Las Vegas High Rise Condos - Buy Luxury High Rise Condominiums for Sale

High rise condominiums and mid rise luxury condominiums for sale in Las Vegas, Henderson and North Las Vegas are divided into the following categories:

Las Vegas residential high rise condo towers
Las Vegas high rise condo hotel towers
Las Vegas mid rise luxury condominiums for sale
City Center (CityCenter), Las Vegas condos for sale
What happens to Las Vegas high rise condo buyers when they are not represented by a Realtor? Byers remorse and suing the builder see Cosmopolitan condo buyers file law suit against Cosmopolitan Las Vegas

The reason for consecutive price cuts for Las Vegas high rise condominiums is that these luxury condos are not selling well. We have discussed this in a post, titled reasons for the dismal sales at Las Vegas high rise luxury condo towers. Although Las Vegas MLS defines high rise condos as condominium buildings with 4 or more floors, we don't and call buildings of 4-8 stories mid rise condos. MGM CityCenter, Las Vegas has recently opened and is having a hard time selling residential condos in Residences at Veer Towers and Residence at Mandarin Oriental Hotels which we discussed in several blog posts which you can find below in addition to articles about other Las Vegas high rise condo projects like Allure and Sky Las Vegas.

Las Vegas residential high rise condo towers

Not all high rise condo buildings in Las Vegas are residential towers. Actually, most are hotel condos which are run as a hotel and rent units while the owner is not using them. Currently the following residential high rise condos are selling new and resale residential condominiums. Allure Las Vegas, Sky Las Vegas, Turnberry Towers, One Queensridge Place, Panorama Towers, One Las Vegas (in bankruptcy), Regency Towers, Metropolis and downtown Las Vegas lofts such as Newport Lofts, Soho Lofts and Juhl. Other than City Center condo towers at Veer Towers and Mandarin Oriental Hotel which do not have any re-sales listed in the Las Vegas MLS, buyers have a choice to buy from the Las Vegas condo builder or buy the same condos or lofts as re-sales in the same condo tower.

Most of these condo towers are within 5 minutes of the Las Vegas Boulevard (STRIP). There are about 600 residential high rise condominiums for sale that are listed in the Las Vegas MLS and about 30% are foreclosure (bank owned) condos or short sales. 74 different floor models are available in the Las Vegas new high-rise condo data base.

Las Vegas luxury high rise condo hotels for sale

We had recommended against buying condo hotels in Las Vegas, however successive prices cuts have made for good values in this sector and in some cases like Signature at MGM Grand Towers prices have actually risen in the last year. Trump Towers International has cut prices to compete with re-sales and Vdara hotel condos in City Center. The main difference between residential high rise condos is the rental period as residential condos usually have to be rented for six months or more per HOA rules and condo hotels can be rented on a nightly basis and this gives the owner the option to rent his/her condo to help with condo fees and taxes.

One of the main reasons to buy a condominium in Las Vegas is tax breaks for Nevada residents, however some condo hotels don't allow for the required time for the owner to gain tax breaks. Call us for more info. The other point is generating cash flow from these hotel condominiums and it is not very good, but the potential buyers should consider value gained from owning a luxurious hotel suite in Las Vegas that in many cases can't be built for the selling price and future appreciations. Condo hotels at Signature at MGM Grand, Las Vegas have actually appreciated by 20%in the past year.

New or near new mid rise luxury Las Vegas condos, lofts and townhomes for sale

Inventory of luxury midrise condos in Las Vegas grew significantly after 2004 due to the success of condo projects such as Park Avenue or Manhattan condos on South Las Vegas Boulevard (Strip); however other condo projects like Boca Raton was completed too late and ran into bankruptcy. Most midrise luxury condo projects have been built before 2006 and the builder is selling excess inventory which has to compete with re-sales, including foreclosures and short sales.

These mid rise luxury condominiums easily match high-rise condominiums in terms of luxury and amenities, the HOA fees and taxes rival high rise condominiums also. A few communities offer concierge services.

Different ways to buy Las Vegas luxury and high rise condominiums

To see the high-rise condo listings search both new high rise condo database and compare the prices using search MLS for Las Vegas high-rise condominium for sale listings and sign up for VIP membership Property Watch. When a new listing is added to the Greater Las Vegas MLS, the listing will be automatically e-mailed to you. Listings for foreclosure or bank owned condo units and short sales are included in the resale MLS.

Las Vegas luxury condominiums can be purchased from the builder or as re-sales if possible please see pages about buying foreclosure homes or condos. One of the disadvantages of buying condos from Trustee Sale Auctions is that the buyer can't see the interior of the condo before bidding at the auction, however condo hotels, like units at Signature at MGM Grand or Vdara all are the same, so buying them without seeing the interior doesn't pose a problem and savings can run up to $50,000 below MLS prices.

We have provided detailed discussion of Las Vegas high rise condos in our Las Vegas real estate blog:

Las Vegas Vertical High-Rise Condominiums in relationship to transportation and location
Issues about buying Las Vegas, Nevada new high-rise and mid-rise condos part one
Buying Las Vegas, Nevada new high-rise and mid-rise condos continued
My visit to SKY Las Vegas which is a Las Vegas High-rise Condo
Concluding post of Six part blog about Allure Las Vegas High-Rise Condo Tower with the links for previous blog posts.

There are more blog posts than just the above and you can find them in Las Vegas High-Rise Condos category. Diligence is required in buying high rise condos as many are currently involved in litigation and lenders are shying away from making loans for them.

We believe that residential high rise condominiums offer good investment opportunities for those investors who look for future appreciation rather than cash flow as HOA or condo fees are high for these condos and can run as much as 50 cents per square foot per month or more. However the builders can't build these towers at current prices and no new luxury high rise condo projects will be built in Las Vegas for a long time.