Vegas
02-27-2008, 10:23 PM
http://blogs.iht.com/tribtalk/properties/roof/?p=331
Recent penthouse sales at the massive MGM CityCenter, which is now half-owned by Dubai World, set new records for price-per-square-foot in Las Vegas, according to the agent who made the sales.
Aaron Auxier of Luxury Realty Group sold three penthouses in the Harmon Hotel, Spa & Residences, one of four high-rise developments within the complex, at prices ranging from $1,500 to $2,400 a square foot. Property records indicate the previous record for Vegas was about $1,300 a square foot, he says.
Last August, Dubai World invested $2.7 billion for a 50 percent stake in the CityCenter project, and committed another $2.4 billion to buy MGM Mirage common stock. CityCenter covers 76 acres and is oft-referred to as the most expensive privately financed development in U.S. Described as “a city within a city,” the $8 billion development will eventually include more than 4,800 hotel rooms and 2,700 luxury apartments in towers designed by such notable architects as Daniel Liebeskind, Lord Norman Foster and Rafael Vinoly.
Prices for condos range from anywhere from $500,000 to $12 million (€333,000-€8 million). About half of the units have been sold, according to a recent report in the Las Vegas Review-Journal.
“With an ever increasing appeal to a global audience and $1.5 billion in condo sales at CityCenter in 2007, I feel the press often misunderstands what’s happening on the Las Vegas Strip,” Auxier said in a press release.
A New York Times story notes CityCenter is “amply hyped and outsize even by Vegas standards.” A Las Vegas Sun article describes the sales office—not the project, the sales office—as “Disneyland for the competitively acquisitive. The Cirque du Soleil of open houses. Architects Gone Wild.”
http://blogs.iht.com/tribtalk/properties/roof/images/uploads/VegasCityCenter.jpg
Recent penthouse sales at the massive MGM CityCenter, which is now half-owned by Dubai World, set new records for price-per-square-foot in Las Vegas, according to the agent who made the sales.
Aaron Auxier of Luxury Realty Group sold three penthouses in the Harmon Hotel, Spa & Residences, one of four high-rise developments within the complex, at prices ranging from $1,500 to $2,400 a square foot. Property records indicate the previous record for Vegas was about $1,300 a square foot, he says.
Last August, Dubai World invested $2.7 billion for a 50 percent stake in the CityCenter project, and committed another $2.4 billion to buy MGM Mirage common stock. CityCenter covers 76 acres and is oft-referred to as the most expensive privately financed development in U.S. Described as “a city within a city,” the $8 billion development will eventually include more than 4,800 hotel rooms and 2,700 luxury apartments in towers designed by such notable architects as Daniel Liebeskind, Lord Norman Foster and Rafael Vinoly.
Prices for condos range from anywhere from $500,000 to $12 million (€333,000-€8 million). About half of the units have been sold, according to a recent report in the Las Vegas Review-Journal.
“With an ever increasing appeal to a global audience and $1.5 billion in condo sales at CityCenter in 2007, I feel the press often misunderstands what’s happening on the Las Vegas Strip,” Auxier said in a press release.
A New York Times story notes CityCenter is “amply hyped and outsize even by Vegas standards.” A Las Vegas Sun article describes the sales office—not the project, the sales office—as “Disneyland for the competitively acquisitive. The Cirque du Soleil of open houses. Architects Gone Wild.”
http://blogs.iht.com/tribtalk/properties/roof/images/uploads/VegasCityCenter.jpg