Thursday, February 28, 2008

Vegas Tower Breaks Glass Ceiling of $1,500/sq ft

Luxury Tower, Las Vegas

Three penthouses in Las Vegas' Harmon Hotel, Spa & Residences have closed at prices ranging from $1,500 - $2,400/sq ft, a new record. Units are in one of four high-rise developments in 76-acre MGM CityCenter, cited as being the most expensive private development in the U.S. (Last August Dubai World invested $2.7 billion for a 50% stake in the project.) Promoted lavishly even by Vegas standards, the MGM CityCenter has a sales office described by the Las Vegas Sun as "Disneyland for the competitively acquisitive. The Cirque du Soleil of open houses. Architects Gone Wild."