Hutchison & Steffen Takes Lead Role in Negotiating MGM Mirage City Center Condo Buyer Modifications

LAS VEGAS, Aug. 6 /PRNewswire/ -- Hutchison & Steffen, the law firm representing numerous buyers who agreed to purchase condo units in the MGM City Center project, is encouraged by MGM Mirage's announcement that it will consider price adjustments and financing options for purchasers of units in the development. "We are glad to hear that MGM has recognized the decline in the price of real estate and the need to look at "Mark to Market" for the City Center project and at developing realistic financing options," said Mark Connot, the lead attorney and a partner with Hutchison & Steffen.

The announcement is in contrast to MGM Mirage's position as recently as a few weeks ago, when it emphatically stated to the Wall Street Journal that it was not offering discounts to current buyers. MGM Mirage promoted itself as the only entity in the world with the resources and talent to construct a project of the City Center's magnitude. Hutchison & Steffen took the lead role in pointing out that construction problems, and questions regarding the extent of those problems, significantly impact the value of all condo units at City Center. While refusing to publicly discuss that issue, MGM Mirage has now acknowledged that the condo units under contract are priced significantly higher than their actual market value in today's economy. MGM Mirage may cut Vegas condo prices to close sales. This change in position is largely due to the efforts of Hutchison & Steffen and proactive City Center purchasers.

According to Connot, Hutchison & Steffen's clients invested in what was promoted as an exciting signature project. Buyers are understandably interested in purchasing condo units that are free from the negative impact of the construction problems surrounding City Center, and also wish to obtain value and potential profit, objectives that would be impossible to achieve for several years at the contracted price. "We applaud MGM Mirage's early recognition of our efforts and attempt to potentially save all parties unnecessary legal costs," Connot went on to say. For more information on Hutchison & Steffen's representation of purchasers, visit http://www.hutchlegal.com/citycenter/.

ABOUT HUTCHISON & STEFFEN, LLC

Hutchison & Steffen, a Martindale-Hubbell AV-rated law firm, provides a wide variety of legal services, including business and commercial litigation, real estate, appellate litigation, creditor's rights, construction law, employment law, insurance litigation, landlord/tenant law, physician advocacy, personal injury, immigration law, and environmental law. For more information about Hutchison & Steffen, please contact Teresa Tokumon-Phillips at 702.385.2500, or visit the firm's Web site at www.hutchlegal.com.

ABOUT CIM MARKETING PARTNERS

CIM Marketing Partners is a strategic consulting and planning, public relations and advertising, media buying and placement, corporate identity development and branding, brochure and collateral development, television and radio production and special events planning and management firm. For more information, call 702.944.2464 or visit the Web site at www.cimmp.com.

SOURCE Hutchison & Steffen, LLC