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Buyers Balk at Vegas's CityCenter, Look to Recoup Deposits

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The Las Vegas Sun has an interesting story about all the legal jostling on the part of buyers on the Strip, and in particular, CityCenter. While there are probably plenty of happy buyers, many also want to get out of their purchase agreements. Here's one example of a man who bought at the Rafael Vinoly-designed Vdara (pictured) in CityCenter, a development which was billed as a city within a city. No bodega? He's out of there! Hear his interesting argument (perhaps one cooked up by his lawyer) via the Sun: "One man who signed a purchase contract for a $1 million condo-hotel unit at Vdara in 2006 told the Sun he plans to reject MGM’s offer and fight the company for the entirety of his nearly $200,000 deposit.

He alleges [developer] MGM Mirage didn’t deliver residential amenities, such as grocery stores, dry cleaners and pharmacies, within the resort complex.

“The whole idea of what I was sold has changed radically,” says Eric, who would not give his last name. “This is not a city within a city, with the normal amenities you would expect. You can’t just walk down from your unit and buy a bag of groceries.”

Additionally, MGM Mirage is allowing buyers to get out of their contracts, but they only get back 25 percent of their deposit money. According to the paper, 31 of Vdara’s 1,495 units have closed escrow at prices ranging from $370,000 to $871,000. Additionally, at the Cosmopolitan next door (not a CityCenter project, but one that hit financial problems), a class action lawsuit settlement is allowing buyers to get back 62 percent of their deposit. "The Cosmopolitan settlements — higher than some recent offers extended to frustrated CityCenter buyers — could establish a precedent in Las Vegas, real estate experts say." Vdara, a hotel/condo hybrid
· Cosmopolitan to refund portion of condo deposits [Vegas Sun]