VEER reservations filling up. Where did all the residential product go?
Posted by Luxury Realty Group - March 7th, 2007
Categories: High Rise Condos
On March 10th, 2007 and after just two short months, MGM MIRAGE drew the line on the first selections for the 674 VEER condo units in MGM MIRAGE CityCenter. Designed by world renowned architect Helmut Jahn, the two opposite leaning towers will feature infinity edge rooftop pools, very rare and unique floor plans as well as a surface that changes color during the day. What does VEER’s success mean for Vegas?
THE EARLY BIRD GETS THE WORM
Those who waited on the sidelines regarding MGM CityCenter may have a more difficult time getting a prime location “residential condo” at Veer until resales hit the market sometime in 2009 or 2010.
Veer… One can only imagine how many more reservations came in since February 12th, 2007 when MGM announced 619 reservations for the 674 units were already taken. Due to the leaning nature of Veer, there will be dozens of floor plans.
The Harmon Hotel and Residences…Will now feature only 207 very high end residential units rather then 227. Just like Mandarin Oriental, these units will be sold to VIP’s, CEOs and Celebrities before most people know they are even for sale. Sales on these super high end units should happen in June or July. Want an inside edge? Read more at above link.
The Residences at Mandarin Oriental…90% sold out (hard contract) and averaged over $1,500 dollars a square foot. Penthouse units sold as high as 10 million dollars and around $2,400 a foot. In some cases these penthouses featured raffles due to the fact up to 3 buyers were competing to go to hard contract.
Vdara…Condo hotel in Project CityCenter features the most units out of all towers in the development at approximately 1,546. This condo hotel can be summed up as a modernized version of The Ritz Carlton or the Four Seasons hotel brands. About half of the units are reserved which leaves you some opportunity to still own a property within the 7 billion dollar project. The trick is knowing which units are the most sought after!
VEER west (left) and east (right) towers well under construction
THE CONCLUSION
Vegas faces “construction challenges” when it comes to its ability to get high rise condo projects off the ground. This creates less “tangible” product. MGM just proved this very point. Privately financed and vertical before sales started, now around a billion dollars in hard deposits within a matter of two months.
MGM CityCenter alone employs HALF of the construction workforce in town. Throw in huge hotel projects like The Palazzo, Echelon Place, Encore and Fontainebleau and you soon start to realize how hard it is for a developer to get a project built. As a developer, how expensive do you think it would be to sway a decent construction company to build your condo project rather then the 4 billion dollar mega resort down the street?
Echelon Place will replace The Stardust and suck up even more of the construction workforce
6 FACTS about The Strip
1. The emphasis is on high end residential projects in the Core and North Strip. This is where it will be the hardest to build a residential high rise condo tower in Las Vegas over the next 5 years.
2. Boyd Gaming has announced that they have no plans to include condos at Echelon Place.
3. The Palazzo is rumored to feature a residential tower with high end units and a very small number of them. Possibly only around 300 units. Besides this project, can you name another residential tower going in on The Strip anytime soon?
4. Sky Las Vegas is one of the best kept secrets in town due to its high end nature and rare LV BLVD location. Limited inventory remains and I can get my clients special access to units.
5. Panorama Towers will appeal to buyers who want to be a part of the CityCenter area. As the massive 7 billion dollar MGM CityCenter project climbs into the air over the next 2 years and it starts to become apparent that something special is happening, those interested will find appeal in the views from Panorama Towers.
6. Fontainebleau will offer “condo hotel” units at the time of this blog. (subject to change)
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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.
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Copyright © 2007 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.