MGM Mirage's CityCenter is a massive entertainment and residential enterprise located right on the Las Vegas Strip south of Bellagio. Construction is moving forward on schedule and the project is estimated to open its doors in November of 2009.
The development will have a total of 2,650 luxury condominiums in four separate buildings, namely in Veer Towers, Mandarin Oriental, Vdara Condo Hotel and Harmon Hotel. About half of the available units have been sold to date which has produced $1.63 billion in revenue, nearly 60% of the total projection at sell-out. Please click on the link in this paragraph to read the entire article.
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Provided by:
Esko Kiuru
Mortgage and real estate market commentator
www.BluefoxToday.com - syndicated mortgage and real estate blog
eskokiuru@gmail.com
My cell: 702-499-1006
Rick,
The Rat Pack wouldn't recognize the Strip any more.
Esko 2650 condo’s, I can’t imagine something that big, mush less 1.63 billion dollars for just 50% of the units. Can you imagine doing the loans on that many units :)
George,
I'd be happy to do just a fraction of that volume. Amazing.
Joan,
It's because of the MGM Mirage brand that is helping sales. Otherwise the market is still fluid.
"fluid" is a good word Esko! It is still nice to hear some encouraging news.
Joanne,
The luxury segment is still holding its own.