*FEB 2008 UPDATE* MGM MIRAGE CityCenter Penthouse Inventory
Posted by Luxury Realty Group - February 25th, 2008
Categories: High Rise Condos
While some good location penthouse inventory remains, many of the prime location penthouses at MGM MIRAGE CityCenter have sold or have been taken off the market for Dubai World clients. With the Dubai sales office opening in Spring 2008, there is a U.S. focus on remaining penthouse product in Veer Towers, Mandarin Oriental, and The Harmon.
All numbers and information below as of February 26th, 2008. (subject to change without notice)
Harmon Hotel, Spa & Residences Update
Almost all north facing penthouses at The Harmon Residences are currently under contract. There is actually still a chance to get a north view looking up the Strip in the form of the 47th and 48th floor “04″ plan. That’s the big three bedroom unit at roughly 3,700 square feet (according to developer). Located on the 47th, 48th, and 49th floors (49 is sold). These rounded units feature approx. 180 degrees of curved glass overlooking Las Vegas Boulevard.
These units are priced around $8.9 million which comes to over $2,400 a sq ft.
Check out Aaron Auxier sets the top three price-per-square-foot records for residential property (single family home/condominium) in the history of Las Vegas, Nevada.
Veer Towers
You can still get a top-floor corner penthouse in the front Veer Tower tower (east) directly facing the Strip for approx. $4,605,000. At roughly 3,214 square feet (according to developer), this three bedroom residential penthouse comes out to roughly $2,400 a foot.
There are also a couple of two bedrooms penthouses available in Veer as well.
Mandarin Oriental
Approx. 16 penthouses remain at The Residences at Mandarin Oriental ranging in price from roughly 3.8 million to over 5.4 million. Limited vanilla-shell and grey-shell penthouse opportunities remain with most others being finished out be developer.
In Closing
Land on the Strip is at an all time high with some sections of the Resort Corridor experiencing an up to 800% increase in land valuation in just four years. While the media has been pretty tough on the resale high-rise condominium market, they have failed to report the record-breaking sales taking place at CityCenter.
The Las Vegas Strip is a global market; there are many intangibles that are helping the Resort Corridor survive as one of the most successful market in the United States.
Are there bargains? Sure. Are there records being set at same time? Yup.
Before you consult someone to help you make a multi-million dollar penthouse purchase, familiarize yourself with those who have the experience in this upper-end niche of real estate.
Aaron Auxier, REALTOR®, ABR can be reached at 702-205-1818.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
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Copyright © 2008 Aaron Auxier. All Rights Reserved.
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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.
Copyright © 2008 Luxury Realty Group LLC. All rights reserved.