Buying, selling, or renting Las Vegas high-rise condos in 2021
If you are serious about buying Las Vegas high-rise condos for sale or investing or selling a unit, we have all of the essential information to help you succeed here. Please scroll past the listings to see all of them.
- About high-rise condo towers
- Searching Las Vegas high-rise condos for sale listings
- Searching Las Vegas high-rise condos for rent listings
- Interactive towers map
- High-rise condo market
- Investing in Las Vegas high-rise condominiums
- Selling Las Vegas high-rise condos
- Difference between residential towers and condo-hotels
- HOA or condo fees, minimum rental periods, and amenities
About Las Vegas high-rise towers
Regency Towers at the Country Club was the first tower built in 1974. The next tower (Park Tower) was built in 2000 with other towers following until 2008 and nothing since then.
Many of these towers were finished during the Great Recession of 2008-2011 and failed to sell units at the time. So the builders completed the units themselves (not using the most upgraded materials) and rented them, which is ongoing in some towers. Given the age of these units, many are outdated and, at the minimum, need new flooring and countertops. So flippers buy condominiums that require a remodel, remodel it and sell it for a profit.
We have a dedicated page for each tower with an overview of the building, condo pricing, price appreciations, if any, amenities, HOA fees, and the minimum rental period, and investing in that tower that is unique to our site.
Searching Las Vegas high-rise condos for sale listings
Unlike Zillow or Redfin, our MLS search is a direct feed from our MLS and is updated daily. No under-contract or sold units will be shown here, and you can register and track your favorite listings.
Las Vegas high-rise condos for sale are priced from about $150,000 for the cheapest condo-hotels to multi-million-dollar penthouse suits. Please click on the tower name in the drop-down menu below the search widget by clicking the (more option) search for a specific condo tower. However, we have to use the MLS feed to show listings, and a few projects like Manhattan and Park Avenue (4-5stories) were later moved into and should be searched in the regular condo category.
Searching Las Vegas high-rise condos for rent listings
Searching Las Vegas high-rise condos for rent listings is not as easy as above. When searching for high-rise rental listings, you have to know the project's formal name in the MLS, which is sometimes different than the tower name. Additionally, some towers have had a name change. To find a rental in your favorite building, please see below.
Waldorf Astoria: Resort Condo at Luxury Building
The Martin: Panorama Tower Phase III
The Ogden: Streamline Tower
Please click the link to see the interactive Las Vegas high-rise condo map. Locations can be divided into four categories.
Strip Adjacent Projects: A short walk away from the Strip and include. Allure, Sky Las Vegas, Signature at MGM Grand Towers, Platinum Hotel, and MGM City Center's Waldorf Astoria, Veer Towers, and Vdara.
Near Strip projects: A long walk or a short drive to the Strip. Panorama Towers, The Martin, Park Towers, Regency Towers, Turnberry Place, Turnberry Towers, Trump Tower, Palms Place, and Metropolis
Downtown Las Vegas: Juhl, Newport Lofts, The Ogden, and Soho Lofts
Other areas: One Las Vegas and One Queensridge Place
High-rise condo market
Las Vega's high-rise condo market is unlike the housing market due to the lower sales and higher prices. Our Realtor Association publishes a housing market report every month to be used by Realtors and news organizations. But they don't issue a high-rise market report, so most Realtors are unfamiliar with it. Even worse, some think that since home prices are up, so should be vertical units.
We dedicate a lot of time researching the market and publish a report a couple of times a year or as necessary. In this report, we discuss the whole market. However, Towers don't appreciate uniformly. Thus this report is helpful in a limited way. So, on each tower's page, we discuss if unit prices are going up or not, especially after COVID-19 hit our town in March 2020.
Selling Las Vegas high-rise condos
Unfamiliarity with the market results in putting the wrong price on a unit. Either the buyer may pay too much. Or if it is for sale, it may languish on the market for too long. See, how unrealistic initial list-price can doom high-rise listings. A real-time example compares correctly priced Las Vegas high-rise condos for sale to high-priced units that either expire or sell with a serious lowball offer after months on the market. And this happens a lot for this sector.
The most critical factor in selling Las Vegas high-rise condos is correct pricing which most Realtors fail due to unfamiliarity with the market. Thus in most cases, they put an unrealistic initial asking price that repels willing and able buyers. Since sellers only have about a month to get the highest offer, units that have languished on the market for months at the time have little chance of selling for a reasonable price, let alone the highest price. We have seen many condominiums selling with a horrific lowball offer after a long time on the market because the seller becomes dispirited after a long time.
The second issue is listing pictures. Pictures sell Las Vegas high-rise condos for sale listings, and we become dumbfounded that some listings with a price of over half a million dollars lack any interior photos. Doesn't the listing agent think that a listing that can make him $12,000- $15,000 in commission deserve a few interior pictures. This example is one of many, a $550,000 listing at Sky Las Vegas without any interior pictures.
The third issue is some listing agents requiring a proof of funds just for the privilege of seeing their listing. Asking for proof of funds from cash buyers at the offer time is customary, not for visiting a listing. Why would a prospective buyer give a listing agent their private info just for seeing a listing?
Any combination of putting an unrealistic price on a unit, no or few interior pictures taken by an amateur, or asking for proof of funds before making an offer is malpractice leading to a failed listing.
We always hire a professional photographer to take pictures of our listings. We are an authority on the market and would never ask for proof of funds to show our listings. If you want to sell your unit, call us at 702-478-7800.
Investing in Las Vegas high-rise condo for sale
We spent a month analyzing cash flow from renting Las Vegas high-rise condos, and the first conclusion was that investors don't have much of an idea about managing their units. So we have published a page about investing in Las Vegas high-rise condos that would provide some guidance.
In calculating rental income for investment properties video, we have explained how we arrive at a reasonable cash flow estimate that we call cash on cash return on the investment. We will repeat the formula here.
Estimated net rental income = (Monthly rent) – (HOA fee + property tax +landlord insurance) – (repairs + vacancy + 8% property management fee)
Cash flow from renting condominiums depends on how a unit is rented
Units can be rented in three ways
1: Furnished or unfurnished with a one year or more lease
2: Furnished or unfurnished with a six-month lease
3: Short term lease, furnished or unfurnished
Less expensive condominiums provide better cash flow, and furnished condominiums rent for more than unfurnished ones. However, due to differing minimum rental cycles, vacancy rates, HOA fees, and rental rates, cash flow from all towers is not the same. Please contact us at 702-478-7800 for information on your favorite units.
Difference between residential towers and condo-hotels
We can divide towers into two categories, residential and condo-hotels. We discuss their differences in the Las Vegas residential high-rise and condo-hotels differences. The difference is how long the unit can be rented and how the revenue is divided. Condo-hotels have appreciated far less than residential towers, and the COVID-19 has hit a few harder than any other real estate sector.
Investors can rent condo hotels in two ways.
1: The owner can enroll it in the hotel rental program. After a unit is rented, it goes back to the end of the queue and waits for its turn.
2: The owner rents the condominium by advertising in a site like VRBO and takes the responsibility for cleaning the unit. The minimum rental period is one month, and owners have to get a special business license to rent their unit on a nightly or weekly basis.
HOA or condo fees, minimum rental period and amenities
The HOA fees or condo fees vary significantly among towers. You can find the HOA fee for each building on its page.
The minimum rental cycle is from a one-year lease at Allure Condo to six months in most towers. Some towers like Sky Las Vegas allow a three-month rental cycle.
All towers have an exercise room pool and spa, but some are smaller and less equipped than others discussed on each tower's page.