Residences at Mandarin Oriental Hotel has sold 25% of condos

Masoud Saberzadeh Las Vegas high rise condos blogs, MGM City Center Las Vegas Blogs 0 Comments

Residence at Mandarin Oriental Hotel at MGM City Center, Las Vegas has trouble selling luxury high rise condos MGM City Center Residence at Mandarin Oriental Hotel condos  sales have not gone as well as as high rise condo sales at Residences at Veer Towers. Because Mandarin condos are far more expensive than Residences at Veer Towers and as I have written before that it has been built for buyers for whom price is not a concern. Below is the number of sales by month and average sale prices    I have blogged about the history of price cuts at Mandarin Oriental condos at CityCenter, Las Vegas and at least at this time there is no sign of any further price cuts, however nothing keeps a buyer from making a lower …

Las Vegas City Center, Veer Towers has sold 50% of condos

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Higher sales for Veer Towers luxury high-rise condos Veer Towers condos sales are accelerating and about 50 percent of the condos at MGM City Center, Las Vegas has been sold. The highly anticipated further price cuts are not materializing and I have no idea when they will come. I remember a real estate expert who put inventory at City Center at 20 years based on sales for May 2010. If sales continue at this pace, he would be wrong by about 15 years or more. I have blogged about the history of price cuts at Veer condos and have previously written that these are the least likely candidate for further price cuts. I believe that Residence at Mandarin Oriental Hotel and specially Vdara high rise condo hotel (condotel) which I have advised against buying …

Condo sales at Residence at Mandarin Oriental Hotel

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History of ultra-luxury condo sales at Residence at Mandarin Oriental Hotel, MGM City Center Condo sales at Residence at Mandarin Oriental Hotel stand at 55 out of 227 of available units, which is close to 25% of total inventory. I have done a blog post about History of price cuts at Residences at Mandarin Oriental, City Center Las Vegas which showed price cuts for different floor model condominiums have not been uniform at all. The other issue is that further price cuts at Mandarin Oriental which many, including me were thinking is necessary are not here yet. I will discuss sales history in two ways. One is sales by month and average sales prices.  The other is average prices paid by square footage for different floor plans, including Penthouse condos. …

Las Vegas MGM CityCenter Views from Panorama Towers condos

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Owners can enjoy great views of MGM City Center from Panorama Towers condos When I was showing a few foreclosed Las Vegas high rise condos for sale at Panorama tower two and took a few pictures of Bellagio, Caesars Palace and MGM City Center from balconies. Panorama Towers are located on the other side Highway 15 from Bellagio but has great views of Caesar Palace and MGM City Center as well. Given that Panorama Towers residents have to walk some distance to get to Las Vegas Strip Casinos, Towers One and Two have FREE limo service for its residents with a radius of three miles. The first two images shows MGM City Center Las Vegas, Aria casino and Vdara condo hotel tower, plus pool area. This image shows Vdara Condo Hotel, …

MGM Grand Depreciates City Center Las Vegas to 2.69 Billion

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MGM Grand keeps depreciating City Center while remorseful MGM City Center condo buyers forfeited $56 million in deposit money MGM Grand has depreciated the City Center, Las Vegas further to 2.69 Billion dollars. The last time MGM Grand depreciated it was in October-2009 and the value was $4.88 Billion; the original price was $8.5 Billion. Darn thing is going down like a rock. A valid question is this: MGM Grand announced 30% across the board price cuts for Mandarin Oriental condominiums and Veer Towers condos for sale in October and devalued the property, some of these price cuts were reversed in November, what is up now? MGM CityCenter owners are broke MGM CityCenter is owned by two entities, MGM Grand and Dubai Government (Dubai Prince) and both are broke (broke for …

Why high-rise condo builders list their condos in Las Vegas MLS

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Las Vegas high-rise condo builders list their units in Las Vegas MLS because they are looking for discounted offers Why do Las Vegas high-rise condo builders list their condos in the Las Vegas MLS? Because they want to get offers on their unsold inventory of luxury condominiums. The majority of Las Vegas high rise condominium buyers who want to buy a new luxury condo, go straight to the builder’s sales staff and try to buy the condo themselves. It is not the job of the builder’s sales staff to advise the buyer that they can make a lower offer on their desired condo. Thus, either the buyer will pass on the new condominium or pay full asking price.  City Center Las Vegas has listed three luxury condos at Mandarin Oriental …

Mandarin Oriental Hotel Las Vegas reversed recent price cuts

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Residences at Mandarin Oriental Hotel has increased condo prices that they discounted recently Residences at Mandarin Oriental Hotel has reversed price cuts and now is increasing luxury condo prices there. This is bewildering and by that, I mean significant price cuts were made in October-2009 that in some cases are increasing by hundreds of thousands of dollars. The table below shows original condo prices, after price cuts and current asking prices. [table id=26 /] Now you see why I call these prices bewildering and while news organizations report 30% price cuts across the board at City Center Las Vegas, price cuts are not uniform at all. The other point is why a 1529 square foot luxury condominium should be priced the same as a 1105 square foot condo in the same …

History of price cuts at Veer luxury condos towers City Center

Masoud Saberzadeh Las Vegas high rise condos blogs, MGM City Center Las Vegas Blogs 2 Comments

Price cuts at Veer luxury condo towers are not uniform at all One of my predictions for 2009 was price cuts at Veer Luxury Condo Towers, Mandarin Oriental Hotel condos and Vdara condominium hotels that are failing miserably to sell at City Center Las Vegas long before they announced it. But we will be discussing Veer Towers here. As you can see price cuts are not uniform and the highest price cut is for the 3 bedroom Penthouse condominiums at 51%-53% and lowest for the 2 bedroom luxury condos. Inevitable price cuts were the reason that I had recommended against buying City Center luxury condos. However now we see how much Veer Condos have sold for, keeping in mind that the data for Penthouse condos at Veer will not be …

My visit to Veer Condo Towers at City Center, Las Vegas

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Veer Condo Towers are leaning residential condo towers at City Center Las Vegas Today I got a chance to attend an open house for Realtors at Veer Condo Towers in City Center, Las Vegas. Veer Towers are the twin high-rise leaning towers, each has 325 luxury condominiums and it is all residential, no condo hotels here. Veer condo towers have 37 floors each and the top 10 floors are under construction for the interior improvements, no Penthouse units can be visited at the moment. City Center paid out 12 million dollars to Las Vegas Realtors in commissions, nothing for me. Because I advised against buying luxury condos at City Center until we see how many condominiums have been sold and for how much. This information can be found at the Clark …

Dismal sales at Las Vegas high rise condo towers

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Why are Las Vegas high-rise condos not selling at this time? When the news media talks about the dismal sale at Las Vegas high-rise condo towers, they are discussing sales by the builder and not the high-rise condos that re-sold through the Las Vegas real estate auctions or Las Vegas MLS, where you can find many short sale or foreclosure listings. 1: The reason that luxury high-rise condominiums are not selling well is the cash flow generated by these residential or condo hotels.  HOA fee is $1.30 per square foot at Residences at Mandarin Oriental Hotel, about $1 per square foot at Veer Towers at City Center and Signature at MGM Grand. When you add HOA fees to annual taxes and other fees, it can run from hundreds to thousands of …