CityCenter Bucks the Las Vegas Trend With Price Increases

With headline after headline of the falling prices of the Real Estate Market in the Las Vegas / Henderson, NV area, MGM Mirage’s gargantuan CityCenter project on the Las Vegas Strip has bucked the trend with price increases.

CityCenter

For those not familiar with the now nearly $10 Billion project, CityCenter is comprised of several different elements:.

• Aria Resort and Casino – a 61-story, 4,000 room hotel
• The Residences Mandarin Oriental Las Vegas – Luxury Penthouse Residences atop The Mandarin Oriental Hotel
• Veer Towers – The only fully residential property at CityCenter
• The Harmon Hotel, Spa & Residences – Luxury Residences above the already Leading Hotels of the World member hotel.
• Vdara Condo Hotel – The only property at CityCenter featuring a Condo / Hotel element
• The Crystals Retail and Entertainment District – Luxury shopping, dining and entertainment at its finest with 500,000 square feet of opulence.

The last price increase for the varied properties at CityCenter happened in April of this year, which marked an approximate 3% increase. Prices are again due to increase which shows that the interest and enthusiasm of what The Las Vegas Strip has to offer is still strong.

Mandarin Oriental Las Vegas

The Residences Mandarin Oriental Las Vegas are already 93% sold, and only have penthouses left to offer starting at about $4 Million. Still over a year from completion, this demonstrates the thirst for luxury living on the Las Vegas Strip.

While no specific day was disclosed to when prices will rise or to what degree, I was reliably informed that it is “imminent” and that “it is ready to happen, and just needs to be signed off on.”

Another piece of news I thought important to share is that the way CityCenter was going to be opened to the public has changed. While originally it was slated to open up in toto in November of 2009, I have been informed that the plan now is to have a staggered opening (much smarter) that will begin in August of 2009 with the Vdara Condo Hotel and then have the other properties open periodically until the crown jewel of the Aria Resort and Casino opens in December of 2009.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

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