Las Vegas Condo Sales Still Hot
Apparently, people with money are willing to pay to own a piece of the Strip.The single-family housing market remains at a standstill, thanks to the stagnating local and national economies. Luxury Las Vegas High Rise Condos along the resort corridor, however, are flourishing.
The first new residents are expected to take ownership of their high-rise one- and two-bedroom units inside the Trump International and Palms Place this month. Luxury condominium sales along the resort corridor are flourishing.
Meanwhile, sales of the nearly 2,670 residential units within MGM Mirage’s $8.1 billion to $8.4 billion MGM City Center development are proceeding at a steady clip.As of last month, buyers had claimed more than half of CityCenter’s residential offerings, totaling more than $1.67 billion in sales. CityCenter, a 77-acre site that includes a 4,000-room hotel-casino, boutique hotels, and a massive retail, entertainment and dining pavilion as its centerpiece, doesn’t open until November 2009.
“Demand for the residential offerings at CityCenter continues to exceed expectations,” said Bob Hamrick, senior vice president of CityCenter Realty Corp. Several multimillion-dollar penthouses have been sold at the Harmon, one of CityCenter’s four residential offerings. Residences at the Harmon, which is owned by the Light Group, are attracting a celebrity-laden list of buyers. The Harmon, a nongaming hotel, has 207 residential units, including 15 penthouses.
In addition, the $2.2 billion Encore, CityCenter, the Cosmopolitan, and the $2.9 billion Fontainebleau are all scheduled to open in 2009. These new resorts have the potential to boost Las Vegas’ business prospects by quantum leaps as they add more than 100,000 new jobs to the local economy.
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