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(1) REGISTER and provide contact info so we can communicate with you

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(3)
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Welcome to the CityCenter Condo Deposit Group Forum

The group's goals include: (1) Creating a productive discussion forum
(2) Being a resource where owner's can get information on the CityCenter project
(3) Provide a mechanism to present a unified voice of the buyers to the seller
(4) MOST IMPORTANTLY, TO TRY TO ANSWER THE QUESTION, "WHAT DO THE OWNERS, AS A UNIFIED GROUP REQUIRE FROM THE SELLER IN ORDER TO MOVE FORWARD AND CLOSE THEIR CONTRACTS?"
All of the other key stakeholders involved in CityCenter have a voice - the bondholders, the shareholders, management, etc. To date, the buyers who represent billions of dollars in committments have yet to have a seat at the table. This group seeks to change that and come to a win-win solution with MGM.

Monday, July 6, 2009

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31 comments:

Anonymous said...

Stop you effing crying. you all got sucker punched.

Doubledivine said...

I filled out my info but did not see where to submit it to you.

Anonymous said...

Is this site still active????? There has been a lot of recent press but nothing on this site.

todd ferrara said...

I am seeking advice comments from other depositers. todd.ferrara@gmail.com

Amrit said...

Is there still a discussion group re this project and the investors

Anonymous said...

have been told by MGM today they have no intention of combining deposit for those unfortunate to have bought 2 properties in City Center unless they commit to a higher priced single unit !We were waitng for the sting in the tail and they have started ! Time to ring the Lawyers which is something I wish we had done from the start now ? Is anybody using Hutchinson & Steffen Attorneys ?

Anonymous said...

I have talked to them and probably will sign their engagement agreement. I do not believe in negotiating as a single person will I get any money back or a better price. If you want anything we will need to do it in big numbers. Lets say everyone join's with Hutchinson now that would be strong, I bet MGM will come to the table, they do not want this in the media.

Anonymous said...

I have talked to the lawyers and the lenders they have set up. If you would like to talk about all this you may email me at djpratt1@cox.net

Anonymous said...

Is there someone here who was also told that the units could be rented out and thus could generate rental income? It is now suddenly been said that it not permitted to lease the units ...
And if there is someone in this same position, are you undertaking legal actions?

Please share this information with me (leonie@amsterdam-dam.com)

Anonymous said...

everyone who has deposit at city center needs to demand a refund of their deposit. there are many reasons for which to do so. the seller is in default and has breached the contract several times. it seems stefen and hutchison is being mentioned afew times. i am going to call them and make an appointment to see what can be done about this catastrophe (in trumps words).

svnglvs said...

Sounds like they are getting more desperate. My salesperson has been trying to push me into a Veer unit so financing will be easier. They would allow me to get a unit of equal price or greater. I purchased Vdara, so they want 40% down. I think Veer only requires 30%. Now, they said they would allow me to get a smaller/cheaper unit at Veer. They just want to sell any unit at this point. I would love to hear anything new that's been said or heard. I can be reached at svnglvs@sbcglobal.net.

Anonymous said...

this is what happens when a casino company goes into the condo business. nothing but disaster. i am waiting to find out but i have heard that the veer and maybe the others dont have windows that open and close. so the occupants will always be breathing the same toxic air that is being recirculated over and over. so if you ever want fresh air, you cannot just open a window to let some in. will find out about this on a walk through. the units were purchased "as is" and every contract older than one year states that you have the right to inspect all common areas, all of the condominium and the unit being bought to be sure it meets with your approval....the implication being if you dont like it after seeing it you can cancel and get your money back (see page 1 of addendum number 1). if the units have no windows that open and close then they were obligated to disclose this fact because it is a health hazard. no windows is okay for a hotel or office building but not for continuous home living. once you close you cannot complain; because they have a clause in the contract that you release them of all liability due to toxic air in the unit. thats why they want you to buy as is and assure yourself through your own inspection before closing. they have even put in the contract that after you close and decide to sue over obvioius problems and design flaws that you first have to go into arbitration and then maybe into a courtroom (BUT THE CONTRACT SAYS THAT WE GIVE UP OUR RIGHT TO A TRIAL BY JURY)! real slick.

srqcomment said...

Most sealed buildings don't have windows that open and close. For example, at the MGM hotel there is a small strip at the bottom of the window that can be opened like a vent to let outside air circulate in. Often these devices are connected to the A/C so it shuts down when you open it so as not to try to air condition the constant flow of outside air.

dennis erickson said...

What I don't understand about this web site is that most people post comments, don't give their name or their e-mail. If the depositors are serious and want to legally attempt to get their deposi back, they need to come foraward andd join the class acyin group that are now represented by leagl council. It is time to join, there is a retainer but as group we stand a better chance in a class action. Call Attorney
HUTCHISON & STEFFEN, LLC
10080 West Alta Drive, Suite 200
Las Vegas Nevada 89145
(702) 385-2500
If you want to talk to me I am a Vdara depositor looking to end my realtionship with MGM and get my deposit back.

dennis erickson said...

What I don't understand about this web site is that most people post comments but don't give their name or their e-mail. If the depositors are serious and want to legally attempt to get their deposit back, they need to come forward and join the class action group that are now represented by legal council. It is time to join, there is a retainer but as group we stand a better chance in a class action. Call Attorney
HUTCHISON & STEFFEN, LLC
10080 West Alta Drive, Suite 200
Las Vegas Nevada 89145
(702) 385-2500
If you want to talk to me I am a Vdara depositor looking to end my realtionship with MGM and get my deposit back.My e mail is dennis@erickorp.com

Charles said...

To anyone who has made a deposit at MGM:

I put a deposit on a 1 bedroom Veer Unit in 2006. I have been dragging my feet about making a decision about this place despite the 30% reduction in price. After receiving an offer from MGM for 2 free nights at the VDARA, I decided to formulate a decision after the stay.

These are just a few of my thoughts after my stay at City Center over President's Day weekend 2/13-14:

Obviously, being a depositor I really wanted to like this 11billion dollar project. Last month was my first visit, and I was impressed by the size of City Center. This time after my stay at the Vdara for 2 nights and browsing other strip properties these are my final thoughts.
City Center (CC) is just 'ho-hum'. It feels like a sterile city or a cleaned up version of large downtowns everywhere. Yes, it has a lot of small scale artworks, but none were very memorable. In fact, the things I like best about CC is the Jean-Phillipe patisserie and the water flowing down the rocks at the main entrance. Nothing, truly impressionable, profoundly unique or hair-raising. Compare this to other strip casino's that have memorable features like Bellagio's fountain and conservatory, Paris' Eiffel Tower, Venetian's St. Mark's Square. These other casino's take you somewhere that's out of the ordinary, even other MGM properties like NY NY, MGM Grand, Mandalay do those things. This time MGM's CC has failed to captivate me. Then there's the unscientific traffic test. The past 2 times I've been in Vegas, I compared the traffic in CC, Bellagio and Caesar's Palace at roughly the same times. Bellagio and Caesar's led CC on both occasions. Last month it was easier to tell, but this President's day weekend was less obvious. This is also troubling since, as the new resort CC should have more novelty traffic.

So, I asked myself what are my options for this property?
option 1 (keep & rent): At the Veer we can rent 6 month leases. I figure my expenses to be $2000/mo mortgage (assuming 6% interest on 340k), $800/mo HOA, $400/mo property tax totaling $3200/month. I can rent a furnished 1 bedroom Veer unit for $1500/mo give or take $200 (I rent out 2 properties at Meridian Residencies 1 block East of Bellagio for $950 unfurnished $1050 furnished 1 BR. Thus, I'd estimate a loss of $3200-$1500= $1700/month which is not an attractive option.
option 2 (keep as 2nd residence): Not liking CC all that much makes this a difficult decision. Plus at $3200/month and only getting to Vegas one weekend (twice at most) per month, this makes for a very expensive getaway.
option 3 (walk away): We can walk away with 25% of our original deposit (Las Vegas law). This is my leading option at this point for a few reasons. At this time the property would likely appraise at 50% original price (a guess) which is why MGM is offering financing (banks won't give loans on properties that are worth less than the loan amount, very slick on MGM's part). And I would figure maybe 8-10 years for prices to recover (again, a guess). And even though, in my case this would still leave over 100k of my deposit with MGM, I think I'd rather lose this amount up front than continue to chase this loss with $3200/mo ($1700/mo w/rental).

Things to do:
I'm going to contact Hutchison & Steffen tomorrow to see if I can receive more of my deposit back (for breach of contract- construction delays. Owners at the Cosmopolitan got about 60% of their deposit back for this reason)

Things I'm hoping for:
That CC will announce tomorrow that we are all receiving 50% off purchase price. I'd go through with it at this price point, but I'm not holding my breath...

Charles said...

Called Hutchison & Steffen today. Spoke with Cami Perkins who is one of 2 attorneys representing City Center Depositors. They will represent Vdara, Veer and Mandarin Oriental depositors. As far as the Veer is concerned they are representing about 50 depositors. I won't go over their strategy but I do highly recommend calling them. The more they represent, the stronger our voice!

HUTCHISON & STEFFEN, LLC
10080 West Alta Drive, Suite 200
Las Vegas Nevada 89145
(702) 385-2500

Anonymous said...

I have also signed up with Hutchinson & Steffen, represented by Cami Perkins. Anyone else?

stans said...

Charles,

I contracted to buy in Vdara, and I've been posting on another forum:

http://forums.suitewave.com/viewtopic.php?f=9&t=29&st=0&sk=t&sd=a&start=160

It's really interesting to read how your analysis and conclusions are virtually identical to mine. I completely hear what you're saying and I couldn't agree more with your conclusion.

I think it is very difficult emotionally to walk away from a substantial deposit paid, but I think that if you exclude your feelings and just focus on analyzing the financial facts objectively, you come to the realization that it simply makes no sense to throw more good money after bad and just hope for the best.

Good luck to you and to everyone on this board!

Anonymous said...

Charles says in his post of February 3, that the taxes are 400 a month. My salesman for Veer says that the taxes will be one dollar per square foot per month. The unit I have a deposit on is 825 square feet, which means at least 825.00 per month in taxes, and that is a lowball figure to get you to buy---just like the HOA fees are probably half of what they really will end up being. It seems that we need to hire Stefen and Hutchison to get our money back. I do agree that if they reduced the prices by 50% instead of 30% then i would have closed on the purchase if there was a gaurantee that the HOA fees would not go above one dollar per square foot for the first five years.

dennis said...

Article from the Las Vegas paper feb 20,2010. I hope all of the depositers understand they need to seek legal council as the units are only worth 50% of the sale price. Turnberry has lowered their price by 50% for very nice units on the strip. The article is as follows "Turnberry Towers has consistently been recognized as one of the best designed high-rise collections in the United States. Not only are we thrilled to offer these luxurious residences at affordable prices, we are proud to be one of the few who can also offer financing in this market."

According to Singler, many high-rise projects in the United States cannot offer financing because all sales proceeds are used to pay off the construction loan; however, since Turnberry Towers' construction loan has already been paid in full, traditional financing is now being offered to qualified buyers. At Turnberry Towers, buyers have the opportunity to apply for a 30-year fixed rate loan with competitive interest rates.

"There are no tricks or hidden charges to the buyer," Singler said. "We are offering conventional financing at a time where most developments require all cash up front."

Four model homes are available for preview at Turnberry Towers, ranging from 814 to 1,658 square feet. The homes are offered with up to three bedrooms and up to 2½ baths. While every home at Turnberry Towers has at least one balcony, several offer multiple balconies with different views.

"Our homes offer breath-taking vantage points of the Las Vegas Strip and surrounding mountain ranges," Singler said.

Pricing at Turnberry Towers starts in the $200,000s.

"These units have been discounted up to 50 percent from their original prices just two years ago," Singler said.

"For example, a three-bedroom home in 2007 was listed at $1.2 million. Today we are offering the same unit at $675,000."

Turnberry Towers is located on a 10-acre lot that overlooks the Las Vegas Strip and the Spring Mountain ranges. Beyond security-guarded gates, residents have access to valet service, concierge, business center, and 24-hour security services. Free Wi-Fi is provided in each tower's main lobby, social room and pool areas. Residents also have access to private tennis courts, two resort-style pools with year-round heated spas, barbecue grills, two putting greens, fenced dog parks, state-of-the-art fitness center and climate-controlled individual storage rooms.

The sales office at Turnberry Towers is open from 9 a.m.-5:30 p.m. Monday-Friday and from 10 a.m.-4 p.m. Saturday and Sunday.

The sales office is located at 222 Karen Ave. From the Las Vegas Strip, take Las Vegas Boulevard heading north towards Sahara Avenue. Then head east on Sahara and south on Paradise Road. On the left is Turnberry Towers. Head east (left) on Karen and enter the Turnberry Towers gate on the left. The guard at the gate house will provide directions to the sales office located in the West Tower."

Anonymous said...

MGM is calling multiple times daily this past week for us to accept 25% refund of our deposit (they have paperwork drafted and can issue us the refund as soon as we sign)...... we retained Hutchens & Seffen -

Anonymous said...

Anonymous, you said MGM has been calling offering you 25% of your deposit back. I have not heard from them. Is there anyone in particular I should chat with? Or just call my sales person.
Thanks for the help.

Anonymous said...

I have also been getting calls from them this week(Angela Pool).

Anonymous said...

25% refund is a joke.
With all of the breaches that city center has committed in the contract, they need to be taken to court for a full refund.

Anonymous said...

Does any body have any new information,about whats going on with the CityCenter?

Anonymous said...

if any body has a phone number,i would like to join the group,or should i call Hutchinson & Steffen,i need some help,please,
Hey,Dennis Erickson i send you a E mail,but you never Replay back,

Vdara Buyer UK said...

Yep. Call H&S and speak to Cami. I just got on board with them as it's getting near to showtime with MGM. It looks like the only way we're going to get them to listen to us. Anyone reading this who wants ALL of their deposit back, get with this attorney. We're much stronger with a collective voice.

Anonymous said...

I suggest you also join the other 2 active blogsites for CityCenter:

http://forums.suitewave.com/viewforum.php?f=9

www.vdaracondobuyers.com

Anonymous said...

Obviously, many of us are either in the process or considering a cancelation of City Center units. In conjunction with the law firm of Hutchison and Steffen as an option; is there anyone else who would consider another alternative to the cancelation in the form of combining our down payments for the purchase of a single unit within Vdara? At this point we stand to lose 75% of the down payment! Perhaps City Center would consider restructuring the arrangement to save the deal? One unit sold is better than two units lost.

To discuss this as an option contact JB at 480-332-2163

Jim said...

In response to JB's post, I've thought about that idea as well. Has anyone had success doing this with CC? How can I start that process? I can't stomach the idea that I would walk away from so much money and they would end up selling the place for less anyway and still end up making money on it. If anyone is interested in partnering up to work around this mess, feel free to email me at jfort30@gmail.com