Builders are sparing little expense in a bid to entice hesitant buyers into a soft housing market.
Virtually every major builder in the Las Vegas Valley has pushed big sales this fall, and the price breaks have been steep.
Pulte Homes marked down prices 15 percent on certain models, with discounts of up to $80,000 on some completed new homes during one October weekend. The builder's Del Webb subsidiary sliced $55,000 from some of its asking prices. Rhodes Homes has offered as much as $100,000 off on finished houses. Lennar Corp. has slashed prices on some models by about a third; Lennar cut the cost of a 5,000-square-foot home in its Earlstone community from $911,490 to $662,490, and a 4,498-square-foot home in its Silver Creek subdivision went from $807,290 to $612,290. Centex Homes has clipped $25,000 to $100,000 off the prices of some of its existing homes, and is ponying up as much as $21,000 in closing costs on some models. American West Homes' valleywide "liquidation sale" on Nov. 10 and Nov. 11 featured savings of up to $143,000.
So are the sales boosting traffic and clearing inventory?
Builders say yes.
After Astoria Homes dropped prices on standing inventory by as much as $200,000, or 27 percent, Oct. 12-14, traffic at least doubled across the board at Astoria communities, and even tripled in some cases, said Tom McCormick, the company's president.
The sale helped make October Astoria's best sales month since 2005. The builder averaged about four sales per neighborhood during its discount weekend, compared with an average of half a sale to a sale per week before the price cuts.
Astoria's available inventory dropped from eight weeks or 10 weeks of supply to around four weeks or six weeks. The sales are "sticking," too, McCormick said, with a cancellation rate of 10 percent, down from about 30 percent before the sale.
Astoria hedged its bets by accepting only buyers who didn't need to sell existing homes to close the deal.
Pulte Homes had an "exceptional" weekend during its "Monster Sale" Oct. 19-21, said Nick Parks, the builder's local director of marketing. Sales doubled when compared with the four prior weekends.
"It's a new market, and you need to provide the consumer with new value propositions to be successful today," Parks said.
"There are people out there who need homes and want to buy homes, and I think our success with the Monster Sale demonstrates that there is consumer confidence in the market if they're provided the right value proposition.
"Generally, it's a positive indicator that the market isn't as depressed as some want us to believe."
Numbers from tracking and consulting firm Home Builders Research show steady increases in new-home sales in the fall, as builders intensified their cost cutting.
The local market moved nearly twice the number of homes during the week ended Nov. 11 as it sold the week ended Aug. 12, an increase Home Builders Research President Dennis Smith attributed to widespread, continuing sales.
Companies that haven't held or advertised sales are not reporting significant increases in purchases.
D.R. Horton, which hasn't publicized any sale-price reductions, has 42 local new-home subdivisions and posted net sales of just four homes in the week ended Nov. 11 and two homes in the week ended Oct. 14, Home Builders Research found. And despite total traffic through models of between 500 and 600 people weekly, Toll Bros., a luxury builder that also hasn't marketed any discounts, had zero net sales in the week ended Nov. 11 and a negative net-sales rate of two homes in the week ended Oct. 14.
That means the company, whose homes are priced from $345,975 to more than $1 million, had two more cancellations in Las Vegas that it had sales.
Toll officials declined to discuss local sales volume, noting that they release regional data only quarterly. Spokeswoman Kira McCarron said sales of new homes and standing inventory "are consistent with current marketing conditions."
D.R. Horton didn't respond to an e-mail seeking comment on its low sales volume and whether it's planning special pricing events.
Ken Perlman, vice president of Sullivan Group Real Estate Advisors, said builders might skip sales for various reasons.
The cost of land might prohibit lower price, or perhaps a builder has met sales quotas for the year and doesn't need to push for additional closings.
Also, national companies could find that strong sales in some markets allow for more-sluggish sales in other cities.
For most local builders, though, lower prices were the last frontier in ginning up home sales, and Smith said builders are telling him the discounts are drawing out reluctant buyers.
"They tried incentives and they tried financing," Smith said. "Now, they've gotten to the price, with sales to get rid of inventory, and it's working."
Sales generate traffic and closings more effectively than incentives do, so builders are wise to drop prices, even temporarily, Perlman said. The consumer who can't qualify for a $350,000 house won't have an easier time getting a mortgage just because the builder tosses in a free swimming pool and a trip to Hawaii. The buyer still can't afford the home. The only solution: a lower price, Perlman said.
While those price breaks help buyers afford homes, they don't add to a company's bottom line.
McCormick declined to discuss his private company's profits. He acknowledged, though, that construction and land costs mean Astoria couldn't replace the discounted homes for the low prices they commanded during the builder's sale. He added that builders across Southern Nevada are experiencing a similar disconnect between sale prices and building costs. Yet, the earnings sacrifice is essential to keeping the doors open.
"As much as we may be selling homes below replacement cost, we're in the business of building and selling homes," McCormick said.
"We aren't like the homeowner who can decide to wait six months or a year to sell. It's hard to justify keeping everyone employed when you're not selling and building homes. Like everyone else, we've been through layoffs. We want to minimize that as much as we can."
Builders' drive to survive could translate into more price drops.
Most local builders no longer have several months of standing inventory, Smith said, so gains in available homes are coming mostly from cancellations, as jittery consumers back out of the market or stricter lenders tighten loan-qualifying criteria.
Smith believes sales will "pop up continually, off and on" over the next 12 months to 18 months, as cancellations wax and wane along with the performance of the market or changes in bank guidelines.
At least one local builder is already considering another sale.
Pulte is contemplating an event near the beginning of December with price breaks and incentives similar to the October reductions.
"It's important to provide the consumer with confidence, and when we offer them these limited buying opportunities, it gives them confidence to make a decision," Parks said. "If you give the customer an exceptional opportunity, it helps them feel good about their purchase and make wise decisions about their home."
Thursday, November 29, 2007
Wednesday, November 28, 2007
Prudential Americana files bankrupcty
Prudential Americana Group, one of the largest residential real estate firms in the Las Vegas Valley, is filing for Chapter 11 bankruptcy so it can reorganize its debts while continuing operations.
The company, which had not filed the paperwork by press time Tuesday, has 1,200 sales executives operating under its auspices and has positive operating cash flow. Owner Mark Stark, however, said Prudential Americana Group -- the seventh-largest real estate firm nationally in the Prudential network -- needs bankruptcy court protection so it can restructure its debt.
"We are focused on business as usual," Stark said. "This is a debt restructuring. We continue to grow market share."
The bankruptcy filing will not affect the 3,000 exclusive listings that Prudential Americana has in Southern Nevada, he said. Stark estimated that the company is probably the biggest residential real estate company in the area, with a 15 percent share of all local home resales. Brokers who operate under the Prudential Americana umbrella also sell new homes and commercial real estate.
Prudential Americana is the second big Las Vegas realty firm to seek bankruptcy protection in recent months.
Jimmy Dague, president of Vision Properties doing business as Century 21 Advantage Gold, filed for Chapter 11 bankruptcy protection in August.
At the time of the filing Vision reported $1 million in assets and $1.8 million in liabilities. The company said it had $54.6 million in gross income in 2005. Vision reported its gross income fell to $40.3 million the following year and to $15.8 million in the first eight months of 2007. The brokerage's Web site says it has 500 agents.
Prudential Americana's problems started in October 2004.
Stark borrowed money to buy the company when residential real estate was booming and home prices were soaring.
Stark bought the 75 percent of the company he did not already own from his partners and Prudential Real Estate, the national franchisor. To finance the buyout, Stark borrowed $22.5 million from Salt Lake City-based Zions Bank, an affiliate of Nevada State Bank, and Peninsula Capital Partners of Detroit.
Zions, which is owed $4.9 million of $10 million originally borrowed in 2004, is in first position among the company's lenders. Peninsula is an unsecured lender and was receiving only interest payments, pending a later balloon payment.
When he bought the company, Stark said he expected a slump in the local real estate loan market would follow the boom that sent home prices soaring, but he was stunned by the magnitude of the drop.
"I did not see a 67 percent downturn coming to the Las Vegas market," he said, referring to the drop in existing home sales over the past two years.
Because of the real estate market, Zions pulled the trigger on a loan agreement provision and ordered Prudential Americana to stop making payments to Peninsula, Stark said.
Peninsula executives in turn pumped up the interest rate on their loan to 19 percent from an average of 15 percent, Stark said.
Prudential Real Estate, the national franchisor, offered to assume the Las Vegas real estate company's debt, but Peninsula was unwilling to accept the company's terms.
The national company intends to provide financing to Prudential Americana during the bankruptcy, Stark said.
"It's probably a good strategy," said Lanis O'Steen, who owns a residential real estate brokerage in Pahrump and is a business turnaround professional.
The real estate firm, O'Steen said, can ask the bankruptcy judge "to do what's reasonable and maximize returns and recoveries for all of the creditors."
O'Steen said the bankruptcy filing is further evidence that small businesses are getting hurt because of the popping real estate bubble. Small businesses are key economic drivers, O'Steen said, and their problems could lead to further economic declines.
Prudential Americana operates as an umbrella company for independent real estate brokers who agree to pay a flat fee or a percentage of their commissions for administrative, legal and other support.
Stark told about 600 real estate sales workers on Tuesday morning about the bankruptcy and plans to reorganize the company.
"We had a standing ovation of support from the sales executives," he said.
Stark hopes the company will be able to emerge from bankruptcy protection in about six months.
The company, which had not filed the paperwork by press time Tuesday, has 1,200 sales executives operating under its auspices and has positive operating cash flow. Owner Mark Stark, however, said Prudential Americana Group -- the seventh-largest real estate firm nationally in the Prudential network -- needs bankruptcy court protection so it can restructure its debt.
"We are focused on business as usual," Stark said. "This is a debt restructuring. We continue to grow market share."
The bankruptcy filing will not affect the 3,000 exclusive listings that Prudential Americana has in Southern Nevada, he said. Stark estimated that the company is probably the biggest residential real estate company in the area, with a 15 percent share of all local home resales. Brokers who operate under the Prudential Americana umbrella also sell new homes and commercial real estate.
Prudential Americana is the second big Las Vegas realty firm to seek bankruptcy protection in recent months.
Jimmy Dague, president of Vision Properties doing business as Century 21 Advantage Gold, filed for Chapter 11 bankruptcy protection in August.
At the time of the filing Vision reported $1 million in assets and $1.8 million in liabilities. The company said it had $54.6 million in gross income in 2005. Vision reported its gross income fell to $40.3 million the following year and to $15.8 million in the first eight months of 2007. The brokerage's Web site says it has 500 agents.
Prudential Americana's problems started in October 2004.
Stark borrowed money to buy the company when residential real estate was booming and home prices were soaring.
Stark bought the 75 percent of the company he did not already own from his partners and Prudential Real Estate, the national franchisor. To finance the buyout, Stark borrowed $22.5 million from Salt Lake City-based Zions Bank, an affiliate of Nevada State Bank, and Peninsula Capital Partners of Detroit.
Zions, which is owed $4.9 million of $10 million originally borrowed in 2004, is in first position among the company's lenders. Peninsula is an unsecured lender and was receiving only interest payments, pending a later balloon payment.
When he bought the company, Stark said he expected a slump in the local real estate loan market would follow the boom that sent home prices soaring, but he was stunned by the magnitude of the drop.
"I did not see a 67 percent downturn coming to the Las Vegas market," he said, referring to the drop in existing home sales over the past two years.
Because of the real estate market, Zions pulled the trigger on a loan agreement provision and ordered Prudential Americana to stop making payments to Peninsula, Stark said.
Peninsula executives in turn pumped up the interest rate on their loan to 19 percent from an average of 15 percent, Stark said.
Prudential Real Estate, the national franchisor, offered to assume the Las Vegas real estate company's debt, but Peninsula was unwilling to accept the company's terms.
The national company intends to provide financing to Prudential Americana during the bankruptcy, Stark said.
"It's probably a good strategy," said Lanis O'Steen, who owns a residential real estate brokerage in Pahrump and is a business turnaround professional.
The real estate firm, O'Steen said, can ask the bankruptcy judge "to do what's reasonable and maximize returns and recoveries for all of the creditors."
O'Steen said the bankruptcy filing is further evidence that small businesses are getting hurt because of the popping real estate bubble. Small businesses are key economic drivers, O'Steen said, and their problems could lead to further economic declines.
Prudential Americana operates as an umbrella company for independent real estate brokers who agree to pay a flat fee or a percentage of their commissions for administrative, legal and other support.
Stark told about 600 real estate sales workers on Tuesday morning about the bankruptcy and plans to reorganize the company.
"We had a standing ovation of support from the sales executives," he said.
Stark hopes the company will be able to emerge from bankruptcy protection in about six months.
Wednesday, November 14, 2007
High Rise industry terms
Approved project - An approved project has gone through the necessary approval stages with the county and/or city and the FAA (for height concerns). The fact that a project is approved is no indication that it will be built.
Boutique Hotel - A term originating in North America to describe intimate, usually luxurious or quirky hotel environments. Boutique hotels differentiate themselves from larger chain/branded hotels and motels by providing personalized level accommodation and services / facilities. Sometimes known as "design hotels" or "lifestyle hotels", boutique hotels began in the 1980s in major cities like New York, London, and San Francisco.
Casino Hotel - A casino hotel is a smaller hotel with a casino. These properties do not usually have all the amenities of larger resorts of casino resorts. The Westin Casuarina is a good example. It has a small casino and one restaurant.
Casino Resort - A casino resort is a full-service resort with a casino. Generally, casino resorts have several restaurants, retail, lounges, showrooms, convention facilities, nightclubs, spa facilities and a large casino. There are 22 casino resorts on the Las Vegas strip and many more scattered around the valley. Condo,
Residential Condo - A development where individual units are owned, but common areas and amenities are shared equally by all owners. These are designed to be used as a permanent residence.
Condo-Hotel, Condotel - This genre of residential building meets several needs that make it attractive. As development costs increase, the cost of hotel development can make developing new hotels difficult, especially in major cities. By selling the units as condos, the developer moves much of the development cost to the condo owners. By owning units that can be rented as hotel rooms, the owners are able to get a r eturn on their investment allowing them the ability to own a residence in a resort or major city. Owners may also elect to keep the units to themselves, adding personal art items, and not allowing the renting of the unit to strangers in their absence.
Crown - The crown is the top of a high-rise building. Usually a decorative architectural element that disguises electrical, mechanical and other unsightly devices.
Dark Towers - These are residential condo towers near the strip. The majority of the owners are rarely there as they use them as a vacation home instead of a permanent residence. In the evenings, only a few of the windows are lit.
Green Buildings - A whole-building approach to sustainability by recognizing performance in five key areas of human and environmental health: sustainable site development, energy efficiency, water savings, materials selection, and indoor environmental quality. Several new buildings in Las Vegas are "green", these are marked with a green "G" on the Construction Stats page.
Groundbreaking - While this term used to signal the beginning of construction, it is more of a ceremonial ritual these days. Groundbreaking ceremonies as of late, have been held months before and, in some cases, after construction actually begins.
Land Flippers - In Vegas it has become rather commonplace for a company to; purchase a plot of land (or several parcels as an assemblage), hire an architect to render an image of a high rise building on that land, put up a convincing website about the development, present their proposal to the county for approval, hire a bulldozer to clear the land, and build a chain-link fence around the property (usually with banners advertising the new development. Although this seems like a real project, the land (now approved for high rise construction) is worth many times what it was worth from the start. The company then flips (sells) the land and building permits for a healthy profit and the original project never gets built. This practice has lead to the misreporting (by the media) regarding a failing high rise market.
LEED Certification - The Leadership in Energy and Environmental Design (LEED) Green Building Rating System™ is the nationally accepted benchmark for the design, construction, and operation of high performance "green buildings".
Live/Work - A live/work is residential condo project that is zoned so that the resident can run a business from their residential unit.
Loft - Although many definitions exist, for our purposes a loft is a residential condo (single or multi-level) which has exposed utilities (plumbing pipes, electrical conduit, heating and AC ducts, etc.) and minimal interior walls. This allows the resident to be more creative and have more flexibility when designing their living space. Lofts are (obviously) less expensive to build than conventional condos.
Mixed Use - A mixed-use project will have many different elements i.e. hotel, condos, office buildings, shops, markets, theaters, entertainment venues, night clubs and more. Although many of the casino-resorts seem like they should fit into this category, they generally do not have food-markets and office-space which are two of the qualifying elements.
NIMBY - An acronym of (Not In My Back Yard) describes the phenomenon in which residents designate a development as inappropriate or unwanted for their local area, even if the development is clearly a benefit for many. Often, these NIMBYS own desirable property and block developers by refusing to sell it to them.
Podium - The low-rise building out of which the high-rise tower projects. Podiums usually house lobbies, casinos, restaurants, etc.
Soft Opening - The soft opening of a project is a short, break-in period when the project opens its doors to the public without any announcement or fanfare. This helps the developers get a better idea of how the spaces work and allow them some time for adjustments before the grand opening. Often, some of the shops, venues and restaurants are not yet open during the soft opening.
Strip (The) - The Las Vegas Strip is a contiguous 4.17-mile stretch of Las Vegas Blvd. bounded on the south by Mandalay Bay and on the north by Sahara. That’s the official definition. An interesting side note is that none of the official strip lies within Las Vegas city limits (which starts north of Sahara Ave.)
Timeshare - Timeshare is a business model whereby a company sells small time-slices (usually one week) of a resort to customers. This concept is most frequently used for vacation condominiums/homes. Timeshare owners may elect to: Use their usage time - Rent out their owned usage - Give it as a gift - Exchange internally within the same r esort or resort group - Exchange externally into thousands of other timeshare resorts
Topped-out - A building it topped-out when the top floor is completed. the facade and/or windows are not a factor to the status. In some cases, an American flag or pine tree is attached to the top, signaling the topping-out of the building. On steel structures, The last beam is often painted white and signed by all the ironworkers. Topping-out of a major structure is often accompanied by a celebration with food and drink.
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Boutique Hotel - A term originating in North America to describe intimate, usually luxurious or quirky hotel environments. Boutique hotels differentiate themselves from larger chain/branded hotels and motels by providing personalized level accommodation and services / facilities. Sometimes known as "design hotels" or "lifestyle hotels", boutique hotels began in the 1980s in major cities like New York, London, and San Francisco.
Casino Hotel - A casino hotel is a smaller hotel with a casino. These properties do not usually have all the amenities of larger resorts of casino resorts. The Westin Casuarina is a good example. It has a small casino and one restaurant.
Casino Resort - A casino resort is a full-service resort with a casino. Generally, casino resorts have several restaurants, retail, lounges, showrooms, convention facilities, nightclubs, spa facilities and a large casino. There are 22 casino resorts on the Las Vegas strip and many more scattered around the valley. Condo,
Residential Condo - A development where individual units are owned, but common areas and amenities are shared equally by all owners. These are designed to be used as a permanent residence.
Condo-Hotel, Condotel - This genre of residential building meets several needs that make it attractive. As development costs increase, the cost of hotel development can make developing new hotels difficult, especially in major cities. By selling the units as condos, the developer moves much of the development cost to the condo owners. By owning units that can be rented as hotel rooms, the owners are able to get a r eturn on their investment allowing them the ability to own a residence in a resort or major city. Owners may also elect to keep the units to themselves, adding personal art items, and not allowing the renting of the unit to strangers in their absence.
Crown - The crown is the top of a high-rise building. Usually a decorative architectural element that disguises electrical, mechanical and other unsightly devices.
Dark Towers - These are residential condo towers near the strip. The majority of the owners are rarely there as they use them as a vacation home instead of a permanent residence. In the evenings, only a few of the windows are lit.
Green Buildings - A whole-building approach to sustainability by recognizing performance in five key areas of human and environmental health: sustainable site development, energy efficiency, water savings, materials selection, and indoor environmental quality. Several new buildings in Las Vegas are "green", these are marked with a green "G" on the Construction Stats page.
Groundbreaking - While this term used to signal the beginning of construction, it is more of a ceremonial ritual these days. Groundbreaking ceremonies as of late, have been held months before and, in some cases, after construction actually begins.
Land Flippers - In Vegas it has become rather commonplace for a company to; purchase a plot of land (or several parcels as an assemblage), hire an architect to render an image of a high rise building on that land, put up a convincing website about the development, present their proposal to the county for approval, hire a bulldozer to clear the land, and build a chain-link fence around the property (usually with banners advertising the new development. Although this seems like a real project, the land (now approved for high rise construction) is worth many times what it was worth from the start. The company then flips (sells) the land and building permits for a healthy profit and the original project never gets built. This practice has lead to the misreporting (by the media) regarding a failing high rise market.
LEED Certification - The Leadership in Energy and Environmental Design (LEED) Green Building Rating System™ is the nationally accepted benchmark for the design, construction, and operation of high performance "green buildings".
Live/Work - A live/work is residential condo project that is zoned so that the resident can run a business from their residential unit.
Loft - Although many definitions exist, for our purposes a loft is a residential condo (single or multi-level) which has exposed utilities (plumbing pipes, electrical conduit, heating and AC ducts, etc.) and minimal interior walls. This allows the resident to be more creative and have more flexibility when designing their living space. Lofts are (obviously) less expensive to build than conventional condos.
Mixed Use - A mixed-use project will have many different elements i.e. hotel, condos, office buildings, shops, markets, theaters, entertainment venues, night clubs and more. Although many of the casino-resorts seem like they should fit into this category, they generally do not have food-markets and office-space which are two of the qualifying elements.
NIMBY - An acronym of (Not In My Back Yard) describes the phenomenon in which residents designate a development as inappropriate or unwanted for their local area, even if the development is clearly a benefit for many. Often, these NIMBYS own desirable property and block developers by refusing to sell it to them.
Podium - The low-rise building out of which the high-rise tower projects. Podiums usually house lobbies, casinos, restaurants, etc.
Soft Opening - The soft opening of a project is a short, break-in period when the project opens its doors to the public without any announcement or fanfare. This helps the developers get a better idea of how the spaces work and allow them some time for adjustments before the grand opening. Often, some of the shops, venues and restaurants are not yet open during the soft opening.
Strip (The) - The Las Vegas Strip is a contiguous 4.17-mile stretch of Las Vegas Blvd. bounded on the south by Mandalay Bay and on the north by Sahara. That’s the official definition. An interesting side note is that none of the official strip lies within Las Vegas city limits (which starts north of Sahara Ave.)
Timeshare - Timeshare is a business model whereby a company sells small time-slices (usually one week) of a resort to customers. This concept is most frequently used for vacation condominiums/homes. Timeshare owners may elect to: Use their usage time - Rent out their owned usage - Give it as a gift - Exchange internally within the same r esort or resort group - Exchange externally into thousands of other timeshare resorts
Topped-out - A building it topped-out when the top floor is completed. the facade and/or windows are not a factor to the status. In some cases, an American flag or pine tree is attached to the top, signaling the topping-out of the building. On steel structures, The last beam is often painted white and signed by all the ironworkers. Topping-out of a major structure is often accompanied by a celebration with food and drink.
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Monday, November 12, 2007
City Center Las Vegas
Location: Las Vegas Strip (Harmon)
Bldg. Type: Condo/Hotel/Mixed-Use
No. of Towers: Depends on Property
No. of Stories: Depends on Property
No. of Units: Depends on Property
Unit Sizes: Depends on Property
Price Range: Depends on Property
Square Footage: Depends on Property
Status: Under construction- reservations set for January 2007
Estimated Breakground Date: 2006
Estimated Completion Date: 2010
Developer: MGM-Mirage
Project Details
The Residences at Mandarin Oriental, Las Vegas
Private Owners Lobby
Residental Club Room
Private Owner area at Hotel Pool
Exclusive Owner Locker room on Fitness Level
24 hour fully staffed lobby
Valet Parking for all vehicals
The Harmon Hotel and Residences
Destination restaurants and shops
Private Owners Retreat
State-of-the-Art conference facility
Luxurious Spa and Pool Deck
Housekeeping Service
Valet parking for all vehicals
Veer Towers
Condo Club Room
Rooftop pool in each tower
24 hour concierge, security, bellman
Valet parking for all vehicles
Vdara Towers
Spa and Branded Salon
Coffee Bar and Lobby Lounge
Access to Hotel Services - in-room dining, housekeeping
24 hour concierge, security, bellman, doorman
Valet parking for all vehicles
Option to participate in MGM Mirage managed hotel rental program
Project Status
STATUS: Reservations List/
CONSTRUCTION: Currently in initial construction phase
RESERVATIONS START AT: Depends on Property
AGENT COOP: 3%
DEPOSIT SCHEDULE: Depends on Property
HOA Fees:
Developer Bio
MGM-Mirage is the developer and with 831 acres owned on or near the las vegas Strip, they have plenty of collateral and financial backing to make this project along with others under way a success.
Project Description
Project City Center is a $7 billion mixed used project planned on 76 acres between the Monte Carlo and the Belligo Earlier this year (2006) this was the site of the Boardwalk Hotel and Casino which closed it's doors and was imploded to make way for the construction of project City Center.
In order to plan CityCenter, the nation's most expensive private construction project and its largest collaboration of name-brand architects, MGM Mirage split the project into three components, with the final piece - the retail and condominium area - coming together more recently.
Described as a city within a city, this project will be yet another reinvention of Las Vegas. Blvd.
Project Update:
The Mandarin Oriental Hotel will have approximately 227 condominium units above the 400-room hotel tower, with the 4,100-square-foot penthouses coming with the highest price in Project CityCenter at $8 million.
The Harmon, will be operated by MGM Mirage. It will have 228 condominiums above its 400 hotel rooms.
The Veer Towers, twin 37-story condominium high-rises, will be CityCenter's only pure residential-only development with units ranging from 500 square feet to 2,600 square feet.
Vdara, a 1,543-unit condominium-hotel with units ranging from 500 square feet to 1,850 square feet. Vdara will be built between Bellagio and the CityCenter hotel-casino.
Developer Financing
The MGM-Mirage conglomerate is privately funding this project, which is considered to be the largest private ly funded construction project in in the nation, employing over 7000 construction workers.
Bldg. Type: Condo/Hotel/Mixed-Use
No. of Towers: Depends on Property
No. of Stories: Depends on Property
No. of Units: Depends on Property
Unit Sizes: Depends on Property
Price Range: Depends on Property
Square Footage: Depends on Property
Status: Under construction- reservations set for January 2007
Estimated Breakground Date: 2006
Estimated Completion Date: 2010
Developer: MGM-Mirage
Project Details
The Residences at Mandarin Oriental, Las Vegas
Private Owners Lobby
Residental Club Room
Private Owner area at Hotel Pool
Exclusive Owner Locker room on Fitness Level
24 hour fully staffed lobby
Valet Parking for all vehicals
The Harmon Hotel and Residences
Destination restaurants and shops
Private Owners Retreat
State-of-the-Art conference facility
Luxurious Spa and Pool Deck
Housekeeping Service
Valet parking for all vehicals
Veer Towers
Condo Club Room
Rooftop pool in each tower
24 hour concierge, security, bellman
Valet parking for all vehicles
Vdara Towers
Spa and Branded Salon
Coffee Bar and Lobby Lounge
Access to Hotel Services - in-room dining, housekeeping
24 hour concierge, security, bellman, doorman
Valet parking for all vehicles
Option to participate in MGM Mirage managed hotel rental program
Project Status
STATUS: Reservations List/
CONSTRUCTION: Currently in initial construction phase
RESERVATIONS START AT: Depends on Property
AGENT COOP: 3%
DEPOSIT SCHEDULE: Depends on Property
HOA Fees:
Developer Bio
MGM-Mirage is the developer and with 831 acres owned on or near the las vegas Strip, they have plenty of collateral and financial backing to make this project along with others under way a success.
Project Description
Project City Center is a $7 billion mixed used project planned on 76 acres between the Monte Carlo and the Belligo Earlier this year (2006) this was the site of the Boardwalk Hotel and Casino which closed it's doors and was imploded to make way for the construction of project City Center.
In order to plan CityCenter, the nation's most expensive private construction project and its largest collaboration of name-brand architects, MGM Mirage split the project into three components, with the final piece - the retail and condominium area - coming together more recently.
Described as a city within a city, this project will be yet another reinvention of Las Vegas. Blvd.
Project Update:
The Mandarin Oriental Hotel will have approximately 227 condominium units above the 400-room hotel tower, with the 4,100-square-foot penthouses coming with the highest price in Project CityCenter at $8 million.
The Harmon, will be operated by MGM Mirage. It will have 228 condominiums above its 400 hotel rooms.
The Veer Towers, twin 37-story condominium high-rises, will be CityCenter's only pure residential-only development with units ranging from 500 square feet to 2,600 square feet.
Vdara, a 1,543-unit condominium-hotel with units ranging from 500 square feet to 1,850 square feet. Vdara will be built between Bellagio and the CityCenter hotel-casino.
Developer Financing
The MGM-Mirage conglomerate is privately funding this project, which is considered to be the largest private ly funded construction project in in the nation, employing over 7000 construction workers.
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