What Are the Top 5 Things to Consider When Buying a Las Vegas Strip Condo?
There are a limited number of luxury high rise condos buildings on and near the Las Vegas Strip. People often ask, ” Is buying a Las Vegas Strip Condo is good investment?”. As we begin 2023, these units are selling at a price per square foot that is way below reproduction costs, in many towers.
Each high rise condo building has its own CCRS ( Covenants Codes and Restrictions), that detail the Rules and Regulations and usage of the condominium units.
In order to decide which luxury tower works best for you, here are 5 Top things to Consider.
#1. What Type of Parking is There?
Do you want a dedicated parking space for your use? The hotel condo buildings, such as MGM SIGNATURE, TRUMP LAS VEGAS, VDARA, and Palms Place have valet only parking.
Veer Towers in City Center allows valet parking only, while high rise towers such as The Martin, Turnberry Place, Turnberry Towers, have valet parking as well as assigned parking spaces. These spaces are considered “limited common elements”, and the HOA owns them, but the unit owners have use of specific spaces.
Metropolis is an Art Deco high rise condo tower that has the parking spaces ( 2 per unit, adjacent or tandem) deed with the condo.
Our Team is well versed in the parking situation of each tower, and can help delve into further details, such as if there is a beam located next to an assigned spot, proximity to the elevator, and other details.
#2 Are Rentals Permitted?
The hotel condos permit short term NIGHTLY rentals. Therefore, AIR BNB is no problem, There typically is a monthly transient rental fee associated with doing so, on top of the HOA dues. For example, at MGM Signature, it is $ 250 per month for a 1 bedroom unit, $ 200 for a studio. Additionally, if an owner is using an MGM Signature units for AIR BNB, the on site management bills the owner $ 25 per reservation key card charge. This charge is not billed if owners use the on site Mgm Signature rental program.
Other residential towers have 3 month minimum period ( SKY LAS VEGAS), 6 month minimum ( THE MARTIN), yearly minimum ( Allure), or 1 per year, 6 month minimum.
Some residential towers require the HOA to approve leases, renters to post HOA deposits, minimum FICO scores for potential tenants etc.
Our team can help you navigate the ins and outs of being a landlord in a Las Vegas high rise condo towers, as we have sold the various buildings from the pre construction stages.
#3 Are There Balconies
Check out the Balcony on this Amazing “A” unit at The Martin – This stack offers THE BEST VIEWS in the City!
Call Travis at 702-232-5376 for a showing!
Is it important for you to have a livable balcony or terrace? Some buildings as all those in City Center, Trump Tower, do not have any balconies at all – nor any windows that open.
Other towers have concrete walled balconies on some units, and glass walled balconies on others. The glass walled balconies are better for optimizing views.
Some have Juliette style “balconies” which are not usable at all, but do allow for letting fresh air in. Some buildings have units with multiple balconies and even bi directional balconies ( Turnberry Towers).
# 4. Hallways
If you are looking for more of a private feeling, the building’s plat map will be a valuable tool. For example, MGM Signature has long hallways with units on both sides of the hallway. Trump Tower has single loaded hallways, with no units on the other side of the corridor.
Queensridge Towers has the elevator opening into each unit for ultimate privacy, as do the larger units at Turnberry Place. The smaller units at Turnberry Place have 2 per corridor.
#5 Amenities & HOA DUES
Each tower has different amenities, varying from daily limo service at Turnberry Place, to weekend limo service at The Martin, to indoor & outdoor swimming pools at Turnberry Place, and amazing gyms. Some towers have full coffee bars, tennis courts, etc. To get a good idea of each towers’ amenities, visit our YouTube channel.
As for HOA dues, some towers determine the cost based on unit square footage, others have a set fee per unit. Each tower’s dues covers different utilities. Best to call June at 702-376-5220 for specific information per tower.
The Stark Team has sold the condo units on and near the Las Vegas Strip from the preconstruction days – we are well versed in anything HIGH RISE! We know the floor plates, and plans and stacks like the backs of our hands.
If you are wanting to know if a Las Vegas high rise condo is a good investment, an appropriate lifestyle for your needs, we can help you navigate the ins and outs of buying a Las Vegas Strip area luxury condo.