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LAS
VEGAS HIGH-RISE CONDOS |
Carl-Uno Manros
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Web: www.manros.com Email: realestate@manros.com Skype: manros |
Tel: (702) 525-0727 |
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High-rise Condo Market The Las Vegas area is one of the quickest expanding areas in the US, but believe it or not, vacant land for building is now getting scarce. This, in combination with really high values for land of any properties that are on the Las Vegas Strip or nearby, has led to the logical conclusion that the only way to go is up. The typical new high-rise condo buildings in Las Vegas will be between 45-60 stories high with from 100 to 1,000 units in each. Most hotel/casino high-rises in Las Vegas don't have a 13th floor due to Western superstitions, and some places are now also dropping the 4th floor, which Asians consider an unlucky number. This can also happen in your high-rise condo building. The Strip condo properties are usually of very high class and you pay a high premium for the location. There are more affordably priced projects further south on the Las Vegas Blvd, in Downtown, and in various other locations well away from the Strip. Recent water restrictions in the Las Vegas Valley now forces home owners to sacrifice much of their grass surfaces or see them turning brown due to limited watering hours. This has made more people considering condominiums as an alternative to one family housing, not to mention the overall convenience of living in a condo, e.g. having pool and exercise facilities without the hassle. Several high-rise condo projects on the Strip is now near completion with occupancy dates in 2007. Most of these units are sold at "pre-construction" prices, so don't wait for the condos to first be built before trying to buy one! Some new projects are now on the market with completion dates in 2008, 2009 and beyond. It turns out that a majority of the high-rise condo units sold at present, specially the ones on the Strip, end up in the hands of investors. They often plan to use the condo as a second home in Vegas, or rent it out, hoping that the prices will go up over time to justify the investment. Warning: As always, there is never any guarantee that current property price trends will continue, and some of the planned projects may not even be built. Even so, many investors from around the country and abroad are still "betting the farm" on continued expansion of the unique Las Vegas property market. The High-rise Condo Buying Process Here are the normal steps that happen in most hi-rise condo projects, but there can be variations: 1) An interest list is formed early on in the project, usually before floor plans and other details are decided. There is usually no cost to get on an interest list.. 2) A reservation list is set up. At this stage floor plans may be available and you might be able to reserve a particular unit in your name. This is usually associated with a deposit of $5,000 - $50,000 that is put in escrow and is refundable if you don't follow up with a contract later. Once the project is in the building phase you may have to go straight to the contract stage. 3) Close to or at the time the project breaks ground, sales contract are written. At this stage you can still back out and get your reservation deposit back, but if you go ahead you are now contractually bound to buy the unit. A payment of 10% to 20% of the condo purchase price is common at this stage. A previous reservation deposit will count as part of your payment. 4) One or two further payments may be required as the building process progresses, which can bring your total deposit payments up to 30% or more of the condo purchase price. 5) When your unit is finally ready for occupancy, you pay the remaining part of the condo purchase price and escrow is closed. What is a Condo-Hotel Project? In a condo-hotel project your condo comes completely
furnished as a luxury hotel room, down to the bed linen and china. The
condo-hotel is sometimes in the same building, or else in an adjacent building
on the same building lot as a major hotel. This allows you to let the hotel
rent out your condo unit as a hotel room during their high volume seasons. The
hotel provides all normal room services like cleaning, fresh bed linen, meal
services, etc. Even if you don't rent out your unit, you can get those hotel
services for yourself (at extra cost).
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