City Center could never sell much at their high prices so after several years and only selling 242 units they bulk sell the remaing 427 units at an avegae cost of $278,000.
Ladder Capital, a New York-based commercial real estate finance company, plans to hold the units for as long as four years, selling them as the Las Vegas market recovers, he said.
The owners of CityCenter, an $8.5 billion Las Vegas Strip development that opened amid the city’s real estate crash, said they sold 427 condominiums in a bulk transaction for $119 million.
The residences are at the 669-unit Veer Towers, built as part of CityCenter, a joint venture of MGM Resorts International and Dubai World’s Infinity World Development Corp., they said today in a statement.
“We built in the best of times and opened in the worst of times,” Dennis said in a telephone interview. “We’re seeing significant improvements in the market.”
Investors have been buying homes to hold as rentals in Las Vegas and other cities hit by foreclosures, seeking to take advantage of low prices and demand for housing from people who can’t buy because of damaged credit.
The median Las Vegas home price was $143,000 last month, up 24 percent from a year earlier, DataQuick reported today. They remain 54 percent below the November 2006 peak.
Home sales in Las Vegas fell 7.7 percent from a year earlier as fewer properties priced less than $200,000 traded hands, the San Diego-based research firm said.
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