Veer Towers virtually sold out with bulk sale of 427 units

Discussion 1 comments

1. Some quick math suggests that the buyer forked over about $278,000 per unit, on average.

   By carletonfran

   Dec. 21, 2012

   1:04 p.m.

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2. I'm wondering if this is going to be the same outcome that the Trump Tower went thru...next thing they are rented out thru time shares...eeesh, good luck being a homeowner there. I wouldn't.

   278K per sounds cheap. The problem with some of those units is they are "filthy" with internal columns, the result of the leaning aspect of the towers. Also the floor plans on the smaller units had terrible furniture layouts. Everything looks nice until you can't figure out where to put a flat screen and actually watch it. Sounds like MGM can now layoff their salespeople on that one.

   By TomD1228

   Dec. 21, 2012

   3:45 p.m.

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3. That's about $268,000 per unit.

   Not an unreasonable price. Are they going to be managed properties like the Cosmo?

   By Bob635

   Dec. 21, 2012

   5:23 p.m.

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4. So, by selling 60 percent of the units to a single investor, that makes Veer 98 percent sold. In other words, before this cut-rate bulk deal, only 38 percent had been sold. In other words, the place stiffed in the retail market.

   So, how's that Manhattanization of Las Vegas working out for you, real estate shills?

   Also, anytime I get the urge to look into a "bargain" rental at Veer or one of the other condo ghost buildings on or near the Strip, I realize I would be living in a dead building most of the week. Then on the weekends, it would be filled with frat boys partying on Daddy's dime, screaming "Vegas, baby!" in the hallways all night and probably vomiting in the elevators.

   I think I'll pass.

   Incidentally, no one should be foolish enough to think the Harmon was the only CityCenter building with potentially disastrous workmanship or bad engineering, in my opinion. I wouldn't want to be in Veer or any other CC buildings if we ever get an earthquake of any significance in this city. I'm just sayin'.

   By judgesmales

   Dec. 22, 2012

   7:22 a.m.

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5. Chunky asks:

   Why is Mr. Dennis still with the company considering residential sales have FAILED at City Center?

   Rejoice! The company just blew out 427 units of dead inventory at a fraction of the cost to build and maintain, much less the original asking prices.

   That's what Chunky thinks!

   By ChunkyFlyRight

   Dec. 22, 2012

   5:54 p.m.

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6. After this monumental disaster--they have finally, years after everyone else, realized they can't sell this overpriced crap--not enough suckers left to sell to. So now they dump the condos at a loss and try to spin it in a positive fashion....don't forget they only sold 2 units at the "high end" mandarin tower---1 million plus each---who will buy these in bulk???? in previous articles they admitted they had only sold 163 (i think) of the vdara units, thats about 80% empty being rented out.

   No way to spin all this as good---this was easily the biggest financial blunder in gaming history---maybe in all real estate history...all for a property that was not needed and in a market they already had 10 properties already that they would be competing against themselves with....BRILLIANT! now your saddled with 14 billion in debt and 276 million in interest payments every three months!!!

   By mrlucky

   Dec. 23, 2012

   6:41 p.m.

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7. Well, I'm sure CEO Murren will still get his annual multi-million dollar bonus check.

   By chediski

   Dec. 23, 2012

   8:18 p.m.

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