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City Center Condo Prices Decreasing

Posted on December 2, 2009 by Jordan There have been 0 comments


For a project that appeared to not have a finish date in sight, the City Center is just days away from their grand opening. Living right in the center of the entertainment capital of the world will soon be more affordable as City Center condo's prices set to decrease. The project has not sold enough condo units as they had though they would, so they are going to try sell the rest of the units for a discounted price. It is expected that people who have already purchased a condo or more will be granted more lucrative deals than others. The City Center is set to officially open, in just a couple of weeks in mid December 2009. The 61-story ARIA Resort & Casino will be City Center's main attraction. This City Center is joint-owned by casino operator MGM Mirage and Dubai World, who are a prestigious member of the well respected hospitality organization, Leading Hotels of The World.

This price reduction will apply to about 1,500 condos in the high rise towers of the Vdara Condo Hotel, which is ideal balance of access just steps away from Bellagio and ARIA Resort & Casino. Also expected to drop in price is the 227 condos at Mandarin Oriental Las Vegas, which offers legendary amenities from a time-honored brand in a luxurious setting.  The 670 condos at Veer Towers are too expected to reduce in price, with thier cutting-edge residential architecture from the middle of City Center's retail, dining and entertainment district.

Prices range from $1.4 million to $10 million in Mandarin Oriental, in the high $400,000s to just under $4 million in the two Veer towers and $600,000 to just under $3 million in Vdara, the condo hotel. With the amount of empty condos in Las Vegas already City Center has no choice but to cut prices because there is too much inventory on the Strip. Not only does what’s happening with the economy prove to be a hurdle for selling the condos, but also the decline in the price of real estate in Las Vegas is making it difficult to get rid of the units.

Living in a condo at the City Center would have its perks, being in the middle of the strip alone provides endless opportunities. Not to mention, having hot spots on location with the Light Group running four venues inside City Center. The firm based out of Las Vegas is set to run a restaurant, lounge, nightclub and pool at the Aria Resort & Casino. The Liquid pool which comes equipped with underwater speakers, will open when the weather heats up again in spring 2010. The Light Group will operate Union Restaurant and Lounge, which will feature contemporary American food. It will also manage Haze Nightclub and the intimate high-limit gambling bar, The Deuce Lounge.

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