About Platinum Condos for sale in Las Vegas
Platinum is a hotel condo (condotel) built in 2006. It is 17 stories with 256 one and two bedroom condos ranging from 739-2194 square foot. You can join the rental pool or use the unit yourself, however, there are restrictions on owner’s use at this condotel.
Owners can only use their unit a maximum of 60 days per year and you cannot stay more than 29 days consecutively due to zoning laws. Also, if you are not in the rental pool you must pay a $750 per month cleaning fee in addition to your monthly HOA fees. The split is 50/50 on rentals at this time and it can change at any time. They hold 4% of that for repairs to the unit. Owners must book their room in advance and is dependent on the availability of the unit. This hotel has one of the most restrictive rules for their owners of any of the condo hotels.
All rooms are fully furnished suites with full kitchens, 9 foot ceilings, balcony, fireplace and terraces.
Median price appreciation rate for Platinum Hotel condos for sale since recovery of 2011
3 out of 4 lowest appreciating high-rise condos for sale in Las Vegas are condo hotels, including this project. The median price of Platinum condo hotels dropped to $102 per square foot, but appreciated to $139 per square foot by 2015, before dropping to $120 per square foot in 2016. Platinum Hotel condos appreciation rate since recovery is at 14% which puts it next to last and for good reasons. We have never recommended buying at this hotel due to severe restrictions on the owners.
For more information on Las Vegas high-rise condo market see Las Vegas high-rise condos appreciation rate since recovery of 2011
Seventeen Platinum condos sold in 2016. Three 750 square foot sold for $91,980-110,000. Thirteen units ranging from 918-946 square foot sold for $91,000-125,000. One 1021 square foot sold for $143,000.
This hotel offers concierge service, indoor and outdoor pools and spa, a 4,200 square foot Well Spa with wet and dry treatments, grocery delivery, business center, fitness center, rooftop terrace, fire pits and cabanas.
Condo fees or HOA fees:
Minimum rental period is nightly. HOA fees range from $470 to more than $1520 per month and are subject to change.
Platinum is located just 2 blocks east of the Strip at 211 E Flamingo Rd. You are walking distance to the Bellagio and several other casinos.
Platinum Condo Hotel condos for rent:
There are no condos available to rent long term in Las Vegas MLS. All rentals have to be arranged through the hotel