CityCenter Las Vegas sold condominiums to be repriced

Southern Nevada condo market has fared as poorly in recent years as the battered single-family sector. The slump is afflicting everything with the condo banner hanging over it; the luxury high-rises, the contemporary mid-rises and the homey low-rises. A whole bunch of units on Strip glass buildings have gone unsold for a long while, dating back to when the bubble began loudly leaking air. The ones, easily hundreds, that have deposits on them haven't closed either because mortgage money has pretty much dried up. Moreover, the drastic value loss has caused many would-be buyers to balk at finalizing their purchases.

MGM Mirage's CityCenter condos, the three are Veer Towers, Vdara Condo Hotel and The Residences at Mandarin Oriental Las Vegas, are in the middle of that kind of a row with buyers. A while back MGM Mirage stood rather firm at the original price structure despite loud appeals that they work with them. But the resort giant's mind has changed recently.

Please click on the link to read the entire blog. Picture courtesy of mandj98.