City Center Las Vegas cut their prices by 30% for those investors who have one or more condos under contract there as I had predicted a sizable cut in Las Vegas City Center condominiums prices in January 2009. This price reduction applies to the following high rise towers.
- Mandarin Oriental Las Vegas, 227 condos
- Veer Towers, 670 condos
- Vdara Condo Hotel, about 1,500 condo
MGM Mirage and their partner Dubai World claim that they have about 50% of their ultra luxury condos under contract. It is unknown How many will close escrow due to reduction in the prices, or how this price reduction will help sell other unsold condos.
I still recommend against buying at City Center until they close escrow on the condominiums which are under contract. Only then a prospective investor would know how many luxury condominiums have actually sold and under what terms.
Keep in mind that the biggest financial threat to an investor’s nest egg is blind speculation.
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