Important Things to Consider When Buying a High Rise Condo
Our Team has literally sold each and every high rise condo tower in Las Vegas from the pre construction ( paper) stage. This is exclusive of the two older condo buildings, Regency Towers and Marie Antoinette that were built in the 1970’s! And exclusive of the many towers that accepted pre construction reservations and never got built! And that is quite a long list – From Krystal Sands – to ICON – to Ivana – to Las Ramblas and the list goes on.
Our extensive pre sale experience in the high rise condo arena gives us an extra edge over other real estate agents in that we know what Buyers are looking for and how the units generally sell. We have acted as developer consultants on pre sale release strategies – but that topic is worthy of another blog post.
The photo above was taken from an 8th floor unit in Metropolis.
So what do luxury condo buyers want within their given price range?
- Location. Most high rise buyers want to be able to walk safely to the various hotels/venues on & near the Strip and to be in close proximity to shopping/dining. Along with location, and given the times we live in, ingress and egress ease is high on the list of items that go along with a location choice.
- Views. High rise buyers are all about views. Interestingly enough, male buyers seem to want the highest floors and spot on sit down Strip views. Female buyers don’t care so much about the floor height as having a beautiful/interesting view corridor and they are happy to have a pool and pretty mountain views as well as much as one with the lights of the strip. The #1 View choice in Vegas seems to be the Bellagio Fountain Views. We have a VDARA Penthouse Condo that we have LISTED that has the MOST AMAZING FOUNTAIN VIEWS OF ALL. #2 Views would be those from Panorama Towers and The Martin – which span from The North to South Strip.
- Amenities & HOA DUES. It would be important to know all the amenities in each tower and what is included in the HOA dues. For example, Panorama Towers is guard gated and has daily driver service and Hotwire TV and internet access included in the HOA dues. The Martin has driver service on Thursday, Friday and Saturday nights, Centurylink TV and Web, coffee service in the library, a snack shop in the lobby, Veer Towers has rooftop pools etc.
- Parking. Veer Towers and The Waldorf Astoria have Valet Parking ONLY. Metropolis comes with the use of an assigned via deed parking space, but you must self park. Other towers have assigned parking spaces for each unit and have valet services as well.
- Terraces. Some buildings do not have any windows that open. Others have units with balconies. Turnberry Towers and Place and Panorama Towers have units featuring bi directional balconies. The Martin Corner condos have balconies and non corners have Juliette type balconies ( really just a railing) and sliding glass doors to permit the fresh air in.
- Rental Restrictions. Nightly rentals are permitted in some hotel condos such as the MGM SIGNATURE, so buyers can place the units on short term rental sites like AIR BNB. RESIDENTIAL CONDOS PROHIBIT nightly RENTALS. Each tower has its own rental minimum. Allure permits yearly rentals, The Martin 6 months minimum, SKY 3 months minimum, One Las Vegas – 3 months minimum if furnished, 6 months if not. Marie Antoinette only permits a certain percentage of the units to be rented at any given time – so there is a wait list.
- What are the most popular floorpans and which ones are to be avoided? Buyers should always consider resale when purchasing. What is the most highly sought after unit, will probably be the one that has the fastest sales velocity, fastest rentability, highest appreciation potential. An experienced high rise agent will know the answer to this particular question off the top of her/his head. and can easily send you detailed MLS statistics which will show the picture of which stacks sell best for the highest prices.
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