Panorama Towers - Las Vegas - MLS Resale Listing Update - April 18th, 2008.

The new CityCenter mega-resort project in Las Vegas is well on its way. After just over a years worth of sales, MGM MIRAGE (with partner Dubai World) has sold over $1.6 billion worth of Las Vegas Strip real estate. As of April 18th, 2008, MGM MIRAGE reports it has sold approx. half of the total condominium units in CityCenter. Projects include Veer Towers, The Harmon Residences, Mandarin Oriental, and Vdara Condo Hotel.

Recently, we launched a blog about Forbes reporting that Station Casinos may develop a 110-acre project (currently called Viva) just west of CityCenter. Should this be true, Panorama Towers (a residential high-rise condo project) could find itself virtually in the middle of approx. $20 billion worth of new mega-resort developments. See the Station Casino's Viva and Panorama Towers blog here.

MGM MIRAGE CityCenter under construction in March 2008

Panorama Towers' Resale MLS inventory pricing compared to CityCenter pre-construction pricing
*(As of April 19th, 2008)

Out of the 106 listings:

-The lowest priced listing was a short sale listed at 300k
-18 listings were priced under $400 per-square-foot See Them Here
-24 listings were priced under 500k
-6 listings were priced under 400k See Them Here

In November 2007, several residential penthouses sold at The Harmon Hotel, Spa & Residences at CityCenter which included sales of over $2,000 a sq. ft. and over $2,400 a sq. ft. In addition, a non-penthouse high-floor unit sold for approx. $1,500 a sq. ft. These three sales were considered the three most expensive residential price-per-square-foot sales in Las Vegas history (read more on Aaron Auxier's Press Page).

Panorama Towers is located near billions of new growth

Visit VegasTodayAndTomorrow.com for more maps and interesting facts about Strip development.

In Conclusion

Pricing for prime-location condominiums on the Las Vegas Strip (Resort Corridor) have proven to command much higher price-per-square-foot costs than non-Strip properties. Compare the 18 listings in Panorama Towers that are listed for less than $400 a square foot (as of April 18th, 2008) to a recent penthouse selling for over $2,400 a foot at CityCenter. A price-per-square-foot of $400 at Panorama Towers would translate to 1/6 the cost per foot.

The reality is, CityCenter can't be compared to any other current Las Vegas properties due to its world-class architecture, eco-friendly building materials, prime-location, and $8.4 billion price tag...Yet for those who aren't looking to pay the higher prices that a prime-location, world-class Strip property commands, Panorama Towers may be the answer.

Due to the rising costs of remaining land in the Resort Corridor (up to $34 million an acre), other future Strip projects have hinted that their residential high-rise condominiums may have to fetch prices of $1,500 a square foot and higher to make sense. It will be interesting to see the developer pricing for ELAD's The Plaza Hotel and Sands Corp's Palazzo Luxury Condominiums.

Would you like us to set you up on your own personalized MLS Search for Panorama Towers? Visit link to see renderings, access more info and to let us know!

Aaron Auxier REALTOR®, ABR can be reached at 702-205-1818

Copyright © 2008 Aaron Auxier. All Rights Reserved.

Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.