More than four months after debuting its first hotel offering in Las Vegas, 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 the 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 have closed escrow, and five of the condos 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 still under contact.
The Mandarin Oriental condos are the largest and priciest of the residential offerings at CityCenter, with prices ranging from $1.1 million up to $7 million. Located 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.
All of the units, whether they are purchased as empty shells or with a design package, come with hardwood floors, pre-chosen bathroom fixtures and stainless steel appliances in the kitchens, including ovens, microwaves, stovetops and full-sized refrigerators. The bedrooms each 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 costs about $2.6 million, while the price of a 2,200-square-foot penthouse located on the 41st through 47th floors costs about $3.6 million. Penthouse sizes and prices top out at a little less than 4,000 square feet and about $7 million
Buyers are paying for exclusivity, too. There are a total of 42 penthouses divided among Mandarin Oriental’s top seven floors.
On top of the $1 million-plus price tag, residents have to pay a home owners association fee of $1,700 to $2,000 a month, which includes use of Mandarin Oriental’s amenities, like the hotel’s pool, fitness facilities and concierge team dedicated strictly to residents.
Of course, Mandarin Oriental isn’t the only option for buyers looking to set up at CityCenter. 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, prices range from $400,000 for a 600-square-foot unit to $2 million for a 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.
The ultra-luxurious Mandarin Oriental brand and its reputation for service has helped with sales, Dennis said. Mandarin Oriental has 41 hotels in 26 different counties and 12 residential offerings around the world.
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. They’re the buyers wanting a top-of-the-line residential unit at CityCenter, and they’re willing to pay the price to have one.
“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.”