Waldorf Astoria - Thoughts?

Question

What're your thoughts on buying at Waldorf Astoria for a primary residence?Is it (along with the HOA fees) way overpriced? Any red flags with the HOA?

Would love to hear your thoughts. Thanks!

Chris Jones · Answer

J Cicero: Appreciate your input. I was actually asking about the Waldorf in Vegas, not NYC. Wonder if what you're saying holds true in Vegas as well.

Kurt: Thanks for responding. Do you think the WA brand recognition will cause price appreciation (at or above inflation) going forward, independent of whether or not it's currently overpriced? Also wonder if there's any chance that the brand could change in the future, causing a huge price drop (the WA in Vegas used to be Mandarin Oriental)

Scott: Yep that makes sense. I'm primarily looking for a primary residence on or right by the strip (given my partying lifestyle, which will hopefully return once this pandemic is over), so I've been considering all the high rises. WA seems to be the most prestigious, but of course I'm hoping to make money (at or above inflation) as well from anything I may purchase.

Scott Mac · Answer

Hi Chris,

If I were looking at a Hotel-Residence, I'd look at the amenities that go with it. Maid service, laundry, Auto detailing, Auto parking spaces, Exterior maintenance and cleaning scheduling, etc...

Then decide if the price up-charge compared to a SFH Home was what I wanted to do with my money.

Just my 2 cents.

Kurt Brauner · Answer

Currently properties at the Waldorf Astoria in Vegas are selling at $900-1200 per sqft with a HOA fees that start at $1500/month and go up from there depending on sq. footage.  If you compare the pricer per sq ft to other projects in the valley it is substantially higher. Also, the HOA fees are almost double a comparable unit it Veer tower. I think when you are buying in the WA the level of service and amenities are extraordinary, but my my personal opinion is the it quite inflated due to brand recognition.

Jon C. · Answer

The new condos at the Waldorf Astoria in Manhattan are some of the highest $$ per SF costs ever seen in NYC. They remind me of the prices seen at the Plaza Hotel, when that was converted to condos. History has shown that those prices have not held, and while still very expensive, they have had little to no equity appreciation, and in some cases have lost value. Resales on ultra-luxury real estate is a limited market and a hard sale, especially in Manhattan where so much ultra-luxury inventory already exists.