Holiday Comparison: Nintendo Wii and MGM MIRAGE CityCenter
Posted by Luxury Realty Group - December 1st, 2007
Categories: High Rise Condos
This holiday season, buyers will hit the streets in search of the ultimate gift, some for others and some for themselves. But what do a $250 video game system and a $7.4 billion mega-resort and luxury condominium development in Las Vegas have in common? More than you think!
Two new and successful phenomenons were introduced to the world last year…Nintendo’s Wii game machine and MGM MIRAGE’s CityCenter project on the Las Vegas strip.
What do these products have in common?
- Both are owned and operated by giants in their industries
- Both are tied to gaming companies (video gaming and gambling)
- Both have global demand and appeal to an international audience
- Both went for sale in same time period. (4th quarter 06-1st quarter 07)
- Both are geared towards entertainment
- Both have generated BILLIONS in sales in just one year
- Both are experiencing supply and demand issues
- Both have reinvented their market
- Both are based on COMMUNITY
Community - The strongest drivers behind both products.
Wii
Wii encourages family and friends to get together and participate in games such as bowling, tennis or brain trivia. Rather than relying on a bunch of confusing buttons, the Wii-mote and Nunchuk (controllers) utilize hand motions to control the action on screen. The simplistic approach makes it easy for users of all ages and video game experience to pick up and play. Many applications for the system have been released ranging from fishing, cooking, and exercise all the way to the famous Super Mario.
Game Spotlight - Super Mario Galaxy
Nintendo Wii Game Console and Controllers
Since its release on December 8th, 2006, the Nintendo Wii has sold over 13 million consoles and has reinvented video-gaming. It is winning the next-gen console-war with a #1 place in sales over Sony’s Playstation 3 and Microsoft’s XBOX 360 making it one of the hottest wish-list items this holiday season.
Watch a video on the Nintendo Wii Here
CityCenter
CityCenter is a master planned, eco-friendly, mega-resort community located directly on the Las Vegas strip. Designed by eight of the world’s top architects, the development will contain a 500,000 square foot retail mall, state-of-the-art casino hotel, celebrity chef restaurants, world-class spas, mag-lev monorail, roughly 1,100 residential condominiums, 1,500 condotel units, and over 4,000 hotel rooms. MGM MIRAGE CityCenter will set a new standard in regards to green construction and sustainable living.
Tower Spotlight - The Harmon Hotel
MGM MIRAGE CityCenter on Las Vegas Boulevard
Since its release in the 1st quarter of 2007, CityCenter has sold over 1,400 high rise condos at an average price per sq ft of over $1,500. Some penthouse units have sold for more than $10 million to celebrities, CEOs and wealthy international investors. 2007 sales have already reached approximately 1.5 billion during one of the worst real estate markets in United States history.
Watch a video on MGM MIRAGE CityCenter Here
Holiday Supply and Demand
A recent call to GameCrazy showed that the Wii hasn’t been in stock for nearly two months leading up to December 2007! Current inventory? Zero. Other options for finding a Wii include marked up systems on E-Bay or trying a large retailer, such as Wal-Mart or Best Buy, on a daily basis for new shipments.
While MGM MIRAGE CityCenter isn’t a holiday season driven product, remaining prime location units are slim. Most two bedroom corner residences at the leaning Veer Towers have been sold while over 90% of the inventory at the Residences at Mandarin Oriental is under hard contract. The Harmon Hotel is 30% sold out as of December 07 (in only 8 weeks of sales) with Vdara condo hotel having about half of its inventory remaining.
Happy Holiday Shopping!
Aaron Auxier, REALTOR® 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.
We use Copyscape.com to monitor plagiarism.
Copyright © 2007 Aaron Auxier. All Rights Reserved.
Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often times considered time sensitive.
Luxury Realty Group, can be reached at .
Learn More About This Author.
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.