Buing A High Rise Condo
The Hot Las Vegas High-Rise Condo Market
One distinctive Las Vegas real estate market that is hot and getting even hotter is the Las Vegas high-rise condo market. This market segment is one of the hottest selling properties here in Las Vegas. With limited available raw land, developers are thinking vertical to meet the demand for housing on the Strip in one of the fastest growing cities in the U.S. When development in this area is complete, over 50 mid and high-rise condo projects will be standing on the Las Vegas Strip.
This has also created a hybrid development called the Condo Hotel. Leading hospitality corporations like Trump, MGM and The Palms Hotel are highly recognizable developers of Condo Hotel projects on the Vegas Strip. Another condo option is the conversion of apartment complexes into condominiums. Offering many upgrades, this is another burgeoning market and residential option for investors, primary and secondary home buyers alike.
Perfect Solutions For Both Boomers and Xers!
Condo developers are targeting young professionals who work on the Strip and prefer to live near their job. Highly sought-after hotel-type luxury amenities in these high-rise condos include concierge services, state-of-the-art kitchens with solid-surface counter-tops, large walk-in closets, opulent master suites with large master baths equipped with soaking tub or whirlpool, on-site gym/fitness rooms, and swimming pools. There's an ever-increasing customer base that prefers urban housing options including lofts, live-and-work office lofts and high-rise condominiums. It's a lifestyle choice for both Generation-Xers and Baby Boomers alike. Several local developers including the Carina Corporation are building several loft-style condo complexes throughout the Valley to meet the growing demand from both market segments.
Does The High-Rise Condo Option Fit Your Lifestyle?
Before you consider the high-rise condo option, why not make a list of all the reasons why you want a condominium rather than a Las Vegas single-family detached house.
Be sure to ask your self the following questions:
- Are you comfortable buying in a high-rise building?
- Pay close attention to the covenants, restrictions, by-laws, indentures, etc. Don’t hesitate to have your Realtor contact the “Board of Directors” for questions and concerns. This is the body that should be able to give you the facts on key issues that may be important to you and also make you aware of past problems.
- Take time to learn the key rules governing condominiums.
- Federal, state and local laws all have a potential impact on your experience as a condominium owner.
- The quality of construction is a very important issue both in the short-term and long-term.
- Are the HOA (homeowners association) assessments and fees realistic? If they are too little, is this a problem waiting to happen?
- Does the building fit your needs for the short-term and long-term?
- What is the profile of the occupants who live there? What % is owner occupied versus % tenant occupied?
- What other demographics are important to you?
Before you begin searching for a Las Vegas condo, be sure you select a real estate agent that understands the Las Vegas luxury condominium market! I offer unparalleled client services to all my buyers' needs and desires to the most discerning of individuals interested in living life to the fullest here in the Las Vegas area.
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