las vegas real estate market

Tomiyasu Lane, Estate of the Day

Filed under: Estates

The Wall Street Journal showcased this home as part of the Private Properties column. Once quietly marketed for as much as $60 million, the home is now officially listed for $37.5 million. It is one of the biggest homes in Las Vegas and was reportedly built for Prince Jefri Bolkiah of Brunei. The estate is on 11.2-acres that include an equestrian center, polo ~~track~~ practice field, an 11 car garage, swan pond, tennis court and resort-size pool. There is enough parking for 50 vehicles.There are a total of 17 bedroom suites. The home has a restaurant grade commercial kitchen, a nightclub, ballroom, a men's spa and salon and a ladies spa and salon. Rooms are on a grand scale and the entire residence has the feel of a luxury hotel. The Wall Street Journal reports that the home is owned by Eric Petersen, the president of Consumer Credit Services, Inc. who purchased the nearly completed estate in 2004 for $14 million.

Gallery: Tomiyasu Lane

Tags: Las Vegas, las vegas real estate market, nevada real estate, Sultan of Brunei

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Cosmopolitan Las Vegas Project Faces New Lawsuit

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels, Real Estate Developments

More bad news for the beleaguered Cosmopolitan project in Las Vegas. Earlier this year we learned that some buyers in the project would be given refunds. Now a new lawsuit filed last week takes issue with the decision of the developers to turn the Cosmopolitan into a hotel-only development rather than the condo-hotel project it originally was. The suit was filed on behalf of three individuals who placed deposits towards condominiums at the Cosmopolitan of Las Vegas and alleges that Deutsche Bank, Nevada Property 1 LLC, Nevada Voteco, LLC, 3700 Associates, LLC, and KO Realty Group knowingly committed fraud and conversion, concealing and suppressing facts in order to steal escrow deposits.

"Deutsch Bank and their partners in this venture have been caught red-handed, capitalizing on the recession to steal nearly $100 million in escrow deposits from individuals who bought into the Cosmopolitan of Las Vegas," said Dan Park, lead counsel for the Plaintiffs in a statement. "It's no secret that they have no intention of building the condominiums, as promised, and are playing with people's livelihoods instead of returning money that rightfully belongs to them."

The Cosmopolitan of Las Vegas is set to open in December. The project has not recorded a subdivision map with Clark County showing any condominium units. he $3.9 billion project will include nearly 3,000 rooms, a casino, spa, nightclub and retail space. The Casino City Times reports that the plaintiffs in the newest lawsuit paid 20 percent deposits on units and have not agreed to the times of other settlements. Deutsche Bank bought the project for $1 billion when it was half-finished after its original developer and owner entered foreclosure proceedings.

Tags: cosmopolitan, las vegas, las vegas casino, las vegas real estate, las vegas real estate market

The Opening of the Veer Residences, CityCenter Las Vegas

by Susan Kime (RSS feed) —

Filed under: Real Estate Developments

Last week, on July 14th, the Veer Towers, an integral part of CityCenter, Las Vegas, opened for business. It is one of the most, architecturally avant garde buildings within an exceptional array of edgy, urban structures, Veer Towers is designed by Helmut Jahn and is the only full residential development at City Center. The Towers incline toward each other at 5 degree angles from the center, and are 37 feet high, home to 335 contemporary condo residences, ranging from 500 to 3300 square feet, from studios to 3 bedroom residences and penthouses. Pricing begins from the mid $300,000s to a few million, depending on size, location and interiors. Turnkey interior packages are available, where potential members can move in with only their toothbrush, if desired. At present, in honor of the Veer opening, at some of the Veer towers studios owners can receive a complimentary turnkey interior design/living package, worth up to $20,000 -- an interesting deal, and might include a toothbrush.

I have written about City Center on Luxist before in an article entitled: City Center: The New Urban Vision, but had never been to Veer Towers, as they had not been completed. Now, walking into the residential towers from other areas of CityCenter, I was reminded how much of a city within a city CityCenter really is. Everything is within close proximity. From seeing a studio with exceptional views of the a portion of the Las Vegas skyline, plus multileveled rooftops of Crystals,the 500,000 square floor retail/shopping area, to a residence on a higher floor, ( see image above), the Veer residences offer a sense of sanctuary and peace, all within a city NOT known for such things. Looking out a Veers Towers window at this city of constant. colorful movement can be a peace-inducing experience.

Tags: citycenter, CityCenter las Vegas, Crystals Las Vegas, Las Vegas, las vegas hotels, las vegas real estate, las vegas real estate market, luxury condo hotel residences, Opening of Veer Towers, Veer Towers

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MGM Mirage Decides To Give CityCenter Buyers A Break

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Back in May we learned that buyers into Las Vegas' CityCenter's Veer and Vdara towers wanted an adjustment on their condo prices because of changes in the real estate market. At the time it looked like MGM Mirage was standing firm on their prices and MGM Mirage spokesman Alan Feldman said the company was going to wait until the end of the year to make any decisions because it was too soon to say how the market could shift. Something must have shifted already because now MGM Mirage has said it will cut the prices of condos. Bloomberg News has a quote from MGM Mirage Chief Executive Officer Jim Murren that states plainly that there is no denying that the real estate market has fallen dramatically since the deals were inked.

MGM is building 2,400 condos at CityCenter and some buyers have had trouble obtaining mortgages for the high-priced condo units especially since real estate values have fallen by over half in the past three years. Without mortgages many deals will be unable to close. Details on the condo price cuts are expected to be announced this fall and should provide some relief for buyers. So far 65 percent of the Veer Towers units are under contract and 45 percent of the Vdara hotel-condo units are under contract.

Source

Tags: citycenter, condos, las vegas, las vegas real estate market, LasVegas, LasVegasRealEstateMarket, mgm mirage, MgmMirage