Grading Las Vegas high rise condos based on location and transportation
Las Vegas high rise condos for sale are divided into two categories
Las Vegas residential high rise condominiums
Las Vegas condo hotels
Some of these luxury high rise condo towers are built on or close to Las Vegas Strip and some are OFF Strip properties. I will try to provide you 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.
Las Vegas high rise condos on Las Vegas Strip
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.
If the location of the high-rise is 100% on the Las Vegas strip, add 20 points.
If the location of the Las Vegas high-rise condos 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!
If you want to buy or sell Las Vegas high rise condos please give us a call 702-478-7800