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(3)
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Welcome to the CityCenter Condo Deposit Group Forum

The group's goals include: (1) Creating a productive discussion forum
(2) Being a resource where owner's can get information on the CityCenter project
(3) Provide a mechanism to present a unified voice of the buyers to the seller
(4) MOST IMPORTANTLY, TO TRY TO ANSWER THE QUESTION, "WHAT DO THE OWNERS, AS A UNIFIED GROUP REQUIRE FROM THE SELLER IN ORDER TO MOVE FORWARD AND CLOSE THEIR CONTRACTS?"
All of the other key stakeholders involved in CityCenter have a voice - the bondholders, the shareholders, management, etc. To date, the buyers who represent billions of dollars in committments have yet to have a seat at the table. This group seeks to change that and come to a win-win solution with MGM.

Sunday, April 26, 2009

Very little market for high rise condos in Las Vegas above $1M


This grid shows that there has been virtually no movement in sales of expensive high rise condos in Las Vegas.
This creates a very difficult environment for any condo to get financed because a bank is going to require a market appraisal.
How do you appraise a piece of real estate when there is virtually no market and you have 3,000 units coming online at CityCenter as well as the thousands next door at Cosmopolitan?
Any one have any thoughts about what market value is for any of the CityCenter buildings on a per square foot basis?
Mandarin?
Veer?
Vdara?

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