Las Vegas, Nevada Real Estate Agent’s Las Vegas Homes, Condos, Land, Commercial Real Estate and Personal Blog

I have decided to add Las Vegas High-Rise pages to my Las Vegas Real Estate web site within the next month. In order to provide real information to my customers I will try to provide them with a grading system for Las Vegas high-rise condominiums. The grading system is as follows:

Las Vegas is definitely not New York, Paris, London or Tokyo when it comes to transportation, so a prospective high-rise investor should be even more critical of the high-rise location when purchasing in Las Vegas. A subway system or complex mass transportation system is available in these other popular high-rise locations, where it is very easy and economical to get around. The only type of transportation available in Las Vegas outside of walking, cars and busses is a three mile monorail system. However, this system is often packed with the ever-growing need for an even larger mass transportation system.

The most powerful location in Las Vegas, Las Vegas Boulevard which is better known as “The Strip”, makes up only 3 lineal miles of the city. Located in these 3 miles are some of the largest hotels and gaming attractions in the world, offering a unique opportunity for a great return on an investment. It is my opinion, and it is only an educated guess, that one of the biggest mistakes one can make is paying 15% to 30% less per square foot for properties located off of the Las Vegas strip.

For example: If buyer A has a one million dollar budget to purchase a Las Vegas high-rise condominium, buyer A would have a much higher investment potential in a property located on the Las Vegas strip with 1000 square feet priced at one million, rather than a property located off of the Las Vegas strip with 1,200 square feet priced at one million.

The high-rise condominium located on the Las Vegas strip could have a much higher probability of increased return. The number one rule in a real estate transaction is that you make money when you buy real estate at the right time and location, not when you sell. Developing a point system to designate the top investment properties is the key to your high-rise condominium choice, so look for my numerical ratings below to see where I have given you an opportunity to make a return on your investment.

Location:

•             If the location of the high-rise is 100% on the Las Vegas strip, add 20 points.

•             If the location of the high-rise condominium is connected to the monorail by way of a major casino add 20 points.

•             If the location of the high-rise condominium is located within a mile walking distance on the Las Vegas strip to a major shopping center add 20 points.

•             If your high-rise condominium is located on the property of a major casino or hotel and the hotel allows you to sublet your property to potential guests through their system, add 20 points.

•             If your high-rise condominium is located within one walking mile on the Las Vegas strip from dining and entertainment add 10 points.

•             If the property has an unobstructed view of the Las Vegas strip add 10 points

*Maximum location points =100

The Numerical point system for the actual high-rise condominium building:

•             The most important feature is the building itself and its structural integrity for sound and material, between the floors and the walls there should be at least a 55 SPC rating (Structural Performance Rating). If the building has at least a 55 SPC give it 10 points and for every 5 more SPC’S add on 5 points.

•             An important factor in a high-rise condominium is the number of elevators per living unit. The ideal number is 75 to 100 units per elevator. Give 10 points if your high-rise condominium has at least 1 elevator per 100 units.

•             The elevator speed should not be less than 700 feet per minute. If the elevator is at least 700 feet per minute give it 10 points.

•             Management of the high-rise is extremely important to its investment potential. Does your vertical high-rise condominium have a HOA (Home Owners Association) or management staff that is open 7 days a week and at least eight hours a day?

•             If the property has this management in place or has contracted for this future management the property should be given 20 points.

*Please note: This numerical system assumes that all high-rise condominium developments will have the following amenities: pool, spa, fitness, concierge service, valet, etc.

Maximum building points = 50+

The higher your score the greater the return!