Vegas Magazine - Niche Media - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.
Issue link: http://digital.greengale.com/i/215016
Haute Property NEWS, STARS, AND TRENDS IN REAL ESTATE Unit 21 at Veer Towers, where prices are about half what they were in 2007. Strip Views L ocals often say that the biggest misconception about Vegas among friends who haven't visited is that we all live on the Strip. Considering current prices there, perhaps that's something to consider. "Today's the best day to buy at Mandarin Oriental Las Vegas," says Tony Dennis, executive vice president of the CityCenter Residential Division (citycenter.com), "because we've priced it very fairly and priced it to sell, and in some cases leave buyers' money on the table." Finished condos atop Mandarin Oriental have been selling this year for no more than $800 per square foot, and unfinished "gray shell" units have sold out in the $450-per-square-foot range. If those prices aren't enticing enough, buyers have also recently received incentives such as closing costs and up to 18 months of fees and taxes paid by the developer. Compare that to the preconstruction numbers in the frothy days of 2007, when the plan called for finished units with an average price of more than $1,600 per square foot—a plan that seemed reasonable when all 225 condos were under contract within 14 days. After the market melted down while the building was being completed, CityCenter offered buyers a 30 percent discount as an incentive to close rather than walk away from their deposits. By early 2010, Mandarin continued on page 138 PHOTOGRAPHY COURTESY OF VEER TOWERS HIGH-RISE LUXURY LIVING ON THE STRIP USED TO MEAN EQUALLY STRATOSPHERIC PRICES, BUT—IN AN UPSIDE TO THE DOWN ECONOMY—THAT'S NOT TRUE ANYMORE. BY ANDY WANG VEGASMAGAZINE.COM 137 137-138_V_HP_Opener_Dec13.indd 137 11/19/13 3:13 PM