Palms Place Las Vegas Condos Drastically Increases Monthly Transient Fees for All Short Term Rented Units that are not in the Palms Place On Site Rental Program
A letter was sent out to Palms Place Condo Owners from the VP of Operations, dated September 1, 2019, stating that as of October 1, 2019 the transient fees would be increased to $800 per month for a studio $1000 per month for a one bedroom, and $1200 per month for the penthouses, for all owners who are renting their units themselves or thru a third party rental program..
Additionally, there are other charges that will be incurred by owners who fail to give Palms Place 48 hours notice of a guest reservation.
These fees are charged to owners IN ADDITION to the month HOA dues and shared component fees. Palms Place condos can be rented out via AIR BNB. Because of the awesome location just west of The Strip on Flamingo Road, and the modern vibe, coupled with Palms Place Hotel renovations, these condos are quite desirable. These new charges will greatly affect the owners’ return on investment.
I noticed today, a Palms Place condo that was just listed on the MLS for the same price the person bought it at a couple months ago. I expect we will begin to see more aggressive prices and more units come to market from those owners whose cash flow was just significantly cut into.
Perhaps, with protest, this huge jump in transient fees will be reversed. I would imagine there will be some strong pushback.
Owners who use the condos as primary or second homes should not be affected, and this may be an opportune time to keep an eye on the market. Owners who wish to rent their units out for 6 months plus, should clarify with the powers that be to see when the transient fee would kick in.
I don’t have a crystal ball, but I would venture to guess that this recent change of operations, will cause downward price pressure on the Palms Place Condos.
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