The real estate market continues to crumble in most places. And, the US urban commercial real estate market probably will not recover until 2017, state experts. The latest high-profile condominium developments that stands victim to the plummeting demand is the $8.4 billion City Center project from MGM Mirage in Las Vegas. Some buyers who signed contracts are demanding significant price reductions, in the wake of more than a 30% drop in the home-sale prices in Las Vegas from a year earlier. MGM Mirage said it isn’t offering discounts to current buyers, many of whom bought during a special promotion period for “friends and family” of MGM Mirage. The 67-acre project, slated to open this November, includes 5,000 hotel rooms and 2,440 condos rising in sleek towers over the Las Vegas Strip. The development will have a public parks system, its own monorail, fire department, mall and theater. And, the condos range in price from $600,000 for a smaller studio unit to more than $9 million for an expansive penthouse suite built on top of the Mandarin Oriental hotel.

Via: WSJ465453