Mandarin Oriental Unveils Model Condomeniums
- New Condos
- City Center
- High Priced
More than four months after debuting its Las Vegas hotel, Mandarin Oriental 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. To read the rest of the article click below to go to the Las Vegas Sun.