54 units were sold for $288-$942 per square foot. The median sales price at Veer for 2015 was $508 per square foot.
See the blog post about:
and a two part series about Veer Condos, one is
- CityCenter, Las Vegas -Veer luxury condos for sale at City Center Part-one and the other is about
- History of price cuts at Veer luxury condos at CityCenter, Las Vegas
- Las Vegas City Center, Veer Towers has sold 50% of condos
- Should you buy luxury Veer condos for sale at CityCenter? Masoud’s verdict.
City Center had an opening sale for when they opened their sales office a while ago. Some luxury condo buyers registered and put up significant deposits to buy condos. These buyers failed to read the sales contract that did not have an escape clause for delays in the project nor did it have a clause that would protect buyers from price drops. These buyers who didn't use a competent Las Vegas Realtor to help them even though their services were free to the buyer, had to to pay attorneys to get them out of the sale contract. See:
I don't think that they will succeed since their claim is not backed by a purchase contract. It is up to you to act intelligently or not, but no crying if you don't.
We keep tracking sales at City Center and will add additional blog posts as needed.