Slumping condominium prices at CityCenter trouble some buyers

It was pretty much expected. Las Vegas real estate market has been buffeted by gale-force winds, brought to its knees by unchecked overbuilding, wild speculation, foreclosed mortgages and struggling economy. That also includes the luxury high-rise condo sector that was once flying as high as the International Space Station. Predictably, prices in condominiums have retreated by long strides as well, not just in small steps.

The chic and colossal CityCenter development on the Strip, an $8.4 billion gig, has been sucked into the same spine-tingling spiral. It has three residence destinations to offer; Veer Towers, The Residences at Mandarin Oriental, Las Vegas, and Vdara Condo Hotel, totaling roughly 2,440 units. Buyers have so far doled out $313 million in down payments on about 1,500 of them. Now some of them are requesting the developer, MGM Mirage, adjust the price levels down to reflect today's sagging housing market. So far the answer has been "Not so fast."

To read the entire article please click on the above link.