Rental Property Investor · Las Vegas, NV • Tokyo · Member since 2018 · 6 posts · 2 votes
Does anyone have any information/experience on the condotel market of the high rises in Las Vegas (the Strip)? Someone was telling me that some HOA's take up to 50% of the rent collected as they would manage the units for you. What other information ought one have or resource to get more information about this? Or should know if one is exploring investing in high rise units?
Not only do they take half the rent. They double Hoa fee if you use more than 2 weeks per year. They want you to buy them a hotel room to rent out. Buy something else and use the profits to rent their if you want.
Not only do they take half the rent. They double Hoa fee if you use more than 2 weeks per year. They want you to buy them a hotel room to rent out. Buy something else and use the profits to rent their if you want.
At the right price Vegas condotels are fabulous. Three years ago you could get Palms and MGM in the $160,000s. Today they are selling confirmed $250,000s on their way to $400,000 .
Three years ago units were begging to be bought. Tell me where you could have bought way below replacement value on quality high rises on very prime property.
MGM N Palms do not double their HOA under any circumstance.
Depends on the building.. Typically 50% of proceeds for managing the rental pool is common .. On top of that you'll be responsible for a variety of other fees like HOA, taxes, services fee, utilities fee, misc resort fees etc etc. Also travel agent and credit card fee's may apply
Fees fees fees. Syndicatiors charge way more fees than condotels..Without the appreciation potential.
Whats lost is is the revenue generated by MGM for example sufficient to cover the fees and give a little return. My sources tell me Jan. 2019 was a monster month for revenue while FEB 2019 was a big Yawn as far as revenue goes.
If you want cash flow the D quads in Vegas much better.
Yeh, platinum was the only “condotel” I looked at. (I don’t think there are more than 4-5 in Vegas?) They definitely double the Hoa fees if you try to stay there more than a week or two. When I looked at MGM back in 2008 they were calling them condos, not condotel. Of course they were asking a million back in 2008 for a 1 bedroom, glad they are back up to $250k already. I remember asking what I got for the $700/mo Hoa. “Use of the casino facilities” was the answer.
Here is the platinum condotel’s Info....
One is that owners cannot stay in their units for more than 29 days in a row due to zoning regulations. Another is that The Platinum has a policy of charging and extra fee of about $750 per month for units that are not placed in their rental program, so buyers should become familiar with the fees and charges at The Platinum Las Vegas prior to purchasing. This $750 per month fee is in addition to the monthly HOA dues that range upwards of about $550 per month.
Here’s the mgm preconstruction discount pricing...
Live at The MGM Signature and enjoy all the amenities of the MGM Grand Hotel – the 171,000-square-foot casino, five outdoor pools or the Grand Spa with 30 treatment rooms and a fitness center. The MGM Grand also has restaurants featuring cuisine by award-winning chefs, shopping outlets and entertainment.
Suite TypePrice Range
Studio Suite $515,000 to over $700,000
One Bedroom Suite $750,000 to over $1,000,000
Two Bedroom Suite $1,300,000 to over $2,000,000
Condominium Maintenance Fees
Studio Suite $348 / month
One Bedroom Suite $696 / month
Two Bedroom Suite $1044 / month
Payment Schedule
1)10% of Purchase Price at signing.
2)Second 10% due 2005.
3)Final 10% due 2006.
4)Balance of 70% due upon completion, tentatively scheduled for late 2006 / early 2007.
All payments are made payable to “Nevada Title Company”
Prices and terms are subject to change without notice
Price appreciation potential right here right now.
1. Singles- who knows
2. 4 puxxes.-who knows
3. Big 3 condotels, MGM, Palms, Trump--------------YUGE! I wouldnt be surprised to see pre-construction prices somewhere down the line. Say 20 plus years or so. A measely double and you are there.
Curious what people's actual rental experiences are with these!? I understand MGM gives you 60% of the rents. That's pretty good considering how much advertising they do. Access to all the MGM pools is a nice perk if you like that kind of thing too!