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Old 09-29-2010, 08:42 AM
 
Location: Parma, ohio
40 posts, read 113,367 times
Reputation: 25

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As retirement and relocation gets closer, I have found that the high and mid rise communities are growing in the Las Vegas area, any comments on any of the buildings, we think we should look to buy a unit instead of a single family home? Has anyone moved into any of these communities, or the downtown ones? Any information would be helpful, we are trying to find a honest, caring real estate agent who can walk us through the maze of buildings, hoa and rates! Any one use a particular agent that was really good, helpful, honest and sincere. I hope that someone takes the time to answer this post, not just read and ignore.
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Old 09-30-2010, 01:15 PM
 
Location: North Las Vegas
1,631 posts, read 3,939,706 times
Reputation: 768
Quote:
Originally Posted by granny-nanny48 View Post
As retirement and relocation gets closer, I have found that the high and mid rise communities are growing in the Las Vegas area, any comments on any of the buildings, we think we should look to buy a unit instead of a single family home? Has anyone moved into any of these communities, or the downtown ones? Any information would be helpful, we are trying to find a honest, caring real estate agent who can walk us through the maze of buildings, hoa and rates! Any one use a particular agent that was really good, helpful, honest and sincere. I hope that someone takes the time to answer this post, not just read and ignore.
When you purchase a highrise property you are purchasing a life style which means you will pay more for an hoa than a single family home. HOA's in highrise properties can run from 42 cents a foot to $1.25 a foot and more depending on the project.

The highrise properties aren't being built any highrise projects or major midrise properties that were scheduled to be built and didn't get built 3 yrs ago will not be built most of the ones had been canceled. In fact analyst predict it could be 10 yrs or more if highrise property were to be built. Due to the 61% depreciation it is cost prohibitive to build a highrise project and try to sell them at today's prices.
There isn't allot of upper end mid-rise's and the ones that are available some have some issues that as a buyer you may or may not care about.
The clients that I have sold, that live in highrise condo's absolutely love them.They love the whole idea of lock and leave, they don't mind paying the high hoa fees because of the amenities they get, 24 hr concierge, valet, pool, gym, meeting rooms, in some cases limo service to and from the strip and airport. Plus security in a highrise is considered the best.
That is another reason for the higher hoa fee's. The cost to have security camera's and security is big part of the budget. Also there is an insurance policy that is included in the hoa for the common area's, you still have to get your own insurance for your unit.
The HOA also maintains the building pools, gym, exterior windows, garage,elevators ect.
Location is as important when purchasing a highrise property as it is a single family home. Most highrise owners want to live near the strip there is only one highrise property that is in suburbia and that is One Queensridge in Summerlin Which the HOA fee's run from 1791 a month and up depending on the size of the unit.

Also in a highrise the higher the floor the unit is the best location for the value. It also means a higher price, some buyers don't like the higher floors for personal preference they don't like heights and the price's are usually lower. Studios' are the cheapest purchase as well and a 3 bedroom will run the most.

Also you need to know what amenities are important to you because if you want to have limo service that properties hoa will be quit large. Highrise properties are primarily owned as vacation homes there are some residents that live year round but for the most part the buildings are not full at any one time except holidays for the most part.

There are some projects that are having issues regarding their hoa's that's both highrise and midrise, there are some projects that there is litigation and a buyer will not get a clean title.

I hope this is helpful
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Old 09-30-2010, 01:42 PM
 
399 posts, read 1,022,789 times
Reputation: 76
Quote:
Originally Posted by granny-nanny48 View Post
As retirement and relocation gets closer, I have found that the high and mid rise communities are growing in the Las Vegas area, any comments on any of the buildings, we think we should look to buy a unit instead of a single family home? Has anyone moved into any of these communities, or the downtown ones? Any information would be helpful, we are trying to find a honest, caring real estate agent who can walk us through the maze of buildings, hoa and rates! Any one use a particular agent that was really good, helpful, honest and sincere. I hope that someone takes the time to answer this post, not just read and ignore.
You can look at this video for ideas:

http://www.hulu.com/watch/57196/house-hunters-las-vegas-condo (broken link)
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