*** Las Vegas & Henderson Homes and Condos ***

MGM CityCenter has been devalued to less than its construction costs.  CLICK TO READ

With lending so tight and pricing at $700 psf for regular condos   - non penthouse units - will buyers close escrow? Will CityCenter need to do further price reductions or buyers forfeit their deposits and re-look at the project later or others?  Time will tell.

What is HOT? MGM SIGNATURE HOTEL-CONDOS at $150k + for studios!  Is this realtor "puffery".  I don't think so.  Send me an e-mail  & i will send you a list of all the recent closings at the Signature at MGM Grand and the sales velocity will speak for itself as well as the over list price closing stats in some instances.

Visit THE STARK TEAM on the web:

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The WSJ reports that bankruptcy filing may be imminent for MGM/Mirage and completion of CityCenter may be in jeopardy. CLICK TO READ THE NEWS

I remember that when the COSMOPOLITAN RESORThad its groundbreaking ceremony, and scheduled a small gathering outdoors on a nice sun-shiny day, all of a sudden the wind kicked up and the rain came down and everyone had to go inside.  Word had it that the developer said this rain was taken as a good omen, nature's way of preparing the earth and softening it for the dirt-moving to begin. I for one, found the sudden wind and rain a tad unsettling - being more than a tad a superstitious.

Perhaps we need some other sort of spirit to change the luck that has not been too favorable for all development on the intersection of Harmon & Las Vegas Blvd. We have the foreclosure of Deutsche Bank on high rise developer Bruce Eichner's vision for a super cool new resort - The COSMO - The DENIZEN - or whatever nomenclature the dual towers will eventually have. 

Next we have the Harmon Hotel and its construction issues that caused MGM/Mirage to leave Richard Foster's Vegas Vision as a shortened  - ever so stumpy-version of its former self. This tower sits on the most prime corner of CityCenter real estate.  If I were the architect/designer, Aria would have been positioned on that corner, rather than tucked away in the midst of the other non-gaming towers. But, alas, what does a realtor and 37 year Vegas resident know that the world's most renowned architects and gaming executives do not?

And thirdly, and hopefully lastly, the imminent lack of funds available for completion of the oh so ambitious and dense - City within a City. Stay tuned for Friday's news.

I have an idea - Perhaps Senators Harry Reid and Princess Pelosi should finagle a CityCenter Bail-out Bond or some such VEGAS STIMULUS PACKAGE?  Why Not?  Big Government is rolling the printing presses and my bet would be on Vegas rather than some toxic asset laden bonds comprised of who knows what!!!

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