Two Way Hard Three | Las Vegas Casino & Design Blog

May 18, 2007

"Condo Craze Cools"

Posted by detroit1051

In Business Las Vegas has a story on the slowdown of new condo development in Vegas. The big exception is CityCenter which is still going strong with condo sales and is actually benefitting from the cancellation of "W" on Harmon. Buyers want the Strip!
"That success is evident by MGM Mirage reporting there are more than $1.1 billion in sales out of $2.7 billion in units it has on the market. Some 205 of the 227 residences at Mandarin Oriental have been sold. The Vdara condo hotel has sold 452 of its 1,543 residences and the two Veer Towers have written deals for more than 220 of its 670 condos, said Tony Dennis, executive director of CityCenter's residential division."
Condo Craze Cools


Read archived comments (7 so far)
May 18, 2007 1:22 PM Posted by mike_ch

I'm convinced the North project will be very different from PCC, because by the time they get around to clearing away Circus' rubble the condo market will have faded away. Which is fine, most people would rather not see the Strip stagnate due to all development zones being locked up with condo towers.

K.K. has always played it very short-term, which has always given him an advantage to guys who settle in to play for the long haul like Hughes and Wynn. The PCC complex is his love letter to the condo tower boom, but we'll likely never see another, as it's going to cool down not too long after they finish selling it.

May 18, 2007 1:37 PM Posted by Brian Fey

As much as I don't care for the condo craze myself. I have to disagree. I think if people like MGM keep building great projects like this, they will keep selling. I would love to see more single properties, or hotel projects, but time will tell. I just hope something happens on that property north, anything will be better than C.C.

May 19, 2007 9:25 PM Posted by Tom M

This is slightly off topic but I thought here is the best place for this question. I was looking at the structure of the Veer towers and it appeared that the steel was being built at an angle. I have a hard time believing that they are going to actually build these buildings on an angle. I had thought that they might use cantilevered floors to show the illusion of being angled. Does anyone have any insight into how these towers will be constructed?

May 20, 2007 6:47 AM Posted by Brian Fey

WAY OFF TOPIC BUT.... There is a great story on right now on CBS Sunday Morning. Its about a famous hotel designer, that you guys probably know, but I don't. Ian Schrager, he reminds me a lot of Steve Wynn, they are close to the same age, and it's talking about how he as had some ups & downs, and always seems to come back out on top. When people copy his style, not unlike Steve Wynn, he changes his style. Pretty interesting, I would like to check out some of his places. Lastly and the reason I post this, in closing it said he is currently working on a project or projects in Las Vegas. Leonard, anyone, know what project he will be tied too?

May 20, 2007 7:21 AM Posted by detroit1051

Brian, I just saw it, too. Ian Schrager, of Studio 54 fame (or infamy) was with Morgans Hotels until he left two years ago. It's interesting that his designs (interior) are getting more complicated instead of minimalist like Morgans hotels.

May 20, 2007 12:55 PM Posted by Hunter

Yeah, Schraeger was responsible for a few hotels in LA, Miami and NYC while at Morgan's... Places like the Mondrian in West Hollywood, where I've stayed a bunch of times. Interesting dude.

May 20, 2007 5:59 PM Posted by Mike P.

Briefly on topic: you can usually count on business and economics writers to spot a trend long after it's over. The "cooling of the condo craze" was old news at least a year ago. Given what Elad is paying for the Frontier I wonder if $1000 per square foot for a strip condo will look like a bargain in a few years.

Tom M: The exterior columns holding the tilted walls of the Veer towers are indeed tilted. Most of the structure rises vertically though.