City Center Las Vegas - CityCenter 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 trouble selling its residential luxury condominiums at Residences at Veer Towers and Residences at Mandarin Oriental Hotel as well as City Center condo hotels at Vdara.

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.

Project CityCenter Residence at Mandarin Oriental condos for sale

City Center is currently selling ultra luxury residential condos at Mandarin Oriental Hotel for $1000 per square foot plus and the HOA (condo) fees run about $1.30 per square foot, and has sold 37 out of 227 condos by July/2010. 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:

  1. Residence at Mandarin Oriental Hotel at MGM City Center Sales History
  2. Mandarin Oriental Hotel Residence condos for sale at Las Vegas City Center, Las Vegas
  3. Residence at Mandarin Oriental Hotel, condominiums for sale at Las Vegas City Center  Part two
  4. History of price cuts at Residences at Mandarin Oriental, City Center Las Vegas
  5. 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. We believe that the combination of pricing and lower HOA (90 Cents per square foot) fees means more bang for the buck at Veer Towers. Rooftop pools and Spa at Veer Towers provides for unparalleled views of the Las Vegas Strip and the rest of the city. See the blog post about:

and a two part series about Veer Condos, one is

The main reason for the slow pace of sales at City Center condominiums is that prospective buyers don't want to be under a falling knife and don't want to buy if City Center cuts prices again. Whether or not City Center will cut prices is anyone's guess, I predicted price cuts at City Center a couple of years ago and recommended against buying until we see what percentage of City Center condos have sold and for how much, now we do.

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:

and I don't think that they 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.