About Las Vegas' Mandarin Oriental - Citycenter

The absorption rate for Las Vegas Valley Area Short Sales appears to be swinging from a neutral market back to a buyer's market as the new yeaer approaches. Active Listing Inventory has DECREASED by -396 units. Under Contract has DECREASED by -89 units. Sold units have INCREASED by +62 units.

There are many reasons for the lack of closings in this market and it is outlined in this post.

Short Sale Synopsis:

• Listings 12/15/2011: 5272
• Pending 12/15/2011: 8442
• Closed November 2011: 1021

Short Sales Currently Account for:

• 47% of All Las Vegas Valley Listings
• 27% of All Las Vegas Valley Sales

Read here for last month's report on Las Vegas Area Short Sales.

Most Current Market Report For Short Sales

Information About the Short Sale Process for Las Vegas Area Short Sale Buyers & Sellers

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

Walkthrough of Mandarin Oriental condo "Orient Plan B" floorplan at CityCenter in Las Vegas.

In this never-before-seen video, Celebrity Real Estate Agent Aaron Auxier provides you with a walkthrough of the two-bedroom Orient Plan B floorplan at Mandarin Oriental. This residential condominium is approx. 2,563 square feet and is located on floors 24-40. This unit's layout features a spacious corner great room directly above the famous Las Vegas Strip. The great room has views towards The Crystals (and Gucci), New York New York, Mandalay Bay, Luxor, Excalibur, MGM Grand, Tropicana, and McCarran International Airport.

Mandarin Oriental condo unit floorplan "Orient Plan A" walkthrough at CityCenter in Las Vegas.

In this exciting, rare video, Celebrity Real Estate Agent Aaron Auxier provides you with a walkthrough of the two-bedroom Orient Plan A floorplan at Mandarin Oriental. This residential condominium is approx. 2,910 square feet and is located on floors 24-40. This unit's layout features a large kitchen, great privacy (as each bedroom is located on the opposite end of the floor plan), and dramatic views towards the Las Vegas Strip, ARIA, The Crystals, Veer Towers, as well as towards the Fountains of Bellagio (depending on floor height).

Costing approx. $10 billion to build, the Las Vegas Strip is now home to America's largest eco-friendly development - CityCenter. Awarded LEED certification by the U.S. Green Building Council, properties such as Mandarin Oriental, Veer Towers, The Crystals, ARIA, and Vdara stand as symbols of a new era in sustainable, eco-friendly architecture and construction.

Las Vegas High Rise Rentals:

• 212 Listed 4/15/2010
• 25 Under Contract 4/15/2010
• 58 Leased March 2010
• 3.7 Months Inventory

Las Vegas High Rise Resales:

• 566 Listed 4/15/2010
• 322 Under Contract 4/15/2010
• 90 Closed March 2010
• 6.2 Months Inventory
  

This Market is extremely volatile due to the boutique nature and lack of financing. Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description. 12/3/2009 NOTE: The high rise portion of the RESIDENTIAL field is being phased out into the VERTICAL field currently. Information is deemed reliable but not guaranteed.

Read the most current market report for the Las Vegas High Rise Sector right here.

Mandarin Oriental premieres Las Vegas' most sophisticated event and meetings facilities.

PRESS RELEASE

LAS VEGAS – New world-class function facilities will redefine Las Vegas events, whether for a high-level business conference or social soirée, when Mandarin Oriental, Las Vegas opens in December 2009. Featuring more than 12,000 square feet of space with floor-to-ceiling windows and the most technologically-advanced amenities, the new hotel can accommodate gatherings as intimate as 20 guests or as grand as 600 attendees. Mandarin Oriental’s legendary service will ensure that every detail of each event will be executed beautifully.

With its ideal location at the gateway of CityCenter, the dazzling new urban resort destination, Mandarin Oriental, Las Vegas will be a sophisticated sanctuary of modern elegance in the midst of the glittering city. The chic 47-story, non-gaming hotel and residential property will offer indulgent experiences in dining, relaxation and accommodation, and will be easily accessible from McCarran International Airport, a quick 10 minutes away. Mandarin Oriental, Las Vegas will have 392 luxurious guestrooms and suites, all with state-of-the-art, environmentally conscious technology, including work desk auxiliary panels that allow business travelers to easily connect devices to audio, USB, VGA cable and HDMI outlets. The rooms will also feature cutting-edge entertainment systems, including 42” flat screen TVs in-room and flat screens in each bathroom mirror. The hotel will boast a 27,000-square-foot Spa at Mandarin Oriental, which will have 17 treatment rooms over two floors. The signature Sky Lobby, Pierre Gagnaire’s first U.S. restaurant, an intimate Tea Lounge and the energetic Mandarin Bar will all have unmatched views of The Strip from the 23rd floor.

Thoughtfully designed, all of the hotel’s function space will be conveniently situated on the third level, with a separate entrance from the main porte-cochère. Floor-to-ceiling windows flood the space with natural light and afford dramatic views of the energetic lights of Las Vegas Boulevard. The 7,650-square-foot Oriental Ballroom can accommodate up to 600 guests seated theater-style and can also be divided into three private areas based on guests’ needs. The only event space in the center of Las Vegas to features views of The Strip, the Oriental Ballroom is complemented by a 3,000-square-foot pre-function area with views of CityCenter. Additional event facilities include three private meeting rooms: the custom-designed Mandarin Boardroom, the Lotus Room and the Jade Room, all of which will seat between 20 to 40 guests, to provide more intimate spaces for smaller functions.

All of Mandarin Oriental, Las Vegas’ function rooms will come equipped with state-of-the-art technology, including live broadcast capabilities, built-in LCD projectors and drop-down screens in the Ballroom. There will be high-speed wireless and wired Internet access and broadcast-quality fiber optic cabling supported by the highest metro-Ethernet bandwidth available. Up-to-the-minute audiovisual systems and computerized temperature controls will allow meeting and event planners to make simple adjustments. To promote communication, planners can program personalized messages and displays on flat panel screens outside each function room or in each guestroom. Meeting attendees can also view a tape of the day’s session or hear from their chairman via a secure channel in their guestroom. Mandarin Oriental, Las Vegas will also provide a comprehensive business center, efficient administrative services and translation services.

“The banqueting program at the hotel will be essential in placing a Mandarin Oriental, Las Vegas event a substantial notch above the rest,” said Melina Beckett, Director of Catering and Conference Services. “Individually designed menus, creative presentations and unparalleled service will combine to create a show-stopping effect. We will have a dedicated event concierge on-hand to manage all details. And with so many attractions at our property, we offer the perfect venue for guests who wish to mingle before or after their event or meeting.”

For more information on events at Mandarin Oriental, Las Vegas, please contact the hotel directly at (702) 590-8888 or visit www.mandarinoriental.com/lasvegas.

About Mandarin Oriental, Las Vegas
Mandarin Oriental, Las Vegas will be a sophisticated sanctuary of modern elegance prominently situated at the entrance of CityCenter, a magnificent urban resort destination in the heart of the Las Vegas Strip. Opening in December 2009, this 47-story, non-gaming hotel and residences will bring fine-dining, a relaxing Spa, spectacular accommodations and the personalized service of the world-renowned hotel group to Las Vegas. Designed entirely by interior designer Adam D. Tihany and architecture firm Kohn Pedersen Fox, Mandarin Oriental, Las Vegas will set a new standard of style with stunning suites, amenities and architectural design.


About Mandarin Oriental Hotel Group
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels, resorts and residences. Mandarin Oriental now operates, or has under development, 41 hotels representing over 10,000 rooms in 25 countries, with 17 hotels in Asia, 14 in The Americas and 10 in Europe and North Africa. In addition, the Group operates, or has under development, 13 Residences at Mandarin Oriental, connected to the Group’s properties. Photography of Mandarin Oriental is available to download, in high and low resolution, in the Photo Library of our Media section, at www.mandarinoriental.com.

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For further information, please contact:

Corporate Office
Jill Kluge (jillk@mohg.com)
Group Communications – Global
Tel: +44 (20) 7908 7810

Catherine Roberts (croberts@mohg.com)
Group Communications - Europe
Tel: +44 (20) 7908 7812

Sally de Souza (sallydes@mohg.com)
Group Communications – Asia
Tel: +852 2895 9160

Danielle DeVoe (ddevoe@mohg.com)
Group Communications – United States
Tel: +1 (212) 830 9380

www.mandarinoriental.com
Mandarin Oriental, Las Vegas
Alyssa Bushey (abushey@mohg.com)
Tel: +1 (702) 590-3030

www.mandarinoriental.com/lasvegas

Kirvin Doak Communications
Natalie Mounier (nmounier@kirvindoak.com)
Jaclyn Oribello (joribello@kirvindoak.com)
Tel: +1 (702) 737 3100