If you’re looking for a new place to live in Vegas, or you’re thinking about moving there, you might be wondering if the top condo towers in the Las Vegas area could hold potential. Most people look at Las Vegas as a convention or vacation destination, given the great eating, attractions, and shows. Rumor has it there’s a casino or two to boot. Those casinos do wonders for locals though, as they provide enough tax revenue that the rest of the city doesn’t have to. That means many companies headquarter there to save money, and residents follow to fill the jobs, which also enjoy lower taxes than other corners of the country.
Condos certainly aren’t just for the affluent and retiree population anymore. Young professionals are flocking to them for luxurious living, and first-time home buyers like them for the safety in which they can raise kids, so the booming condo market should definitely at least be something you look at. You might know many people that consider condos to be too new or even extravagant, but Vegas is all about extravagance. Still, a condo doesn’t have to be like that. Former rental units are being turned into condos and new condo towers are getting built rapidly. For example, there are new units in Turnberry Towers for sale a block from the Strip. In fact, the growth in condos in cities like Las Vegas, Miami, and Phoenix is actually sometimes depressing the rental inventory. Condo conversions rarely turn into condo towers, but the affordability of conversions tends to keep the prices of tower units lower, so you can buy one knowing it’s not part of a sky-high bubble, at least not yet.
Old apartment buildings are often what can be turned into condo towers if they had enough floors. These properties are typically already close to schools and jobs. Refurbishing them with high-quality upgrades, such as hardwood floors and stainless-steel appliances, can give them a modern vibe inside. Common areas get revamped too before anything goes on the market. In order to help sell them, quite a few of them include incentives, sometimes even offering buyers the option of paying their closing costs. Retirees and first-time home buyers are just two market segments that enjoy the extra security that comes with a property like this.
Luxury condos are definitely a part of the growth in condo towers, especially in Las Vegas, so if you’re looking for the good life, you’re more likely to find it here than a cookie cutter suburb or neighborhood. Owners of units like these are focused more on buyers on the hunt for a high-quality lifestyle surrounded by extravagant amenities and possibly even something with a great view. The high end of the market certainly reflects this. Some condos are going for a thousand dollars per square foot. Some states are even reporting the sales of condos priced in excess of a million dollars have doubled.
Las Vegas is like any other city, with some pockets of wealth and affluence having nicer living than others, including those aforementioned views. Luxury condos might have furnishings already in them, on top of state-of-the-art appliances, window treatments, and granite countertops. Those who have wealth and/or kids or older relatives like how secure these properties are, knowing that their loved ones and property are typically safer in such an environment, often at no extra charge.
Some condo towers are even taking a hotel approach to their development. Residents in these units get amenities normally reserved for hotels, such as maid service, room service, and the availability of concierge staff. While retirees are often thought of as condo buyers, the average condo hotel buyer falls between 35 to 50 years of age, although many buy them as vacation or investment properties, and not as a full-time residence. Given the tourist destination that Las Vegas is though, any unit in a top condo tower could be used for rental income if you want.
The MGM Grand in Las Vegas built a condo-hotel with 576 units. In a two-month span during the pre-construction stage, developers sold every single unit.
Many condo residents that do it full-time like them over single-family residences. Many like living in what’s almost a community inside a community. A development might have rules or regulations that some find strict, even stifling, yet they like the safety and involvement that comes in living in the same building as many others. Condominium developments typically charge monthly fees for maintenance, security, and upkeep.