And MGM/Dubai World Wept (Tears Of Joy?)

"We built in the best of times and opened in the worst of times,” Dennis said in a telephone interview.

For those that follow the saga in Nevada known as CityCenter, a recent transaction reported by Bloomberg may indicate that that this is the beginning of the end.  Either that or Ladder Capital pulled the old Sam Zell and got in at the bottom of this particular market.

1) CityCenter, a $8.5B joint venture between MGM & Dubai World, opens during one of Las Vegas' worst real-estate "downturn".
2) The residential condos at 669 unit Veer Towers initially priced at ~$900+ a square foot.
3) Ladder Capital Finance just bought 427 condos in bulk for $119M, or roughly $300 a square foot.
4) ??????????????
5) Profit

With that being said, the Veer only has about 11 penthouses remaining so make sure you buy before it's too late.

Las Vegas CityCenter Condos Sell in Bulk for $119 Million - Bloomberg

- Jingle Male

Less Slow

Things got less slow the while I was out of town, but bid lists remain extremely sluggish.

PPIP details released as-advertised. Will include AJs and AMs.

REIS reported MF vacancies at a 22-year high.

Deutsche sold it's last Macklowe legacy asset for $330 (something) a square foot last week.

Deal Junkie highlighted an interesting article on co-tenancy - nothing new here, but just interesting.

Deal Junkie also highlighted an article where Cadwalader is asking lawyers to take a year off ... My favorite yard-hat is the one with Cadwalader on the front, because whichever neighbor walks up to me just keeps staring up at the name trying to figure it out.

Congress just got an earful about the horrible state of CRE from all sorts of folks, including Street analysts. All is lost.

June Retail sales were negative. Retail vacancies hit 10%! BUT Office vacancies win with a 15.9% vacancy rate.

In Miami Florida at the "Big House", Maison Grande filed for bankruptcy. They are a Condo Association (COA).

Duh, RevPAR is down.

Fear not, I'm not switching to a linkfest form, just been away - we'll try to say something more meaningful in the coming days. Spreads rallied today behind all this gleeful news (see, there!).