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Reduction to be offered at closing to existing buyers
CityCenter, the 67-acre city-within-a-city on the Las Vegas Strip, announced that a 30 percent price reduction will be offered at closing to the existing buyers of the development's three luxury residential offerings: The Residences at Mandarin Oriental, Las Vegas, Veer Towers and Vdara Condo Hotel.
"We believe that in this economic climate this price reduction is an appropriate step to take on behalf of our buyers so as to provide them greater flexibility in closing on their residences,” said Bobby Baldwin, president and CEO of CityCenter.
Tony Dennis, executive vice president, CityCenter Residential Division, said closings are scheduled to begin in January 2010 with buyers of The Residences at Mandarin Oriental, Las Vegas. Veer Towers closings are projected to begin in February 2010 and Vdara Condo Hotel closings in March 2010.
According to the Las Vegas Review-Journal, about half of CityCenter's residential offerings are under contract with potential buyers who agreed to purchase prices from $500,000 for studio-sized units up to $9 million for the penthouse suites atop Mandarin Oriental. The newspaper reports the price cut comes as potential buyers of the 2,400 condominium units at the three CityCenter complexes threatened possible lawsuits against developers MGM Mirage and Dubai World.
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