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LAS VEGAS-MGM Mirage has formed a residential real estate sales arm, CityCenter Realty Corp. The division will focus on the sale of the estimated 2,800 luxury residences that will be developed as part of MGM's $7-billion Project CityCenter development on the Las Vegas Strip.
The division will allow buyers to purchase direct from the developer, according to MGM. It plans to attract sales executives with salary, performance-based bonuses and full benefits as opposed to using the typical commission-based independent Realtor format.
To head up the division it has attracted Bob Hamrick, heretofore the broker-owner of Las Vegas' Coldwell Banker Premier Realty. Hamrick was not immediately available Wednesday for further comment on the salary-based business model, but says in a prepared statement that he also will cooperate with outside brokers.
"Having been a local Realtor for 26 years, I recognize the importance Realtors can play in the success of a development," he says. "For that reason, we've also created a co-op recognition and compensation program (for outside Realtors)… ."
Scheduled to open in 2009, Project CityCenter includes a 60-story, 4,000-room hotel-casino; two 400-room, non-gaming hotels; 500,000 sf of retail shops, dining and entertainment venues; and the aforementioned luxury residential units. Foundation work for the 66-acre development began in June. The residential presentation center is slated to open in January 2007.
Hamrick's Premier Realty ranked ninth in production out of the 1,400 Coldwell Banker companies worldwide, and production in his main office was 4th out of 2,500 offices nationwide. Hamrick's title with CityCenter Realty is senior vice president. Joining Hamrick on the management side are Grant Murray as vice president of sales and Anna Houssels as director of sales.
Murray most recently served as the director of sales for Concord Pacific Place in Vancouver, which prior to CityCenter was the largest master planned community in North America. During his five-year tenure as Director and previously Sales Manager with the company, Murray directed and sold 27 high-rise residential buildings while also managing his own brokerage firm.
Houssels is a real estate agent who caters to celebrities, high-net-worth individuals and global VIPs. She specializes in early-phase investment in high-rise properties. In part, she built her client base while serving as director of sales and sponsorships for World Oceanman in Australia, where she raised $20 million working one-on-one with Fortune 500 companies. Houssels will directly oversee the CityCenter sales force.
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