About Las Vegas MGM CityCenter high rise luxury condos for sale
Las Vegas CityCenter is an 8.5 billion-dollar urban metropolis consisting of residential luxury condominium towers and condo hotel high rise towers that has been built on 67 acres on the world famous Las Vegas Strip (Las Vegas Boulevard). City Center is located between the Cosmopolitan High Rise Condo Project and the Monte Carlo Casino.
One must remember that CityCenter was conceived during the great real estate boom in Las Vegas and when the economy crashed the MGM was too involved to pull out. City Center is owned by Dubai Port World and MGM and both are highly leveraged and heavily in debt. MGM was close to declaring bankruptcy at one point during the construction of CityCenter.
MGM City Center, Las Vegas
City Center has failed to sell a significant percentage of its luxury condominiums due to the bad economy and mistakes made in building the CityCenter. One issue is bad signage which makes navigating through City Center difficult; the other is the heavy use of the minimalist concept throughout CityCenter which makes it cold and without personality. People don’t come to Las Vegas to look at bare walls or unpainted cement columns.
On the other hand CityCenter has put a heavy emphasis on unparalleled service and its condominiums are hands down the most luxurious condominiums on the Las Vegas Strip. Those who own a residential high rise condo at City Center or those who visit it get to live like a king.
Ultra expensive Crystal Shops at CityCenter, Las Vegas
CityCenter luxury high rise condo towers
The HARMON is not yet open and has struggled with a construction defect that resulted in cutting 20 stories which were designated as residential luxury condominiums. The Harmon will bean exclusive non-gaming boutique hotel when finished.
The 5-star Residence at MANDARIN ORIENTAL at CityCenter luxury hotel/residence is split between hotel condos and residences. The 277 residential condos are located from the 23rd floor up and are priced from $1000 per square foot.
The VDARA high-rise condo-hotel is located west of CityCenter. This tower is curved and features 57 stories and 1543 units. Sales at Vdara have been slow and only 120 condo hotels have been sold so far. Condominiums measure from 500 to 1750 square feet. Condo-hotels can be enrolled in the MGM rental pool and would be rented on behalf of the owners by MGM for a percentage of the revenues.
The VEER towers consist of two towers of 335 residential luxury high rise condos. These 37 story towers are built at a 5 degree incline and seem like they are dancing with each other. Condos measure from 500 to 1800 square feet and are priced at about $600 per square foot. The top ten floors at Veer Towers are not finished yet.
Las Vegas view from City Center Manderin Oriental Hotel
I have discouraged Las Vegas high rise condo for sale buyers from buying at CityCenter until we find out how many luxury condominiums have sold at City Center and for how much. I also predicted the 30% price cut at CityCenter long before they implemented it. I am not sure about Vdara, however Veer residential condos seem to be a good buy if you have your eyes wide open.
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