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Las Vegas-Area Luxury Condo Community Exceeds Expectations With More Than $23 Million in Sales, Escrow and Reservations to Date

SUMMERLIN, Nev., March 6, 2013 (GLOBE NEWSWIRE) -- MIRA VILLA, a luxury condominium community in Summerlin, NV has generated more than $19.3 million in sales since Fall 2011, outpacing the sales activity in the Las Vegas market and triggering the release of the condominium project's second-and last-collection of inventory sooner than projected. The project is currently pacing at roughly three sales per month, with an average sale price of more than $500,000 for the 40 units sold.

Colorado-based Condo Capital Solutions (CCS) acquired 93 MIRA VILLA units from bankruptcy in 2011. The company's first release of inventory consisted of 49 condominiums ranging between 2,000 and 4,000 square feet with prices ranging from $365,000 - $1.3 million. Due to CCS's ownership, a stabilized homeowners association and an experienced sales and marketing team, the first release of inventory is nearly sold out and more than 50 percent of the community is occupied. MIRA VILLA's second release of inventory to the general public begins March 1, 2013. To date, more than $3.5 million in early reservations have been secured for the second release.

"There are several reasons buyers are attracted to MIRA VILLA," says Tera Anderson, vice president of Nexus 30 Properties. "The main reason is the absolute convenience of condominium living without sacrificing space and elegance. Mira Villa combines that with exceptional quality building, attention to detail, amenities, a perfect Summerlin location and a personal and transparent buying experience. This is why the community has been so successful."

Anderson says that at the outset of CCS's ownership, the community's biggest hurdles were potential buyers wondering about MIRA VILLA's stability in the wake of its previous bankruptcy and the overall market conditions, both in the Las Vegas area and nationally. She says that particular hurdle was quickly overcome and sales have been steadily increasing since. In fact, many owners at MIRA VILLA are Las Vegas-area locals and 75% of the purchased units are owner occupied.

"After exploring their purchase options in a real estate market that many of them know quite well, our buyers chose MIRA VILLA," adds Anderson. "There is a real community here, an element that unfortunately is counter to the recent market trend in the Las Vegas area which has seen numerous short sales and foreclosures. There is also pride of ownership in a quality project with a well-funded HOA that is evident to our prospective buyers. The stable pricing and stable HOA give buyers an added sense of security," Anderson says.

Though MIRA VILLA's sales have been strong for more than a year, the continued overall improvement in the Las Vegas real estate market, coupled with the ongoing reduction in inventory, adds to the community's success.

"The project's owners, Condo Capital Solutions, are recognized as leaders in developments like MIRA VILLA," adds Anderson. "Their system of due-diligence when acquiring a property is focused on stabilizing the project in all aspects. This methodical analysis is subsequently attractive to buyers and mortgage lenders alike. Without a doubt, CCS's backing has contributed to our success in the post-recession economic climate."

MIRA VILLA is a new gated, luxury condominium community located 15 minutes from the Las Vegas strip in the heart of Summerlin, NV, a 22,500 acre master-planned development renowned for its cultural offerings, championship golf courses, parks and trail system, excellent schools and easy access to Summerlin Parkway and I-15.

MIRA VILLA overlooks both TPC Las Vegas golf course and Angel Park golf course in Canyons Village. It is located near shopping, Summerlin Hospital, the Academy of Nevada Ballet Theatre, Red Rock National Park and casinos.

The community is comprised of 21 mid-rise buildings constructed of concrete and steel with emphasis on sound abatement and state-of-the-art fire-protection.

Amenities include: panoramic golf-front, city, mountain and Las Vegas Strip views; spacious well-designed floor plans; expansive private terraces; private two-car garages; private elevators; pool, spa, fitness center and outdoor barbecue areas.

A relationship with JW Marriott Las Vegas Resort & Spa allows owners to take advantage of discounted spa and salon treatments; nightly room rates; discounted food and beverages; complimentary shuttle service to the resort; complimentary golf concierge; in-home catering service; in-home housekeeping services and pool memberships and day-rates.

Additionally, MIRA VILLA owners benefit from a relationship with TPC Las Vegas, which includes discounted rounds of golf and other amenities.

For more information about MIRA VILLA, visit MIRA VILLA's website at www.LiveMiraVilla.com or phone 702.254.4647.

For more information about lending through Wells Fargo Home Mortgage contact Joe Lobosco, Pmb Sales Supervisor at 702.791.6221 or via email at joe.lobosco@wellsfargo.com.

Jens Werner

Peeples Ink PR

jens@peeplesink.com

970-845-8525

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Source: MIRA VILLA