Buying A Luxury Condo In Las Vegas
Hello everyone, Lynn Stringer here. Are you in the market to buy a luxury condo or condotel in Las Vegas? If so, it’s important to do your homework. With all of the options available, figuring out which project is right for you can be difficult – not to mention confusing. Thankfully, there are certain vital factors that you can use when evaluating different properties, ranging from location and amenities to resale value and building quality.
Before investing in a luxury condo or condotel in Vegas, ensure you have researched all of these essential factors to help make a successful purchase decision!
Location Is A Major Factor
When deciding to buy a luxury condo in Las Vegas, it’s essential to understand the area you are buying into. Location is everything when it comes to real estate. Especially luxury condos. There is a big difference in strategy depending on whether buying into a project off the beaten path or a DIRECT Las Vegas Strip location. Also, some developments have
What Affects Price-Per-Square Foot Costs?
Just as with anything, many factors can affect the value of a luxury condo. Typically, Realtors and brokers will mention “price-per-square-foot”. This is because it can be used as a benchmark to compare different properties. Some of the main factors that influence price-per-square foot include:
- Build Quality
- Future Local Growth
- Noise Insulation
- Energy Efficiency
- Green Certifications
- Balconies Y/N
Top Luxury Condo Projects In Las Vegas & Henderson
- Boca Raton
- C2 Lofts
- Four Seasons Private Residences
- Newport Lofts
- One Las Vegas
- One Queensridge Place
- Palms Place
- Panorama Towers
Top Luxury Condo Projects – Continued
- Park Towers
- Regency Towers
- Signature at MGM Grand
- Sky Las Vegas
- Soho Lofts
- The Martin
- The Ogden
- Trump Las Vegas
- Turnberry Place
- Turnberry Towers
- Veer Towers
- Waldorf Astoria
Residential Condos Vs. Condotels
Many real estate consumers do not know the difference between a residential condo and a condotel. Quite simply, condotel units typically come fully furnished, like a hotel room. They are in buildings that are usually more transient. Owners can throw their units into short-term rental programs. These types of developments offer convenience for those who want to earn some kind of return on their investment while also being able to enjoy the unit from time to time. Condotel projects in Vegas include Palms Place, Signature, Trump, and Vdara.
Residential developments are more catered to long-term residents. In these buildings, HOA can restrict owners from renting out their property on a short-term basis. Depending on the strictness of the HOA, these restrictions typically range from 3 months to 1 year. It’s fair to say the higher-end the building, the more likely the HOA will use a 1-year rental restriction.
Things To Consider When Buying A Luxury Condo
- Building Reserves – Ensure the building has sufficient funds
- HOA Fee – Pay attention to the current monthly fee
- Pet Restrictions – Confirm whether or not the building allows pets
- Parking – Determine if there is a designated parking spot and any associated fees
- Security – Research the building’s security staff, access protocols, and CCTV cameras
- Growth – Are any significant construction or new developments planned?
- Amenities – Understand what amenities the building offers
The above items are all important considerations when making a final purchase decision on a luxury condo in Las Vegas. It is critical to make sure you have done your due diligence before signing any contracts or closing the deal. Buying a luxury condo can be an exciting and rewarding experience when done correctly. Whether you are looking for a luxurious full-time escape in a building such as One Queensridge Place or a short-term place to have fun (such as Palms Place), Vegas is certainly a FUN place to invest.
Can Future Growth Be Bad?
Yes. How? In Vegas, entire buildings have had their views blocked. Just ask the owners of timeshare units at Jockey Club. IMO, that is one of the most fascinating things to ever happen on The Strip. The Cosmopolitan Resort & Casino now engulfs Jockey Club. And while overall growth typically is good for values, it is noisy and has its fair share of potential drawbacks. Of course, much of this changes based on your goals.
Many luxury condo owners hire a property management company to handle maintenance and tenant placement tasks. You want to look into this if it pertains to how you want to use the unit. Does the HOA allow outside companies, or is it all done in-house?
Depending on your lifestyle, knowing about local entertainment, dining, and other lifestyle benefits can be helpful. If you are looking for a full-time residence or short-term rental, it is important to consider the lifestyle benefits associated with owning a luxury condo in Las Vegas.
History Of Las Vegas Luxury Condos
Regency Towers opened in 1974. And while they aren’t necessarily considered luxury in the modern day, Park Towers and Turnberry Place opened in 2001. Things became MUCH more exciting in 2007 when Sky Las Vegas opened. Essentially, Sky Las Vegas is the first true residential condo project to feature a direct-Strip location. In 2009, the Waldorf-Astoria opened. And right around 2010 Veer Towers also opened at CityCenter. These 3 projects still stand as the only three true residential condo projects on The Strip. After the 2008 debacle, no new high-rise construction really happened in Vegas. It was only recently, with the announcement of the Four Seasons Private Residences do we finally get a new project.
While it is OLD news and not relevant to the 2023 market, Las Vegas did go through a time of many project cancellations. The reason I bring this time period up (2006-2010) is because it wasn’t all that met the eye! Why is that? Because a good amount of the “cancelled projects” were never real to begin with. Seeking to get their piece of the pie, developers bought up land, printed silly brochures, took reservations, then flipped the land. These projects were then labelled by the mainstream media as FAILURES. There is always two sides to a story. This was a hard time on Vegas. The end result? We are much more careful with giving approval to projects. It is also worth pointing out that The Harmon at MGM MIRAGE CityCenter was built wrong and had to be torn down. This was to be the 4th residential condo project on The Strip yet it never happened.
Las Vegas Real Estate
As a Las Vegas real estate broker, I help my clients UNDERSTAND the market. As you can see, there are many important things to know when buying a luxury condo in Vegas. From build quality, location, views, and amenities to HOA fees, parking, security, and rental restrictions. Be sure to do your research before making a purchase decision.
Thank you for stopping by LUXE BLOG. Whether you want to buy a residential condo or would like to discuss the latest market conditions, I am here for you. Reach out anytime.