Home » VT News » MO For Sale

MO For Sale

By Chuckmonster on Thursday, 15th April 2010 2:56pm
  » filed under Las Vegas  comments: 18


Just in case any of y'all fancy being neighbors with MGM Mirage CEO Jim Murren and have $1M-$8M bucks coming to you with your Federal income tax refund, the intrepid Las Vegas Sun has put together a neato little piece all about the froshly appointed condo models designed to sell such stuff.

I'm unimpressed.

A) I thought they had sold out on all of these way back when. B) 1.1 million bucks for a 1,000 square foot glorified bachelor pad? C) Does anyone really want to live on the Strip? Going to pick up some groceries on the weekend will take two hours! D) The room designs in those photos are godawful.

Tagged: mandarin oriental   condos   murren   


Comments & Discussion:

“It’s across the street but in the exact same location.” What?

Agreed, bd - that sounds like something I would've written.

I thought that was bizarre too. You know it's bad when people start saying things that logically make no sense.

Unless CityCenter's somehow transcended the bounds of linear reality as we know it. Hey, if the TARDIS can be bigger on the inside than it is on the outside, why can't a condo be across the street and in the same location at the same time?

Or it's just a poor choice of words--"it's just a short walk across the street" is probably more accurate. But I'm still intrigued by the possibilities of condo units in a state of quantum flux.

When are they going to realize that Las Vegas is not Manhattan and you cannot charge Manhattan prices for apartments in a city where $1M will get you an estate.

The Exec VP (or executive vice preisdent as the Sun video spelled it) said there were 25 closings through today. Originally, 205 of the 227 units had been under contract. The spokesman probably wishes he could do the interview over. His closing comment was, "we still have a little work to go", and then he let out a short giggle. I wish him well. That "little work to go" ain't going to be easy. He'll be a star if he can get them all sold and closed.

anyone know what address to use for assessor database?

btw planet hollywood towers also has 20 penthouse residences for sale

while st regis residences at venetian/palazzo are suspended

The MO condos were the one residential part of CC that had a prayer of working. The news will only get worse from here. They never should have closed on the 25 units. They need to take half the units and place them in the hotel room inventory and cut the selling price on the other half by 50%.

OK, before everyone gets any more "doom & gloom" here, let's actually assess this situation:

- 205 of the 227 MO units are under contract, and MGM Mirage expects most of them to close soon.

- MO is one of the most respected luxury name brands in the entire world, and "uber-high-rollers" often do pay the hefty premium just for the MO reputation.

- 1,000 sq ft is actually quite generous for a one-bedroom condo, and even more so considering it's a "big city high-rise".

- And as Clark County continues to grow in the next 20-30 years, it won't be very much more of the suburban/exurban sprawl we're used to, as we're running out of available land and running low on water, but rather more mid- to high-rise urban development that requires less land, less water, and less energy.

The next few months will probably still be rough on our real estate market, but if anyone can weather the storm it's MO... And as the market continues to gradually improve, MO will probably get the rest of those units sold.

parchedearth, min lease (by owner) is 6 months.

30% price cut means owners only pay 50% at closing, instead of 80%.

Don't get me wrong, nobody wants this to be a failure. The MO condos have the best chance to sell out over the next 2-3 years of any in CC. However, I would guess less than 50 of the 205 currently under contract end up closing. Just look at Palms Place and Trump for comparison purposes. The 25 closings are probably MGM execs and others who would lose face if they backed out. The MO units will eventually sell (likely with an additional price reduction in 6-12mnths), but it will be a painful struggle. The "doom & gloom" is what happens to the Vdara (if any end up for sale) and Veer units. I think MGM should use Vdara as an overflow hotel, bulk/group room sales for conventions, and weekly vacation rentals. Veer should be mothballed for 2 years and then reopen with office space on the lower floors and rent the upper floors as apts.

Here's the assessor site, but I can't find anything about individual condos:

i was assuming it was going to be under a different address

but i dont recall seeing this before "NEW PARCEL - CURRENTLY BEING ASSESSED"

$1700-2000 HOA fees? I hope that includes free housekeeping on request.

You could get a hotel room at MO for a week or more every month and just avoid the ownership costs entirely. The math of these condo deals just doesn't make sense. I just see a very limited number of people interested in owning these for the novelty of owning, because that's really the only benefit at these prices. Maybe someday Vegas will attract some kind of specialized industry with high paid professionals looking for this type of lifestyle, but right now that certainly isn't the case locally.

I agree MGM should look at turning Veer into Apartments. They could rent to rich kids looking to come to work and party in Vegas for 6 months to a year, maybe even well off UNLV students using school as excuse. Yea, the place would basically be a rowdy dorm room, but at least its fairly disconnected from Aria, and MO, and Crystals will be too expensive to bother them most the time. Certainly not what they envisioned, and not the most desirable circumstance, but neither is an emty condo tower.

Given the fire sale that Turnberry is having, these might be a tough sell. Ya, OK... it IS Mandarin. But Turnberry (and access to the prestigious Sterling Club) is not chopped liver.

The same million bucks would buy you a $400 a night suite for 2500 nights. Although I'm sure they are stressing the ownership factor here.

Of all the places to live on The Strip, CC location actually would not be too bad. You have the backdoor exit across I-15. Vons is 2.5 miles away (Trop and Decatur). But I wouldn't want to hike my groceries out of valet and up to my room. Vons delivers for a flat rate of $10 last time I checked.

Just for comparison, here's what else a million-one will buy in town right now:

A little quick research proved my point:
Turnberry Penthouse with mind-bending views.
MGM Signature Three Bedroom

Disclaimer: I have no stake in anything mentioned. I've simply been doing a truckload of Las Vegas real estate research as I'm buying again in the next year. (I saw the bust coming from a mile away and unloaded). For someone from out-of-town with a pile of cash, I could see the interest in Mandarin. And, that is their target.

As someone living here, I want a place with a clubhouse to mingle with the other residents. A place that actually has a nice percentage of residents (IE, not a glorified hotel suite). And a place within a few minutes walk (or drive) from multiple decent restaurants and bars that don't charge "Strip" pricing.

guys, you live in a hotel to have hotel services...

from (canceled) MO chicago residence brochure >
“It’s as if these owners are permanent hotel guests — they will not
have to lift a finger or think about any of the chores and hassles normally
associated with everyday life,” said Kenny. “Imagine if you never needed
to grocery shop, change a lightbulb, pick up your dry cleaning or figure
out a computer problem again.”

luxury hotel residences regularly sell out, and can be extremely expensive. incl on monthly basis. some luxury hotel COOPs in NY run $10 per ft2 per month.

sale at MO NY last month - 8,300 ft2 5BR for $37.5MM

to be clear re the COOPs, thats the maintenance fee for owned units.

in response to clubhouse comment >
Private mail room
Executive board room
Owners’ recreation quarters
Owners’ bike storage available
Owners’ lounging area within lobby
Private residential entrance & lobby
Secured private residential elevators

on residential site there are renderings of owners lobby, owners lounge, owners billiards room

there might be MO hotel benefits, not sure. ritz carlton and banyan tree do that for example. (chain wide)

for citycenter residents >
VIP room reservations at any MGM MIRAGE Las Vegas resort, VIP access to nightclubs and lounges, VIP invitations to special events, priority restaurant reservations, preferred seating at shows, spa services and tee-times at MGM MIRAGE golf courses.

Comments Are Closed

Subscribe via RSS

Recent Comments:

michigan2010 posted: "MGM equals cookie cutter casino. No to reason to step foot in Bellagio again. Just hope they don't screw up..."
» Sayonara Bellagio Table Game Canopies...
saharalv posted: "I wish the editors were the entire electoral college in 2016...."
» Introducing the Trippies Class of...
fatbastard posted: "So many people letting a billionaire live rent free in their heads. Funny. Too bad it also detracts from the..."
» Introducing the Trippies Class of...
wpsteel66 posted: "Total bummer…talk about taking the class and uniqueness away from the Bellagio…another smart move on CEO Jim and making all..."
» Sayonara Bellagio Table Game Canopies...
damania posted: "Is there a podcast?..."
» Introducing the Trippies Class of...

» More Comments