Las Vegas Sun NewsReal estate:
Veer Towers has 100 condominium units to sell
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The Veer Towers at CityCenter dwarf the Harmon Hotel, which sits empty and unfinished Friday, July 29, 2011.
Thursday
24 January 2013
2 a.m.
Sun coverage
A month after buying most of the remaining condos at CityCenter's Veer Towers, East Coast investors are putting 100 units back up for sale Thursday.
Executives with Ladder Capital and Pordes Residential Sales & Marketing plan to sell their 427 condos in phases, said Las Vegas broker Jim Navarro, who is overseeing the efforts at the Strip complex. It will take about three years to sell the entire portfolio, he estimated.
Navarro and six salespeople will work out of a 30th-floor suite in the development's west tower. Prices start at $228,000 for studios and climb to the high-$400,000 range for two-bedrooms, he said.
The first 100 units are about evenly split between the two towers, and some are already leased. Navarro said those contracts would be honored.
"Nobody's going to be thrown out or anything like that," he said.
New York-based Ladder and Florida-based Pordes, whose involvement in the deal was only recently disclosed, acquired more than 60 percent of Veer Towers' units through a joint venture last month for $119 million cash. After the deal closed, the 37-story luxury buildings were 98 percent sold.
Veer Towers, which by design lean at a 5 degree angle, have 335 units each. The homes range from about 500 to 3,300 square feet. Amenities include valet parking, exercise facilities and saunas.
The 67-acre CityCenter complex is a joint venture between MGM Resorts International and a subsidiary of Dubai World, a Dubai-owned holding company.
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It would be kind of cool owning there, but like Art points out, this article doesn't give too much info. I too remember the article about the young guy living there on the cheap. HOA fee's would be a major concern.
It seems to be a classic case of 'flipping.'
Art has a good point about Harmon. Its future of destruction or becoming something you wouldn't want to live next to, is asking a lot of faith to a buyer.
condo flippers from hell---they overpaid for these condos and now are looking for suckers to dump them too---they paid double what they are worth so u know they will need to get 300K for the small units to make money---and don't forget the 600+ per month association and management fees. RIP OFF ALERT
what is amazing is how many suckers are still out there thinking time shares and condos are a "great investment"!!
My rough estimate has Ladder offering the units at approx an 8 to 9% markup from their purchase price... which is quite cheap in my opinion.