Thursday, April 15, 2010 | 2:05 a.m.
- Art for locals only (4-5-2010)
- CityCenter hotels’ features at your fingertips (4-5-2010)
- CityCenter condos may outperform market (2-5-2010)
- CityCenter unveils financing program for condo buyers (12-9-2009)
- CityCenter’s Mandarin Oriental makes Vegas debut (12-4-2009)
More than four months after debuting its Las Vegas hotel, Mandarin Oriental at CityCenter unveiled its model condos Wednesday in an effort to grab more luxury buyers.
Until this week, potential buyers had to visit CityCenter’s residential sales pavilion to view the model condos. Now, interested parties can tour fully furnished models and Mandarin Oriental’s amenities, a marketing tool CityCenter executives hope revitalizes condo sales.
“Different consumers come into the market at different times,” Tony Dennis, executive vice president of CityCenter’s residential division said. “We had people come into CityCenter and bought off a plan right away before we even opened a sales center. Then, there is a whole other group of people who want to see it to believe it.”
Currently, 205 of the 227 residences at Mandarin Oriental are under contract, but Dennis said he doesn’t expect all of the contracts to close escrow. As of Tuesday, 25 units had closed escrow, and five of the condominiums are already occupied by owners. Closing of the purchases at Mandarin Oriental began in January.
“So we have about 180; we have a little work to go, let’s put it that way,” Dennis said of the units that have not closed but are under contact.
The opening of the model condos will give buyers the opportunity to preview design and furnishing options and help CityCenter fill vacancies from unsigned units or failed contracts, Dennis said.
The Mandarin Oriental condos are the largest and priciest of the residential offerings at CityCenter.
Prices range from $1.1 million to about $7 million. Built above the hotel’s 392 rooms, the residences range from 1,000-square-foot, one-bedroom units to 4,000-square-foot, three-bedroom penthouses.
Los Angeles-based design firm Kay Lang and Associates was responsible for the design of the condos and the common spaces throughout the residential section of the tower.
Residents have three choices of color palettes, which include wall paint, flooring and tiling. Residents also have the option of purchasing their condo fully furnished for an additional $100,000 and up, depending on the size of the unit.
All of the units, whether purchased empty or with a design package, come with hardwood floors, pre-chosen bathroom fixtures and stainless steel kitchen appliances, including ovens, microwaves, stovetops and full-sized refrigerators. The bedrooms have walk-in closets off of their bathrooms and views of the Las Vegas Valley from the 24th floor and higher.
Views come at a premium, though.
The price of a 2,800-square-foot, two-bedroom unit on the lower floors is about $2.6 million, while a smaller, 2,200-square-foot penthouse on the 41st through 47th floors is about $3.6 million.
“People pay a premium for height in the high-rise condo market,” Dennis said. “In addition to that, the units have a higher ceiling heights and other upgrades.”
Buyers are paying for exclusivity, too. There are 42 penthouses on Mandarin Oriental’s top seven floors.
In addition to the million-dollar-plus price tag, residents pay a home owners association fee of $1,700 to $2,000 a month, which includes use of Mandarin Oriental’s amenities, such as the hotel’s pool, fitness facilities and a concierge service dedicated to residents.
The ultra-luxurious Mandarin Oriental brand and its reputation for service has helped with sales, Dennis said. Mandarin Oriental has 41 hotels in 26 counties and 12 residential offerings around the world.
“The brand is well-reputed as one of the top hotel brands in the world. The buyers either have had a personal experience with Mandarin somewhere else in the world or know someone who has,” Dennis said. “When you are in this market, it’s great to have that as a starting point.”
Dennis said the demographic of buyers at Mandarin Oriental runs the gamut but is mainly made up of local, regional and international buyers who are predominantly from Mexico, Canada, Asia and the Middle East.
The average price for a unit at Mandarin Oriental is about $2 million, while at Vdara, where 31 of the 1,495 units have closed escrow, prices range from $400,000 for a 600-square-foot unit to $2 million for 1,900-square-foot unit.
Across the road from Mandarin Oriental, the average price for a unit at Veer is about $700,000. Closings at the two Veer towers will begin in May, Dennis said.
“If folks like the Mandarin Oriental option but don’t want to spend that money or can’t afford it, Veer is a tremendous opportunity,” Dennis said. “It’s across the street but in the exact same location.”