About Palms Place condos for sale or rent in Las Vegas
Palms Place condos for sale come in two flavors, regular condo hotels are from 615-1800 square foot and penthouse units that range from 1270 to 3120 Square foot. Condo hotels come fully furnished with stainless steel appliances, full kitchen, king bed and queen pull-out sofas. They all have a minimum of 2 flat screen TVs and hardwood and marble flooring. Some penthouses condominiums have game rooms and media rooms.
Palms Place Hotel is a 59 story condo hotel tower built in 2006 with 599 units and is mostly favored by younger crowds.
Median price appreciation rate for Palms Place condos for sale since recovery of 2011
High-rise Condo hotels in Las Vegas have underperformed compared to their residential counterparts. After many foreclosure and short sales the median price of Palms Place condos dropped to $251 per square foot in 2012 and appreciated to $286 per square foot in 2013 and stayed in narrow range until it reached about $300 per square foot in 2016.Las Vegas high-rise condo market is a buyer’s market. Palms Place is the second best appreciating condo-hotel in Las Vegas and has appreciated by 15.6% since 2011.
149 condominiums sold in 2016. 111 of the studio 615 square foot sold for $145,000-238,000. Ten 636 square foot sold for $150,000-183,000. Twenty six 1220 square foot sold for $260,000-425,000 and two 2038 square foot penthouses sold for $800,000-900,000. Cheaper condo hotels sold for asking list price or with minimal discounts. More expensive units sold price were within $10k-15K of asking list price.
Palms Place condos for sale
Asking list price for Palms Place condos for sale start at just below $200,000 for 615 square foot studios and goes up to $540,000 for one bedroom units in upper floors.
Palm Place offers concierge service, a 50,000 square foot 6th floor pool with spa and cabanas, fitness center, indoor spa, limo service, dining and spa discounts, valet and room service.
Condominium fees or HOA fees:
Minimum rental period is nightly. HOA or condo fees run $552-4484 per month and are subject to change.
The Palms is located at 4381 W Flamingo Rd about 2.5 miles west of the Strip on Flamingo right next to the hotel casino.
Palms Place condos for rent:
Even though this is a condo hotel community, some owners chose to rent their own units long term. 9 condominiums were leased and five rented for one year or longer. The cheapest unit rented for $1645 per month. The most expensive Palms Pace condo for rent was a one bedroom condominium on the 28th floor that rented for $3500. The lease term is 1-3 months.
You can put your condominium in the hotel’s rental pool when you are not using it and there are no blackout dates for your use if you do this. If you use your unit a nominal fee has to be paid to the hotel.
The condo owner and the Hotel share the income from renting units. Due to Federal regulations this hotel will not divulge or guarantee future income generated by the owners.
Owners can also choose to rent their units themselves by enrolling in vacation rentals by owner sites.