About Las Vegas luxury condos for sale or rent
Las Vegas luxury condos for sale are one of the main reasons for a stagnant high-rise condo market because they offer comparable amenities with much lower HOA or condo fees.
If your idea of luxury condos is very large units with highly upgraded flooring, kitchen with a center aisle and large terraces, only a few communities qualify.
However, beauty is in the eye of the beholder and many think of units with upgraded flooring and bath, granite countertops and attached garages with full amenities as luxury. The Valley is peppered with condo projects that satisfy the above criteria, some with a mix of highly upgraded and less upgraded units. Please find an overview of the 22 more prominent condo communities in the side bar.
Las Vegas luxury condo market
As we have repeatedly stated in Las Vegas real estate market updates, the record low inventory of condos for sale listings have led to quickly appreciating prices. In the first four months of 2017, the median prices of condominiums has appreciated by 11%.
Even though expensive units do not appreciate as much as cheaper condominiums there is a definite increase in the interest in these and prices will be up by the end of the year.
Even though these condo projects offer full amenities, HOA fees or condo fees vary from $175-$875 per month. Condominium owners only have to maintain the interior of the unit and the home owner’s association is responsible for everything else.
Las Vegas luxury condos for rent
Even though the minimum rental period for Las Vegas luxury condos for rent is six months, a few allow shorter periods. However, there are many furnished short-term rental listings in the MLS in violation of the HOA rules.
Even though these rent for much higher than unfurnished units that rent long term, we doubt that they generate much more income due to vacancies.