Luxury Las Vegas condos are quietly selling out way before the general public is even aware of them.
For example, the Conrad Majestic condos, a 654 foot tower will have a 216 room five star Conrad hotel, 696 Conrad condo hotel suites and 76 Waldorf Astoria branded residences. The 76 Waldorf Astoria luxury residential condominiums will run from 2,000 to 5,000 square feet in size on the top 10 floors of the tower. Prices started at around $1400 per foot up to $2,000 per foot or between $2.8M and $10M. These luxury residences never even hit the market and were oversubscribed just from word of mouth.
The same thing happened at the MGM City Center with the new Mandarin Oriental. The 225 residences there were also oversubscribed prior to the grand opening just through in house promotions. For more details on the Mandarin's success, see excerpts from the Las Vegas Sun story below.
Rumors have it that the Harmon Residences, another MGM City Center upscale project, already has an oversubscribed buyer list as well. This project's grand opening is not scheduled until fall of 2007.
It is clear that there is a lot of money being spent in Las Vegas for truly unique luxury properties on the Strip, and that the demand far exceeds the supply. Look for some of the other new projects to add boutique name brand hotels with luxury residences in the near future.
Wealthy buyers flock to Las Vegas condos
By Liz Benston
Las Vegas Sun
Consider: The most expensive condos in town, rising alongside the Strip as part of the largest private development in the nation’s history, have nearly sold out in just two weeks. And not a dime was spent to advertise them.
The brisk sales at Mandarin Oriental, at MGM CityCenter, were triggered mostly by word-of-mouth and suggest that Las Vegas Boulevard is maturing beyond a weekend playground for the rich and famous and into a chic residential address.
Many buyers of Mandarin condos didn’t bother to examine floor plans or interior design mock-ups. They simply plunked down more than $600 million in deposits for units costing up to $9 million each. That may be a bargain along the elite boulevards of New York or San Francisco but sets a new bar for Las Vegas.
The Mandarin Oriental condos – a popular super-luxury hotel in Asian capitals but with only four other U.S. locations – will feature 227 upper-floor units, separated from 400 hotel rooms below by a private lobby. It is the first and smallest collection of condos for sale at CityCenter, which when completed at the end of 2009 will feature a $7 billion collection of five hotels and condo towers at the heart of the Strip, along with high-end shopping and dining.
Prices for the Mandarin’s two- and three-bedroom units range from $3.7 million for 2,065 square feet to more than $9 million for 4,259 square feet. The average price: about $3 million, or $1,584 per square foot – well above the $1,000 per square foot average being fetched by condo towers just off the Strip.
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