Page 35 - High Rise Condos for Sale : Las Vegas Luxury Condos for Sale (2024)

FAQs

Are Las Vegas condos a good investment? ›

Summary. Despite the benefit of a low entry price and appreciation rate similar to single-family homes, condos in Las Vegas are not good investments. This is mainly because they attract a tenant segment that typically stays for only one or two years.

A luxury condominium, also known as a luxury condo, is a high-end residential building that is designed to provide its residents with a luxurious lifestyle. Luxury condos are typically located in desirable locations, such as city centers, waterfronts, or scenic locations, and offer luxurious amenities and services.

They Usually Feature Lots Of Amenities

A significant advantage of a condo on the higher end of the price range is that they provide you with a wide range of amenities at your doorstep. These range from swimming pools and gyms to fully-fledged shopping malls and cinemas!

When it comes to condo purchasing, buying an investment property that you plan to rent out, for a short-term or long-term rental, still makes good economic sense. If you earn any rental income on your condo, then the interest on your mortgage is considered a business expense and is not capped.

On the one hand, you could have access to high-end amenities such as pools, concierge services, and fitness centers, which are hard to find in a regular living complex. Moreover, luxury condos may appreciate in value over time, providing great returns on investment.

But when rates are high, the amount of interest you'd end up paying might make that decision less than ideal. We all know that in order to obtain a mortgage on a residence, the general rule is that you usually need to be able to come up with at least 20% of the purchase price to "put down".

The average cost of condo insurance (HO6) in Las Vegas is $659 per year, for a coverage level of $40,000 for personal property and liability protection of $100,000 with a $1,000 deductible.

HOA fees in Las Vegas can range from $50 to $150 per month, depending on the homeowner association fees Las Vegas community and its amenities. The size and type of the community, as well as the amenities and services offered, can affect the amount of HOA fees.

If you plan to use stairs or elevators frequently throughout the day and night, the ground-floor condo is preferable as it offers quicker access. On the other hand, if you prefer taking the elevator less often or would like access to better views from higher floors, higher floors may be better suited for your needs.

What adds the most value to a condo? ›

Condos Vs Luxury Condos: What is the difference? Luxury condominiums usually have better quality finishes, more luxurious fittings, and a higher level of service than your average condo.

With lower purchase prices and more desirable locations, condos can certainly be profitable investment properties and enjoyable vacation homes. But keep in mind, condos can come with less control due to the community's homeowners association (HOA).

A significant part of the reason condos remain harder to buy and sell has to do with financing guidelines. (1) FHA financing, which is possible with only a 3.5% down payment (which can be a gift), lower credit score and higher debt-to-income ratio, now requires that the entire complex be FHA approved.

Loans can be harder to get for a condo because some lenders have strict requirements regarding owner occupancy and loan-to-value ratios. Condo owners will have to abide by the covenants, conditions, and restrictions (CC&Rs) of the complex or risk being fined, forced to comply, or sued.

Buying a home in Las Vegas has its merits. From the relatively affordable cost of living to the potential for property value appreciation, many factors make Las Vegas appealing. If you're considering a single-family home, the city offers a variety of options catering to different tastes and budgets.

Las Vegas Housing Market Trends

What is the housing market like in Las Vegas today? In May 2024, Las Vegas home prices were up 7.3% compared to last year, selling for a median price of $440K. On average, homes in Las Vegas sell after 34 days on the market compared to 41 days last year.

Condos tend to appreciate steadily in value and offer a solid return on investment — but they come with their share of drawbacks too.

Pros of buying a condo

If you see yourself staying in the same place for five or more years, buying may make more sense. Plus, buying has advantages over renting: Building equity occurs with every mortgage payment. Deducting your mortgage interest payments from your taxes can pay off.