CityCenter condo sales reaches $285.5 million
Sales of condominiums at CityCenter’s three residential projects have reached 329 units through mid-August, according to figures tracked by financial advisor Union Gaming Group.
Total value for the sales is $285.5 million and represents about 14 percent of the 2,400 available residential units within the $8.5 billion complex, which is owned in a 50-50 joint venture by MGM Resorts International and Dubai World.
“CityCenter has been closing, on average, about 40 residential units per month,” Union Gaming principal Grant Govertsen said in a research note to clients Thursday. “This is well in excess of the market average of about four units per month at residential projects (on the Strip) that are still selling developer inventory.”
According to Union Gaming, 55 condominiums have been sold from of the inventory of 227 units at Mandarin Oriental. The total sales price at Mandarin was $127.4 million. The average price per square foot is $1,158.
At Vdara, 145 units have closed for a total price of $87.3 million with an average of $788 per square foot. Vdara, CityCenter’s condo-hotel component, has 1,495 total units, although Govertsen said just 585 units are for sale with the balance of 910 allocated exclusively to the project’s hotel pool.
At the all-residential Veer Towers, 129 of the 670 available units have closed for total sale price of $70.8 million, or $610 per square foot.
At the end of June, 300 CityCenter condominium units had closed sales while 109 units had been sold at the end of March.