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Common Questions About Las Vegas High Rise Condos for Sale
Can high rises for sale in Las Vegas be financed?
Condominiums are special breeds. Unlike a home (wherein you own the home, the land the home is on and the air above it) or a townhome (wherein you own your section of the townhome, its land and air above), in a condominium you only own the air rights in the condominium unit you purchased. Therefore, most high rise condominium purchases are cash. In some cases conventional financing is acceptable depending on the lender and condominium complex. In addition, there may be minimum purchase price requirements. There are high rise condominiums that will accept FHA and VA financing. You should contact your real estate professional at King Realty Group for that list as well as a list for all current Las Vegas high rise condos for sale.
Is buying a high rise condo right for me?
That depends. Can you answer “yes” to the following questions? If so, high rising living could be right for you!
Do you like to be where the action is?
Do you want low maintenance living?
Do you want to work out whenever you want to?
Do you want to swim whenever you want to?
Would you like to be within walking distance of night clubs, shops and restaurants?
Would you like a view of the Las Vegas Strip or scenic mountains?
Which one of the high rises for sale in Las Vegas is right for me?
That depends on your taste. If you are looking for something away from the Las Vegas Strip One Queensridge Place, The Modern, Luna Di Lusso, Viera or Green Valley Ranch District might be right for you. If you want something near the Las Vegas Strip but not on the strip you may like Panorama Towers, Loft 5, The Martin, Palms Place, Metropolis, Park Towers at Howard Hughes, Turnberry Towers or Turnberry Place. If you want to be near the action on the Fremont Street Experience you might like The Ogden, Juhl, Newport Lofts or Soho Lofts. If the action of the Las Vegas Strip is what you are looking for there is Allure, Sky Las Vegas, Cosmopolitan, Veer Towers, Vdara City Center, Mandarin Oriental, Signature MGM-Turnberry or Trump International Las Vegas.
Can I have a pet? If so, are there restrictions?
The majority of high rise condominiums do allow you to own a pet, sometimes 2. There are breed and weight restrictions and each complex has different rules. If you are purchasing a condo-hotel and opt to be in the rental program, you most likely will not be able to own a pet.
How secure is a condo?
Most high rise condominium complexes come with their own security. Either a 24 hour security guard, a key card entry entrance or security patrol are on-site. In some cases all three are available.
What amenities do high rises for sale in Las Vegas come with?
Depending on the high rise you choose, amenities could include such items as a state-of-the-art fitness center, swimming pool, cabanas, hot tub, wine cellars, valet, business center(s), room service, maid service, yoga studio, weight room, tennis courts, basketball courts, volleyball courts, private movie screening rooms, private party center rooms and so much more.
What does the Homeowners Association cover?
Homeowners Associations usually covers security; maintenance of the building, swimming pool(s), spa, elevators, recreation center(s), grounds and other common areas; water, sewer, cable, insurance, front desk clerk, valet, doorman and concierge service. There may be other coverage depending on the high rise.
Do I have to make my own repairs to the condo?
Yes, you are responsible for any repairs within the walls of your condominium unit. You may need to check with the Homeowners Association for any remodeling you want to do within your unit and the Homeowners Association may have specific contractors you are required to use.
What are the real estate taxes on a high rise?
Real estate taxes vary from condominium to condominium and depend on the floor you are on along with the square footage of the unit and where the unit is located on the floor. To obtain specific information regarding how real estate property tax is figured, please visit the Clark County Assessor.
Are children allowed to live in a high rise or are there age restricted high rises?
Per se, there are no restrictions on children or age restriction for high rise living. However, if you have children or are elderly you should take extra care to pick the high rise that is right for your needs.
Can I remodel a condo to my taste?
When it comes to remodeling Las Vegas high rise condos, it is similar to remodeling your home. Some condos come with open floor plans and moveable walls so you can arrange things as you see fit, when you see fit. When it comes to plumbing and/or electrical issues or a major overhaul you may need to consult with the Homeowners Association and obtain a permit. Each condominium complex is different and you may be required to choose one of their contractors.
What is the advantage of owning a high rise condo over a home purchase?
It depends on how you look at the question. The advantage of owning a high rise condo over a home is there is no yard maintenance. No building maintenance you are responsible for. No driving to the gym, pool or spa. In some cases no driving to the bar/lounge, night club, restaurants or shopping. 24 hour security either by a security guard, video cameras, 24 hour front desk clerk or doorman. In most cases guests cannot visit without your knowledge ahead of time.
Is my car safe in the parking garage?
Most condominium units come with assigned garage parking with 24 hour security camera surveillance along with a security patrol car.
Is noise a factor, can I hear through the walls?
Most of today’s condominium units have now provided sound barrier walls and windows. Not all units are sound proof, just as you can hear your next door neighbors here in Las Vegas when you own a home, owning a condominium isn’t that much different. However, the high upper you are the less noise you will hear.
Will my guest have access to parking and how freely can they come and go?
Many high rise condominium owners like their privacy. Guest maybe required to check in prior to arriving at your front door. Most condominium complexes allow for guest parking.
What are the views like and which floor would best suite me?
When choosing your unit make sure that the view you see out your window is something you want to see every day. Be aware of the differences of purchasing a corner unit or a unit facing east or west. Depending on the time of day you will be home may determine which way you want to face. If you work nights and sleep in the morning you may want a unit facing the west.
What would be the resale value in one to 5 years if I decide to sell?
There is no crystal ball to answer this question. Just as you are purchasing this condominium now, someone else may want to purchase it when you are ready to sell. It will depend on the current market at the time you want to sell. Just as in the housing market, people have purchased low and sold high or vise-a-versa. In addition, because most condominium purchases are cash or conventional you may be ahead of the game when you decide to sell. You should consult with your King Realty Group high rise real estate professional prior to buying or selling your high rise unit.