Some love and some hate CityCenter. It’s a big monolith on the Las Vegas strip. There were such high hopes for this mega-complex to do well, but the poor economy doesn’t seem to be allowing it. One of the features of CityCenter was the ability to purchase condos at the heart of the strip in either Vdara, Mandarin Oriental or Veer Towers. CityCenter is fairing “well” relative to general condo sales in one of the hardest hit real estate markets in the country.
Grant Govertsen of Union Gaming Group says CityCenter has closed sales on nearly 200 of 2,400 available units, with total sales of $185 million.
Govertsen says CityCenter has closed an average of 33 units per month, well ahead of the market average of four units per month.
This isn’t really good but, I guess, relative to the rest of the market you can say it is. I have to imagine that most of those 200 sold were sold to investors looking to flip the condos and were forced to hold on to the condos since the market is so weak.
Expectations were so high for CityCenter that, unless all of the condos were sold by grand opening opening, there really wouldn’t be any satisfied onlookers.
At this pace condos will be sold out in 2016. Hurry if you want to get in on the action.