Two Primary Different Uses
Many of those who invest into Las Vegas real estate get confused in regards to the differences between a true residential condo and condotel. You see, in regards to these two property types, there are major differences. And since that’s the case, let’s get into it, shall we?
Residential Condos
Located in buildings such as Panorama Towers, Veer Towers, The Martin, Waldorf Astoria, and Sky, true residential condos are typically used as primary residences and/or second homes. If not used by the owner, the building’s HOA typically restricts rentals any less than 6 months or a year. The projects mentioned above, and others like Allure, Newport Lofts, and SOHO in Downtown are meant to feature a non-transient feel. These units were all typically sold unfurnished. Some of the units, especially penthouses, were delivered in either a: vanilla shell, grey shell, or finished state.
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Most Investors Don’t Know The Difference Between Residential Condos And Condotel Units
Condotel Units
Condotel units are typically in ‘Condo Hotel’ projects such as Vdara, Trump, Cosmopolitan, and Palms Place. These units were originally sold fully furnished. these developments typically feature limited floorplans consisting of small studios usually around 500-600 sq. ft. and one bedrooms typically around 900-1200 sq ft. Additionally, many of these units could be combined. The Home Owner Associations in these type of projects allow short-term rentals via their on-site rental programs. Owners of units can elect to have their unit thrown into the rental program where it may or may not rent out a certain number of days a month. Any proceeds are then split with the on-site rental program. Can owners rent their own units out? That’s a more complicated question for a different day.
In Closing
Buying real estate in Henderson and Las Vegas is quite the endeavor. From guard-gated communities such as Ascaya and The Summit Club to the luxury condominium projects mentioned above, there’s MUCH to digest. Which project or neighborhood is right for you? With your trust, I can, and will, help you make that decision. I look forward to hearing from you.
Also Read: Important Things To Know Before Buying A New Home Or Condo