Fully paid-up condo buyers are staying put. As for the rest of the inventory, MGM Resorts International spokesman Alan Feldman says the leasing of unsold condos began "quite a while ago" and has "been very successful. We haven’t stopped sales," he adds, but we did close the large sales center after opening … Sales are now handled on property."
As of last October, Universal Realty reported 213 closings of 337 Veer units, a 63% rate. That’s far better than the CityCenter average: Overall, the development’s 2,100+ condominiums have a 21% closing rate. Not only was the appetite for condos on the Las Vegas Strip greatly overestimated but, ironically, MGM had already soaked up much of whatever demand existed with its Signature towers.
