Las Vegas most expensive condos project sued to renegotiate prices
The real estate market continues to crumble in most places. And, the US urban commercial real estate market probably will not recover until 2017, state experts. The latest high-profile condominium developments that stands victim to the plummeting demand is the $8.4 billion City Center project from MGM Mirage in Las Vegas. Some buyers who signed contracts are demanding significant price reductions, in the wake of more than a 30% drop in the home-sale prices in Las Vegas from a year earlier. MGM Mirage said it isn’t offering discounts to current buyers, many of whom bought during a special promotion period for “friends and family” of MGM Mirage. The 67-acre project, slated to open this November, includes 5,000 hotel rooms and 2,440 condos rising in sleek towers over the Las Vegas Strip. The development will have a public parks system, its own monorail, fire department, mall and theater. And, the condos range in price from $600,000 for a smaller studio unit to more than $9 million for an expansive penthouse suite built on top of the Mandarin Oriental hotel.