Las Vegas Condos - Las Vegas Condominiums » condos

CityCenter Funding Resolved

admin — Thu, 30 Apr 2009 21:34:00 +0000

The drama surrounding project CityCenter has finally come to an end. For the past several months the future of CityCenter was up in the air due to financing issues. Their partner, Dubai World had gotten into a disagreement about the project and MGM Mirage was forced to cover the additional payments. Things came to a head when Dubai World filed suit against MGM Mirage over the project.

Now all those issues are just water under the bridge. According to sources late Wednesday night MGM Mirage and Dubai World reached an agreement. There is a new revised partnership agreement has resolved the issues between Dubai World and MGM Mirage. Dubai World will reimburse MGM Mirage for the equity payments it was forced to make to lenders on behalf of the partnership during the litigation. Dubai World and MGM Mirage will fund the remaining $800 million in equity contributions to CityCenter through letters of credit. The project is still on schedule to open in phases starting later this year. Roughly half of the high rise condos in CityCenter have been sold to date.

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Monterey Condos Back in the News

admin — Tue, 27 Jan 2009 20:11:25 +0000

The Monterey condos community located in the Las Vegas Country Club was back in the news last week. A cleverly disguised article (ad) in the RJ announced “special pricing” over the weekend. The article went on to tout the various features of the community which are actually very nice. The community has five pools and spas, a fitness center, 24 hour gated security, in other words, all of the extras that you would expect from an upscale condominium community.

So why should you choose Monterey over the dozens of other Las Vegas condo communities? Well, that depends on your reason for buying one. If you work on the strip or are looking for a second home, then the Monterey community is a good fit. It just a few minutes from the Las Vegas strip and the units are priced to move. As for a second home that will be vacant most of the year, Monterey has good security at the gate, 24 hours a day plus a roving security patrol inside the country club.

If you are thinking about buying a condominium, feel free to give me a call at (702) 493-8033 or use our email form below. I’d be happy to help you in your search and offer suggestions. Thanks for stopping by.

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Fontainebleau Going Forward

admin — Tue, 20 Jan 2009 20:22:30 +0000

In a town of long odds, completing a construction project isn’t a safe bet. Several projects around the valley have stalled or went bankrupt due to the inability to gain financing. However, it looks like the Fontainebleau Resorts will not be one of them. The resort is planned to open in October of this year.

The secret to their success was the $4 billion in financing they received in 2007, before the credit market crisis. The company is a collaboration former Mandalay Resort Group executives and Turnberry Associates.

The Fontainebleau will feature 3,815 rooms, as many as 1,000 condo-hotel units, 28 restaurants and lounges, a 60,000-square-foot spa, and at least four outdoor pools plus a topiary garden and a bar with an open kitchen. There will also be Champagne and caviar service poolside.

Turnberry Associates have ridden out tough real estate cycles before. Their list of high rise condos in Las Vegas include Turnberry Place, Turnberry Towers and Signature at the MGM Grand.

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