With Las Vegas being such a top destination and attracting millions of tourists each year, it would seem that regular people do not live here. However, the reality is that Las Vegas is home to millions. With the increase in high-rise properties available for sale, many people think that all Las Vegas residents live in a hotel. Those who live in Las Vegas assume that some of these high rises are strictly hotels without gaming. With so many conflicting opinions it is important to get the facts.
First, the Las Vegas valley has seen some great strides and rebounding from a failing economy that had plagued the valley for some years. With real estate seeing economic growth, there was more opportunity to grow the valley. With Las Vegas being such a touristic environment many locals or people relocating here would like to take advantage of living with the same amenities that many tourists experience. A condominium is building or a set of buildings that are comprised of individually owned units. Here in Las Vegas we have seen several high-rise condominiums develop such as Allure, Sky, One Las Vegas, Turnberry Towers and many others. These are condominiums that are strictly for residential use but provide amenities such as valet parking, security, onsite concierge services, workout facilities, and many others. A high-rise condominium is often times luxurious but is only to be used for residential use. Many have restrictions on rentals, meaning that they may be rented for long-term residential tenants but not for short-tourist stays.
On the other hand we have condo-hotel properties. A condo-hotel is a condominium property that is operated as a hotel. These properties appeal to people who are looking for an investment or who maybe frequent Las Vegas and would like to own property in Las Vegas without the hassle of maintaining a second home. Most if not all condo-hotel properties are sold 100% move in ready. They not only feature the furniture that is seen in the model, they may also offer the artwork, appliances, linens, utensils, etc. Condo hotel properties allow for owners to live in their own unit, lease the unit to a long-term tenant, or participate in the rental program and rent the unit to tourists. As long as the owner maintains the property in its original condition, the owner may participate in the rental program that is managed by the hotel. In a condo-hotel, the property is managed and maintained by a professional management company. This professional management company takes charge of advertising and booking tourists for stay in the hotel and use a randomized system for placing guests in your room. They also make sure to inventory the items in your unit and replace any lost or damaged items. They provide the cleaning and maintaining of your unit. Whenever you as the owner would like to stay in the unit, you notify the management company and they remove your room from the rotation. In Las Vegas, there are over 39 million tourists per year as reported by the Las Vegas Convention and Visitor’s Authority and hotel occupancy is typically over 87% per year. What this translates to is that your unit is likely to be filled 87% of the time! That is a great opportunity for a healthy return on your investment. Las Vegas offers many condo hotel properties such as Trump International Hotel, Palms Place, The Cosmopolitan Las Vegas and several others.
Whether you are interested in becoming a resident owner or an investor owner, call me today for more information and available properties at pscotthomes@gmail.com or 702-501-9531.
No comments:
Post a Comment