Las Vegas Real Estate News – Residential News for Las Vegas

Homes, Condos and High-rise condo news for Las Vegas, Henderson and North Las Vegas

A note of caution from Masoud about Las Vegas real estate news articles.

News organizations are run by reports who do not specialize in Las Vegas real estate so they go to so called real estate analysts to get information. Most of these real estate analysts are not competent and instead of collecting data and analyzing them, take a guess and calculate forecasts based on guesses, read Real estate analyst Mr. Smith GUESSES the wrong number of Las Vegas unsold foreclosed homes.

We have tried to shed some light on the usefulness of average and median pricing in the Greater Las Vegas Valley and expert predictions that are based on these numbers. You can find a couple of blog post links below.

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Las Vegas new and resale homes market news articles
Las Vegas condominium market news articles
Las Vegas high-rise condos news articles

Las Vegas Home Market News Articles

Las Vegas home prices stable despite fewer sales, sales, listings dip from year earlier, data show. Las Vegas Review-Journal 06/08/10. The median price for 2,884 single-family homes sold in May was $142,000, up 1.4 percent from the same month a year ago and unchanged from the previous month. Prices have generally been falling since February 2007. Sales fell 11.4 percent from May 2009 and 2.3 percent from April. The number of homes listed for sale edged down 0.2 percent from a year ago to 21,143 units, though it's up from 20,875 in April.
MORTGAGE MODIFICATION: Las Vegas area homeowners flustered while trying to ward off foreclosures. Las Vegas Review-Journal 06/06/10. Few Nevadans have found relief with the government's $75 billion Home Affordable Mortgage Program and other foreclosure alternatives, including state-required mediation. "Loan modifications in Nevada particularly are a joke," Las Vegas housing analyst Larry Murphy said. They are a waste of time, effort and expense for everybody, borrower, and lender alike.
Forget renting, it's now cheaper to buy in valley, Places that peaked in bubble now offer deals, Trulia says. Las Vegas Review-Journal 06/05/10. It's cheaper to own a home than to rent in Las Vegas, signaling a return to housing fundamentals that drove population growth here for decades. Las Vegas is ranked No. 10 among the 50 largest U.S. cities by population in terms of price-to-rent ratio comparing average list prices with average rents for two-bedroom apartments, condos and townhomes.
More can qualify for homeownership in Las Vegas. Las Vegas Review-Journal 05/05/10 Housing affordability for Las Vegas is the best it has been in 30 years, California-based real estate consultant John Burns said Wednesday. And Las Vegas home prices have never been more affordable in relation to income, correcting back to 2000 levels, said Burns, who has been studying the market since 1981.
It's reset time for Las Vegas real estate, official says. Las Vegas Review-Journal 05/08/10. After 18 months of hibernation, the new-home market in Las Vegas is showing signs of life with a 15 percent increase in sales from a year ago, Lee said. American West is doing even better with a 35 percent increase.
Las Vegas home prices show small annual increase. Las Vegas Review-Journal 05/10/10. Las Vegas home prices experienced their first year-over-year increase since 2007, the Greater Las Vegas Association of Realtors reported Monday. The median price of a single-family home rose to $142,000 in April, up 0.2 percent from a year ago and up 4.4 percent from March. It's the first annual increase since prices hit $310,000 in February 2007.
HOME FORECLOSURE CRISIS: PART 1 OF 2: Fortunes rise and fall for one North Las Vegas neighborhood. Las Vegas Review-Journal 04/04/10 "Even if they take off the second mortgage, the loan we are paying off is $264,000, which is about $150,000 more than this house is worth," he said. "I am like 60 percent of the people out there. Somebody has to do something to help these people out because they are struggling to keep their homes."
Analyst sees stability in Las Vegas housing. Las Vegas Review-Journal 03/24/10. Las Vegas-based SalesTraq reported 342 new-home sales in February, down 4.5 percent from 358 in the same month a year ago, and a median price of $206,255, down 5.2 percent. Existing-home sales rose 15.3 percent to 3,229 in February, while the median price dropped 17.5 percent to $118,000.
Rules OK'd to cap collection-agency fees in HOA cases. Las Vegas Review-Journal 03/24/10 The seven-member Nevada Commission for Common-Interest Communities voted to set a $1,950 limit on the fees those collection agencies charge. During the morning session, real estate broker Tracey Donley lambasted a collection agency that demanded $9,440 for a condominium property with $2,700 in homeowner association fees that had accrued over 13 months. The value of the condo was $29,000, she said.
Nevada Official says lenders may renege on promises. Las Vegas Business press 03/18/10.Some banks and other lenders will agree to modify home loans during mediation but then renege on the agreements, said a legislative leader who sponsored a bill on foreclosure mediation.
Nevada Foreclosure Mediation, 'System is really a sham'. Las Vegas Review-Journal 03/10/10 Homeowner irate over lack of help, but others say system works. The state's high court counts 50,559 notices of default for all types of real estate issued between July 1 and the end of February. During that period, 5,814 homeowners signed up for mediation. So far, 1,440 cases have been mediated.
2,390 HOMES SOLD IN Greater Las Vegas, local home sales up, prices down. Las Vegas Review-Journal 03/10/10 Existing-home sales in Las Vegas increased 4.5 percent in February and median prices fell 12.8 percent from the same month a year ago, the Greater Las Vegas Association of Realtors reported. Magnes said her "biggest beef" is with Zillow.com and other sources that report 40,000 listings in Las Vegas. “Everybody sees that national stuff and wants to come to Vegas and see 40,000 listings and I say, 'Where?”
LAKE LAS VEGAS: Community members remain optimistic despite looming closures. Las Vegas Review-Journal 02/28/10. On the community's Web site, three new housing developments are touted -- two by Pardee Homes with prices starting at from $500,000 to $800,000, and a Toll Bros. plan starting at $300,000. According to local real estate research company SalesTraq, in 2009, only 29 new homes were sold in Lake Las Vegas with a median price of $517,000. During the year, 124 homes went into bank-owned foreclosure. Eighty-three single-family homes were sold, 54 through foreclosure sales with an average price of $353,875, and 29 owner-to-new owner sales with an average price of $361,000. Condominium sales fared better. There were 219 sales in 2009 with an average price of $135,000. The 152 foreclosure sales averaged $130,000 while 67 owner to-new owner sales averaged $150,000.
REAL ESTATE: Las Vegas home prices stabilize as threat of foreclosure flood wanes. Las Vegas Review-Journal 11/19/09. Home prices have plummeted more than 50 percent from their 2006 peak, but they have stabilized over the past five months as the "phantom" inventory of foreclosures held by banks never materialized. The median price of 4,254 recorded resales in October was $125,000, down just $250 from the previous month, Home Builders Research reported Wednesday. It has bounced around $125,000 since June, hitting a low of $122,000 in August.
Home-market rebound may not be so near, study suggests asking prices for local homes still sliding, not rising. Las Vegas Review-Journal 11/12/09. The Altos Research 10-City Price Composite Index was down 0.4 percent in October and 0.9 percent for the last three months. The San Francisco-based research firm showed Las Vegas asking prices at $169,958 in October, a 2.4 percent drop from $174,183 in August. That contrasts against recent data released by the Greater Las Vegas Association of Realtors that showed the median price of a single-family home climbing to $139,100 in October, compared with $135,500 in August.
Legislators tout tax credit extension, congresswomen hope law will help prod Southern Nevada's real estate market. Las Vegas Review-Journal 11/12/09. A tax credit extension for homebuyers worth an estimated $10.2 billion to $21 billion nationally will help revive Southern Nevada's dismal real estate market, Reps. Dina Titus told Realtors on Tuesday. Recently the Internal Revenue Service reported 20,222 first-time Nevada homebuyers sought to apply the credit to their 2008 taxes, giving an indication of the popularity of the bill with buyers and real estate agents.
REAL ESTATE: Foreclosures dip in October, Nevada again carries highest rate. Las Vegas Review-Journal 11/11/09. New state programs, like one launched in Nevada in July that requires mediation before banks can seize a property, have helped stem foreclosure activity. After three years of declines, home prices reversed course in June and have been rapidly climbing month over month. This will rebuild home equity and reduce the number of borrowers that owe more than their homes are worth.
Sun City Anthem resident battles HOA, Feud over cracks in foundation, stucco walls lasts for years. Las Vegas Review-Journal 10/25/09. He's been feuding with them for years about cracks in the concrete foundation and stucco walls of his 8-year-old, Del Webb-built villa home, cracks that have been identified as construction defects by two law firms. The HOA is forcing homeowners to pay for those repairs with reserve funds that are intended solely for maintenance of the community, McCullough said.
JOHN L. SMITH: Homeowners whose mortgages fizzled fight back with class-action lawsuit. Las Vegas Review-Journal 10/13/09. Among many allegations, the attorneys contend OneWest "breached the loan agreements/contracts by failing to disclose the following: APR, method of determining the finance charge, balance, actual finance charge, total payments, amount financed, number of payments, and due dates. OneWest breached the loan agreements/contracts by doubling Plaintiffs mortgage payments when the mortgage 'arms' came due."
July home sales in Las Vegas close to June's record numbers. Las Vegas Review-Journal 08/11/09. The median home price tracked closely with June, declining 0.9 percent to $138,800 in July. For condos and townhomes, the median price increased 1.5 percent to $67,000.
Las Vegas home sales rise; inventory down, "it's not the free fall we were seeing," Realtors association president says. Las Vegas Review-Journal 08/12/09. Year-over-year single-family home sales in Las Vegas rose for the 16th straight month to 3,738 in July, up 44.2 percent from a year ago, the Greater Las Vegas Association of Realtors reported Tuesday. The inventory of single-family homes listed for sale decreased 0.9 percent to 20,423 in July and is down nearly 13 percent from the same month a year ago. The number had peaked above 24,000 in 2006 when the local housing market started its collapse. Realtors ( mainly me) have said the number is deceiving because it doesn't include homes that are in contract status, pending or contingent upon some other action to close escrow. Excluding those homes, inventory drops to about 12,500, roughly four months' supply.
FORECLOSURE CRISIS: So far, few have applied for mediation, manager predicts increase as program gains publicity. Las Vegas Review-Journal 08/10/09. CARSON CITY -- Last spring state legislators were certain the foreclosure crisis in Nevada was so severe that thousands of residents each month would apply for assistance under a new law to help them keep their homes. But five weeks after the Nevada Foreclosure Mediation Program became law, 10 hearings have been scheduled.
'Mind-boggling' options help reduce apartment rent in Las Vegas. Las Vegas Review-Journal 07/29/09. Apartments are getting cheaper to rent in Las Vegas, thanks to increased competition from the "shadow market" of single-family rental homes, a commercial broker said Tuesday. An online search found 457 rental homes in Las Vegas for $1,100 a month and at least 1,400 square feet, said Spencer Ballif, senior vice president of multifamily housing at CB Richard Ellis.
Analyst sees as Vegas home prices suffering. Las Vegas Review-Journal 07/24/09. Las Vegas is on pace for 40,000 existing-home sales and 5,000 new-home sales (3000 is more accurate. Masoud) in 2009, but a second wave of foreclosures will continue to put downward pressure on pricing through the end of the year, housing analyst Larry Murphy said Thursday at his quarterly Crystal Ball seminar.
REAL ESTATE: Analysts see prices at bottom, Las Vegas home sales surpass pace of foreclosures. Las Vegas Review-Journal 07/22/09. Nobody wants to take heat for declaring an end to the Las Vegas housing market downturn, but local analysts don't see the market going much lower, especially in terms of prices. Existing-home sales exceeded the creation of foreclosures for the fourth consecutive month, according to local research firm SalesTraq.
House hunting getting harder, Las Vegas among areas where investors driving up prices. Las Vegas Review-Journal 07/21/09. Each time Lance and Kelli Thorson thought they had found their first home, someone would outbid them. It's already happened at least 15 times."It happens all the time when you put in an offer, you've got to go $10,000 to $15,000 over asking price. Every property has multiple offers -- eight, 10, 15 -- unless it's overpriced."
Bottom-scraping prices for foreclosed-upon and bank-owned homes mean bargains for savvy buyers, Investors snap up homes, looking to beat possible price turnaround. Las Vegas Review-Journal 07/14/09. Some need work and some are ready for move-in, like the 1,400-square-foot, two-story home near Sam Boyd Stadium that's listed for $62,000. All it needs is a fresh coat of paint -- maybe just wash the walls -- and the carpets cleaned and it could be rented tomorrow, Camacho said. The home sold new for $217,000 in 2007 and will probably get bid up to $85,000, she said.
REAL ESTATE: Outlook for LV housing grim, sales down in first quarter; builders can't get financing. Las Vegas Review Journal 07/19/09. Las Vegas new-home sales are down 62 percent to 1,853 through May and median prices have fallen 23.5 percent from a year ago to $212,990, Home Builders Research reports. New-home permits declined 51 percent to 897 through May, though some would say that's 897 too many.
Home-price cuts drying up in Las Vegas, signaling boost for market, local reductions down by one-third, July survey by Trulia reveals. Las Vegas Review-Journal 07/14/09. Fewer home sellers are reducing their prices in Las Vegas, Los Angeles and Detroit, a sign that some depressed housing markets are beginning to see stabilization in pricing, an online real estate search site reported. One-fifth of Las Vegas homes experienced at least one price reduction while on the market, compared with 30 percent a month ago, San Francisco-based real estate search company Trulia.com found in its July survey.
HOUSING MARKET: Prime loan borrowers may be poised to face home foreclosures, local foreclosure crisis expected to worsen. Las Vegas Review-Journal 08/09/09. Her data for June showed 12,545 properties for sale in Las Vegas and 12,821 properties in escrow, awaiting closing. Of those for sale, 3,266 are bank-owned and 5,296 are short sales, homes offered at less than the mortgage balance and requiring lender approval. The actual number of homes available for sale in Las Vegas, including foreclosures and short sales, is much smaller than the 20,613 units reported by the Greater Las Vegas Association of Realtors, industry observers say.
Lake Las Vegas residents keep confidence despite bankruptcy, Observer sees development slowing. Las Vegas Review-Journal 07/12/09. Lake Las Vegas has been going through bankruptcy reorganization since July 2008 after Transcontinental Corp. defaulted on a $540 million loan with Credit Suisse. The resort lost $11.5 million in May and has lost $60.7 million overall since filing for bankruptcy. The Falls and Reflection Bay golf courses are closed. Carmel Land & Cattle Co., which holds a $28 million note on Reflection Bay, plans to foreclose on the property. It's uncertain whether the course would be reopened or sold for future development.
REAL ESTATE: U.S. foreclosures down 11 percent but Clark County numbers defy trend and Short sales on the increase. Las Vegas Review-Journal 07/11/09. Clark County's numbers were less upbeat, with foreclosures rising to 2,686 in June, compared with 2,397 in May, the online investment firm reported. That number was down from last June's foreclosures when there were 2,867 foreclosures, the firm reported. Pre-foreclosure filings, which include notices of default and notices of foreclosure auction, dropped sharply to 5,443 from 8,107 in May. They're up from 5,103 in the same month a year ago.
HOA governing documents aid in filing complaints about boards. Las Vegas Review-Journal 07/04/09.
How title is listed is important. Las Vegas Review-Journal 07/04/09. Generally, whoever is on the promissory note must be on the deed. There can be more names on the note, but at the very minimum, most lenders require that everyone on the note must also be on the deed. The same is true for the deed of trust, or mortgage, which is the document with which the buyer puts up the property as security for the loan.
FORECLOSURE CRISIS: Cities unite to get housing funds, July 17 deadline looms to seek $367 million in federal money. Las Vegas Review-Journal 07/04/09. As the foreclosure crisis drags on, four local governments are banding together to pursue $367 million in federal money to rid neighborhoods of empty houses. Clark County, North Las Vegas, Henderson and Las Vegas are teaming up so they'll be more competitive in vying nationally for federal stimulus money that will be dispensed through the Neighborhood Stabilization Program's second phase.
Scams prompt call for licensure in mortgage-modification business in Las Vegas. Las Vegas Review-Journal 07/02/09. The Nevada Legislature this year showed it wants to regulate the loan-modification business when it passed Assembly Bill 152. The bill requires both mortgage modification and foreclosure consultants to obtain state licenses. Homeowners can do 90 percent of the work on loan modifications without help, Black said. However, she said homeowners need to make sure their interests are protected before they sign contracts with lenders.
Justices hear warnings that companies may skirt law aimed at curbing foreclosures. Las Vegas Review-Journal 06/17/09. CARSON CITY -- Lawyers and residents warned the Supreme Court on Tuesday that banks and mortgage loan companies might try to circumvent a new state law designed to reduce the number of foreclosures in Nevada. top

Las Vegas Condominium (condo) market News

Mira Villa condominiums at Summerlin welcomes first residents. Las Vegas Review-Journal 06/09/10. Mira Villa, the new luxury condominium community located in the heart of Summerlin, which is a Las Vegas master planned community, welcomed its first new residents, including Marcia and David Cook. The community features 113 unique single-level condominium homes, ranging in size from 2,000 to 4,000-square-feet. Most of the homes within Mira Villa come complete with private elevators, expansive terraces with city and mountain views, a minimum of a two-car garage and access to the community's amenities including a waterfall pool, multiple Jacuzzis, state-of-the-art fitness center and clubhouse.
Framing dismantled at failed Mercer condominium project in Las Vegas, sagging real estate market forced construction to stop in November. Las Vegas Review-Journal 5/30/09. Construction crews were dismantling wood and metal framing Friday for the $50 million Mercer condo project on Tropicana Avenue west of the Las Vegas Beltway. The Mercer is among many condo projects in Las Vegas that have been delayed, suspended or canceled, including Spanish View Towers, Spa Lofts, Vantage Lofts, Paxton Walk and Sullivan Square.
Investment bank hired to sell Vantage Lofts. Las Vegas Review-Journal 4/25/09. A California investment banking firm has been retained to sell the $37.5 million first mortgage on Vantage Lofts, a luxury condominium development in Henderson that stopped construction and filed for bankruptcy last year.
Construction resumes for Mira Villa condominiums. Las Vegas Review-Journal 4/07/09. Construction has resumed at Mira Villa condominiums in Las Vegas with a new general contractor and a commitment from lenders to complete the 113-unit first phase by late summer, a marketing executive said Monday.
Manhattan West a Las Vegas new condo project is the latest casualty of crisis, construction halted in December as liens against condo project pile up. Las Vegas Review-Journal 03/10/09. More than $30 million in liens have been filed against Manhattan West Las Vegas, which halted construction in December. Developer Alex Edelstein said the project is a casualty of the financial crisis and that he's looking for a group of investors to finish the project.
Condos struggle in icy market. Las Vegas Sun 02/06/09. The credit crunch and economic downturn are taking their toll on the Las Vegas high-rise market. Las Vegas research firm SalesTraq reports that of the 15 high-rise projects in the valley, nearly half have less than 60 percent of the units sold. And of those already sold, a growing number are in foreclosure proceedings.
Construction halted on Manhattan West, a mixed-used condo project in southwest Las Vegas. Las Vegas Review-Journal 12/17/08. Construction has been suspended on the Manhattan West mixed-use condo development in southwestern Las Vegas, the developer said Tuesday. "The main problem is a mismatch of what it costs to build one of these things and what people are willing to pay for condos and office space," he said. "We are very sorry to have to suspend construction. We are looking for ways to finish it. We're going to try and get it done."
Henderson Planning Commission approves Jericho Heights. Las Vegas Review-Journal 11/26/08. The Henderson Planning Commission approved Jericho Heights Thursday, the 752-unit residential development that would be located on 81 acres on the southwest side of U.S. Highway 95 at Railroad Pass.

Las Vegas High-Rise Condo News

CITYCENTER: Visitors give MGM Mirage's new mega-complex mostly favorable reviews. Las Vegas Review-Journal 12/05/09. CityCenter visitors who spoke with the Review-Journal on Friday unanimously praised the resort's design and interior decoration, and they offered some validation for the resort's riskier elements, such as the upscale retail at Crystals and the nongaming environment at the 1,495-suite luxury tower Vdara.
CITYCENTER OPENING: Mandarin Oriental brings amenities people willing to pay for 23rd floor serves as divider. Las Vegas Review-Journal 12/04/09. On the Strip, the Mandarin Oriental is billing itself as a true boutique nongaming hotel that just happens to sit at the entrance to the 67-acre CityCenter. The 392-room hotel is surrounded by 3,000- and 4,000-room megaresorts. The 47-story angular glass building also has 227 luxury condominium units on its upper floors.
Spanish View, a Las Vegas high rise condominium’s settlement award stalled. Las Vegas Review-Journal 11/21/09. A group of luxury condo buyers left the Regional Justice Center disheartened Friday, stalled in their efforts to get any portion back from $3.5 million in deposits they made on the failed Spanish View Towers in southwest Las Vegas. Buyers put down 20 percent deposits, anywhere from $160,000 to $300,000, on some of the 405 luxury condo units planned for three 18-story towers.
Cosmopolitan Towers, Las Vegas resort chief named, Ex-Caesars manager John Unwin to join as CEO in October. Las Vegas Review-Journal 07/28/09. The Cosmopolitan on the Strip has found its leader. Unwin, who resigned his position at Caesars Palace after five years last week, will join the $3.9 billion hotel-condominium-casino project in October.
THE STRIP: Harmon Hotel inspector hit hard, official suggests tougher penalty for consultants on City Center. Las Vegas Review-Journal 07/25/09. The Harmon problem, uncovered last summer, led to a major downsizing of the tower, which is a key visual anchor at the corner of the Strip and Harmon Avenue. Workers deviated from Harmon plans numerous times as they placed and connected metal bars that are imbedded in concrete to strengthen it. Converse inspectors did not catch the deviations, which occurred on many floors, thus reducing the Harmon's ability to withstand sideways forces such as high wind or earthquake.
DEVELOPMENT: High-rise plans go flat in Las Vegas, planners' eyes bigger than market as many proposed high-rises fizzle. Las Vegas Review-Journal 08/02/09. In feverish times, when spinmeisters hyped the "Manhattanization" of Las Vegas, grand plans were announced for some 75 high-rise towers that would deliver 47,500 luxury condominium units to a market saturated with single-family stucco homes in sprawling suburbs. Projects that did get built are having trouble selling. Newport Lofts and One Las Vegas entered foreclosure. Streamline Tower filed for bankruptcy. Trump Tower, with about one-fourth of its 1,282 units sold, is entangled in lawsuits. Overall, only 38 percent of the units that were completed are sold.
CityCenter, Las Vegas upstages earnings, MGM project debut dominates call despite $212.6 million quarterly loss. Las Vegas Review-Journal 08/04/09. Baldwin said $350 million in deposits had been taken on 1,336 CityCenter condominiums with some 1,100 still on the market. With luxury high-rise condo sales at a standstill, MGM Mirage and Dubai World, its joint venture partner in CityCenter, are looking at a variety of options toward helping buyers close transactions. Baldwin said the bulk of the closings would take place starting in January.
Banks say Las Vegas Strip resort (Fountain Bleau) faces huge liabilities. Las Vegas Review-Journal 07/11/09. The $656 million that Fontainebleau Las Vegas wants a group of banks to release won't be anywhere near enough to complete the project, the banks argue in motions filed with the bankruptcy court in Florida. The banks, which are being sued by Fontainebleau Las Vegas for backing out of a loan agreement, also believe the Strip resort's debt levels would far exceed its market value if it opens next year.
Mandarin adds swank to Las Vegas Strip, Nongaming hotel at CityCenter touts top amenities, service. Las Vegas Review-Journal 07/11/09. The 47-story Mandarin Oriental Las Vegas has 392 rooms and suites, ranging in size from 600 square feet to 3,000 square feet. The building also has 227 residences, which will be accessed by a separate entrance and elevator from the hotel side. Hotel rooms will offer numerous technological enhancements including keyless door locks and automated control panels that allow guests to manage the lighting, room temperature and entertainment systems. Mandarin Oriental will have a 27,000-square-foot spa and fitness center and several restaurants and bars.
Building halted, resort secured, Fontainebleau on hold while project in court. Las Vegas Review-Journal 06/12/09. Construction on the Fontainebleau Las Vegas has been halted and the 24-acre site is being secured while the project is in bankruptcy court, a project spokesman confirmed Thursday.
Two more Las Vegas high-rise condominium projects have financial trouble. Las Vegas Review-Journal 04/30/09. Two luxury high-rise condominium projects on opposite ends of Las Vegas Boulevard have run into financial trouble, though both developers remain optimistic about the market’s long-term prospects. The 275-unit Streamline Tower in downtown Las Vegas filed for Chapter 11 bankruptcy protection Wednesday, while the twin-tower, 359-unit One Las Vegas development near Windmill Lane has been taken over by the lender.
Meridian condo owners fenced in, Company blocks main driveway at troubled high-rise. Las Vegas Review-Journal 04/03/09. The Meridian has been embroiled in litigation since the summer, when the county shut down an illegal hotel operation at the property. Buyers are paying cash for units at bargain-basement prices, she said. Some two-bedroom condos that originally sold for more than $800,000 are now going for $100,00 to $120,000. Thirty units have sold at the 670-unit property since the start of 2009.
CityCenter starts taking reservations. Las Vegas Review-Journal 02/24/09. MGM Mirage began accepting hotel reservations Monday for rooms at two of the $9.1 billion CityCenter's properties, the Vdara hotel and condominium tower, and Aria, the project's centerpiece hotel-casino. Vdara, a nongaming resort, will open Oct. 1. Nightly rates will run from $159 to $2,000. Designed by RV Architecture, LLC, led by Rafael Viñoly, Vdara will have 1,495 suites ranging in size from 500 square feet up to 1,650 square feet.

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