CityCenter condos selling briskly

MGM Mirage's CityCenter is a massive entertainment and residential enterprise located right on the Strip south of Bellagio. Construction is moving on schedule and the project is estimated to open its doors in November of 2009.

The development will have a total of 2,650 luxury condominiums in four separate buildings, namely in Veer Towers, Mandarin Oriental, Vdara Condo Hotel and Harmon Hotel. About half of the available units have been sold to date which has produced $1.63 billion in revenue, nearly 60% of the total projection at sell-out.

It could well be that all of them are sold by the opening day. Las Vegas residential real estate in general is struggling today under the weight of overbuilding and a fluid mortgage market, but it obviously hasn't affected the upscale condo sector. The one where units go for over $1 million each. It is operating at its own level, as per square foot prices ranging from a whopping $1,500 to $3,000 at CityCenter prove.

The last property to offer its condominiums to the public is the Harmon Hotel, Spa & Residences which began sales this week. Besides the 207 condos, the resort will have 400 hotel rooms in a 47-story tower and it'll only be accessible to hotel guests, unit owners and diners at Mr. Chow. It'll be a private venture, but still be connected to the entire collection of CityCenter's amenities. The project is managed by the Light Group, better known for operating trendy nightclubs and restaurants in MGM Mirage properties.