Category Archive : Investing

LAS VEGAS, NV – Spring is here, and if March figures are any indication, the upcoming months leading into the summer season are sure to continue the upward trend of availability – or lack thereof – of homes in the Las Vegas real estate market.

Southern Nevada’s supply of available homes has been shrinking for months now, going hand-in-hand with a steady increase in prices as options continue to dry up for prospective homeowners in the region. According to recently-released statistics, approximately 11,000 single-family homes were available on the market at the tail-end of March 2017, which represents a decrease of 17 percent over the same point in 2016. Meanwhile, sales of available homes on the market have increased nine percent this past March compared to 12 months ago, resulting in a highly-competitive marketplace for both buyers and sellers, with homes on the average selling at the fastest rate since official tracking begun in 2010.

A community experiencing growth always represents an attractive prospect for people looking for a fresh start, hence the recent influx of transplants from other areas of the country and the subsequent reduction in the amount of housing options for them as dwellings are gobbled up. As an example of how fast homes are selling in the region, your average single-family dwelling would typically go under contract in 60 days one year ago; today, that number has gone down to 49 days and continues to shrink.

As with a growth in demand comes growth in prices; the median price of a single-family home sold in the Las Vegas area has jumped up 7.5 percent in March 2017 from one year ago, with the average price clocking in at approximately $273,000.

According to real estate professionals, there’s plenty of buyers out there, but fewer and fewer homes to accommodate them; this, reports indicate, are a result of economic improvements in Nevada as a whole and Las Vegas in particular, with new businesses, attractions and even sporting teams (in the form of the Oakland Raiders NFL team) setting up shop in the area, and with them are coming jobs for local area residents.

However, with Vegas’ growing reputation as a real estate market on the rise come complications as well, with homeowners looking to sell believing they are sitting on a gold mine and demanding top dollar for their property; experts report that if prices were lowered closer to an accurate fair-market value – as opposed to prices inflated by speculative market growth and a recent spike in demand – that sales would be even more brisk. But as a territory hit especially hard by the real estate bubble burst several years ago, sellers looking to cash in on a market that is finally booming is just a reality that cannot be denied.

Another factor that is eating into the total number of homes available to buyers in the Las Vegas area are due to investors that purchased a large number of homes, only to turn around and offer them as rental-only properties to tourists and vacationers; as of March 2017, few of those investors are looking to sell those homes, which again drives up demand for the remaining properties on the market.

Overall, however, March 2017 has continued the trend of a shrinking real estate market and demand (and, as a result, prices) for property in Southern Nevada with no signs of things slowly down.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – If the numbers aren’t enough to convince you that Las Vegas, Nevada is a fast rising hotbed of real estate activity – last month’s median home price moved up 10 percent to $242,000 from the same period in March of 2016, and five years ago that number was a mere $123,000 – Hollywood has also taken note.

HGTV’s Flip of Flop, one of reality television’s hottest programs, is offering its very first spin-off with a Las Vegas-centric theme; entitled Flip or Flop Vegas and starring local residents Bristol and Aubrey Marunde, its very existence displays a firm belief in the high activity of the Southern Nevada real estate market by HGTV studio executives, as typically they are loathe to sign off on a show that concentrates on a single region unless they feel they have a certified hit on their hands.

Flip or Flop is a television series airing on HGTV hosted by real estate agents and real-life husband and wife Tarek and Christina El Moussa. First airing in 2013, the show, which chronicles the activities of the two as they “flip” homes; in other words, they buy distressed properties and renovate them while a camera crew captures the process from beginning to end. The popularity of the show is readily apparent by the fact that, to date, it has filmed 86 episodes through 8 seasons. As is the case with successful television, eventually talk of a spin-off came to bear, and on April 6, 2017, Flip or Flop Vegas premiered on HGTV starring Bristol Marunde, a Vegas-based real estate expert and designer, and her husband Bristol, a designer, contractor, and former Mixed Martial Artist who has competed in the UFC and Strikeforce.

Flip or Flop Vegas takes the same premise as its progenitor; the Marundes are featured in each weekly episode dealing with the trials and tribulations of flipping homes in Las Vegas; the real estate market in the Vegas area is ripe for such a show, with the current demand for housing options far outstripping supply, a state of affairs that is causing prices to continuously make gains. Indeed, Las Vegas is fast becoming a seller’s market, and each week viewers can tune in to HGTV and see it all for themselves.

Producers from HGTV first became aware of the exploits of Bristol and Aubrey Marunde when they discovered videos clips on the couple’s Instagram account of their Vegas home flipping achievements; it wasn’t long before the Marundes were contacted and eventually signed to a contract for a 13-episode season Flip or Flop spin-off focusing exclusively on the Las Vegas market, and if ratings are any indication, HGTV has yet another certified hit on their hands.

As for the advantages of flipping homes in the Las Vegas area, Aubrey Marunde recently said in an interview that the high, high demand for homes in Southern Nevada in general lends itself to a much more intensive flipping experience than in the rest of the United States, both in terms of the need for speed when it comes to identifying and buying prospective properties as well as the amount of time it takes to actually sell a home once you’ve finished renovating it (hint: in Las Vegas, they go fast).

“Vegas is a very, very fast-paced market. There are so many opportunities and they present themselves daily. You have to be ready to jump on them, because if you don’t, somebody else is going to,” she said. “So our fast-paced market here is much different than other places around the country and I think that people watching are going to see that. Our properties sell in hours, rather than days or months here. That’s very unique to the show.”

Flip or Flop Vegas currently airs on HGTV on Thursdays at 9 p.m.

Considering relocating in or around the Las Vegas area? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NEVADA – For the third time in 35 years, the Oakland Raiders have decided to pack their bags and move to greener pastures; this time, calling Las Vegas, Nevada home, possibly within the next two years or less, and the arrival of the popular National Football League team – an addition to a brand-new 65,000 seat state-of-the-art stadium for them to call home – is bound to have a distinct impact upon the Southern Nevada area.

In late January 2016, billionaire Sheldon Adelson, president and CEO of the Las Vegas Sands Corporation, proposed a new domed stadium in Las Vegas to potentially house the University of Nevada, Las Vegas football team and a possible NFL team. Adelson contacted Raiders management for a potential partnership with the team in regards to the new stadium, and in April 2016, Raiders owner Mark Davis met with the Southern Nevada Tourism Infrastructure Committee.

Adelson – along with Goldman Sachs, the project’s backup investor – later pulled out of the deal, but the gap was filled by Bank of America; Nevada’s legislature also approved a $750 million public subsidy (via a 0.88 percent increase in hotel occupancy taxes) for the stadium in October 2016, and the Raiders themselves will invest $500 million of their own money in the project. Overall, the stadium has a $1.9 billion price tag, which includes a $100-million practice facility.

The Oakland Raiders were founded on January 30, 1960, as a member of the American Football League; they are currently members of the National Football League, which merged with the AFL in 1970. Over the years, the Raiders’ fortunes on the gridiron have flip-flopped regularly, going through losing streaks but becoming dominant within the league as well, culminating in an easy 1980 victory over the Philadelphia Eagles in Super Bowl XV. At the end of the NFL’s 2015 season, the Raiders boasted a lifetime regular-season record of 444 wins, 397 losses, and 11 ties; their lifetime playoff record currently stands at 25 wins and 18 losses.

The Raiders have courted much controversy over their seemingly nomadic tendencies; in 1982 the team relocated to Los Angeles (while still retaining the ‘Oakland’ moniker), and would remain there until 1995, at which time they returned to Oakland. On March 27, 2017, NFL team owners voted nearly unanimously to approve the Raiders’ application to relocate from Oakland to Las Vegas, Nevada, in a 31-to-1 vote. The Raiders will remain in Oakland through 2018 – and possibly 2019 – and relocate to Las Vegas in either 2019 or 2020.

The stadium and the prestige of having their very own NFL team on-hand is part of state government’s goal of solidifying the very backbone of Las Vegas’ lucrative tourism industry, according to a statement released by Governor Brian Sandoval.

We have before us the opportunity to invest in Nevada’s most foundational industry, tourism, by providing for the infrastructure and public safety needs of the 21st century,” he said. “We can and must usher in a new era for tourism in the Las Vegas market, while keeping our citizens and visitors safe, and ensuring our position as the global leader in entertainment and hospitality.

The stadium is anticipated to provide a boost to the local economy, which is expected to create a ripple effect that will be felt throughout many of Las Vegas’ many industries- including real estate. Jobs and local wages are both expected to receive a boost; in addition, the amount of tourism to the area is sure to increase as not only will the stadium be host to the Raiders, but also the University of Nevada – Las Vegas football team as well, attracting professional and collegiate football fans of all ages.

All of this will translate into a significant amount of fresh revenue being pumped into the Vegas economy, and in any market experiencing employment and wage prosperity, it’s attractiveness as a place to live is sure to increase as well. This is anticipated to result in an increase in home and apartment prices in the area, where quality housing options are already shrinking and are priced at a premium. More than ever – fueled by the arrival of the Oakland Raiders and a brand-new football stadium – Las Vegas will become a seller’s market within the next few years.

However, all the details have not been set in stone yet; terms for a 30-year lease with the Las Vegas Stadium Authority still to have terms ironed out, and property upon which to actually build the stadium still needs to be secured; one proposed 63-acre site is located near McCarran International Airport. However, these are considered to be minor issues with all parties committed to making Las Vegas the new home of the Oakland Raiders a reality.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – Local real estate continued its slow but steady climb upwards during the month of February, with prospective homeowners buying more properties – at higher prices – in a busy marketplace where fierce competition is resulting in steadily dwindling options.

The advances made in the real estate market of Las Vegas are especially apparent when you look at how far it has progressed within the context of a year ago; in Southern Nevada, single-family dwellings have gone up nearly nine percent since February 2016, with the average home currently going for approximately $240,000. 2,249 single-family homes were sold in the Southern Nevada area in February, an increase of 6.5 percent from one year ago.

Likewise, the demand for home loans and mortgages have seen an uptick in activity recently as well; last year in the Las Vegas area, 36,130 home-purchase loans were taken out, which is an 8.5 percent increase over 2015. In fact, the home lending market in the Southern Nevada area has seen continued growth for the past three years and running.

Of course, with the increasing demand also comes increasing prices; that rings true for just about any commerce field, of course. In February of 2012, the average price of a single-family home in the Las Vegas area was about $121,000; fast-forward to 2017, and that same home will set back a buyer $240,000 – a whopping 100% increase. Home prices have consistently increased year-by-year in the area, with the same home in 2015 costing $205,000, $220,350 in 2016, and so on. After enduring a series of peaks and valleys, the real estate marketplace has stabilized and has begun to rise once again.

Furthermore, and comparatively speaking, home prices in Las Vegas are among those that are rising more than elsewhere throughout much of the United States. Whereas the national median single-family home price in February 2017 was $195,300 – a 7.2 percent bump from the same time one year ago – the same home in Las Vegas was fetching $216,400; this represents an increase of 9.8 percent, 2.6 percent higher than the national average.

The reason why more buyers are taking the plunge and committing to buying homes in recent years is simple; a steady population increase in the region, coupled with a slowly-but-surely growing economy and a job market that has boasted regular improvement, has given consumers – many who have been putting off starting families until they were in a position to be able to afford a home – the confidence to finally plunk down the dough on a dwelling of their very own. In addition, the price of the average home in the state of Nevada is still lower overall than many other neighboring states, including cities in California.

However, while the steadily-growing demand for real estate in the region is clearly there, the options to satisfy that demand are starting to shrink; by the end of February, 10,725 single-family homes were on the market, up slightly from the month before but representing a 17.5 decrease from the year-to-year average. Clearly, the rise in demand has caused the available housing resources to decrease in size, and this should go hand-in-hand with continued price increases going forward into the near future.

As you can see, after a long period of dormancy nationwide, the real estate market is slowly transforming back into a seller’s market rather than a buyer’s market, and there’s nowhere this is more readily apparent than in Las Vegas. If you are considering purchasing a home in the Southern Nevada region, it’s best to start weighing your options sooner than later – and if you need help, that’s exactly what we’re here for; contact us today.

Considering Southern Nevada as a potential for investment? Las Vegas real estate is one of the most common targets for real estate investors as of late. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Designing a large luxury home can be challenging. High net worth buyers will look for the newest styles and have the knowledge to spot out any flaws or imperfections. My luxury 12,000 sqft. remodel at 586 Lairmont Place Henderson NV 89012 required much time and attention during the design phase. I decided to hire a professional designer, Jared Lebo with Lebo design, he is also a licensed architect.  Below are the top recent trends we decided to follow.

1. Large Formal Dining Rooms

In the past, almost every home was equipped with a formal dining room and as time went on dining rooms were replaced or reduced with larger kitchens, home offices or media rooms.  Most luxury homes do not have dining rooms to entertain a party of 12 or more. We choose to turn a bedroom/game room into a large formal dining room, large enough to support a party of 25-30.

2. Mismatched Cabinets

All white is becoming a new trend for kitchens. Why not be bold and add a dark wood accent in your island and risers above your stove. My designer chose mostly white kitchen cabinets, the off color accents will offer a break to the eye.

3. Bold Powder Rooms

Since every powder room is relatively small, it makes sense to spend a little extra money to make a statement. A custom mirror, tile wall coverings and granite that looks like artwork can accomplish the look you want.

4. Built-In or Stand-Alone Bath Tubs?

Stand-alone bath tubs are certainly in style but their practicability is in question. We went with a stand-alone tub in a guest bedroom but chose to use a built-in tub for the master bathroom. Built in tubs have jets, heat and enough space around it to safely get in and out, and put items like soap, a phone or tv remote etc.

5. Technology

We couldn’t afford to  shy away from the ever-increasing technological innovations. Today’s buyers want it all when it comes to technology, and the builders that cater to this tech-trend are the ones who stay at the top of the real estate market.

We chose to install a fully automated Vantage lighting, Crestron audio and video system. With a touch of a button on your iPhone or iPad docking station, you can now control lights, climate, audio, and control your alarm system all from a single point in the home or other side of the country. These are the built-in features that today’s luxury home buyers are looking for.

There are plenty of places in Las Vegas, Nevada to buy stone for counter-tops but none in my opinion offer a better array of memorable stone choices than Marble Express, located at 3925 W. Sunset Rd., Las Vegas, NV.

Our luxury re-model of 586 Lairmont Place Henderson, NV 89012 has progressed to the point at which it was time to select the stone for our cabinetry and vanities. I see the same unremarkable granites for sale at all the usual outlets, and it is such a pleasure to walk into the Marble Express showroom. All the colorful and unique stone choices available makes one feel  like they are in an art gallery rather than a stone and tile store.

Quartz

A man-made product that feels like granite but can be produced in almost any color. It is very popular for the modern trend that is sweeping higher end residential design.

Granite

A hard, natural stone marked by a very grainy appearance.

Marble

A natural stone, metamorphosed limestone that has shiny, crystalline appearance.

Limestone

Natural stone, sedimentary rock.

Onyx (hot trend!)

A beautiful stone noted for its chaotic banding patterns. It is also translucent and a terrific choice for back-lighting.

For our kitchen cabinetry, we are going with modern looking white quartz with subtle gray bands. The vanities are a selection of both quartz, granite and marble. The show piece in a dining room is a wall mounted 4-8 foot backlit onyx. The fiery oranges and yellows bring the room alive. We expect to complete the home in early August 2016.

During the remodel phase of our luxury investment home at 586 Lairmont Place, Henderson NV in MacDonald Highlands community, a decision will be needed in regards to the level of drywall finishing. 

The 5 levels of drywall are:

• Drywall is hung
• Tape covered with mud
• Screws covered with thin coat of mud
• Cover screws again with mud, sand surface
• Small skim coat, sand and prime
• Skim entire surface, sand and prime, laser level

The average production home with course texture will use a level 3 or 4 finish.  For our 11,700 sqft luxury home, we chose to use a level 5 smooth finish because the type of buyer for this home will expect the best.

Obviously, the price goes up as your finish level goes up due to the high level of preparation. Level 5 requires the installer to level every surface with a laser to insure there are no imperfections.  Some areas of exception are behind cabinets and walls that tile will be applied. The highest level of attention will be large walls and especially the ceilings as the light reflects and rakes across highlighting any imperfections which are very evident to the eye.

Every project is different and requires a finish to best suit the look and budget of the home remodel. We have chosen level 5 finish because our project calls for it.

A reflective ceiling plan is what the floor plan should look like if the viewer were holding a mirror and looking down onto it.  Basically, every component on the ceiling needs to be drawn before construction, items such as venting, lighting, fire safety and soffits.  Since our investment project in MacDonald Highlands already built with a certificate of occupancy, some of our components were already in place.  Our designer Jared Lebo, also a licensed architect, provided a full set of reflective ceiling plans to outline the following:

Drop Ceilings/Soffits:

Each room was designed with respect to the entire home so that the look of the ceilings will be fluid throughout.  We incorporated some LED tape lighting to accent the soffits in the dining room, grand salon, lounge, master bedroom, master bath and executive office.  The light is inserted into a slot as to give a hidden look.  Another feature we incorporated into 3 rooms (kitchen, grand salon and dining room) is a wood grain panel to be inserted in between the soffits, in the center.  The bedrooms and movie theaters have standard drop soffits.

Lighting:

The home was fitted entirely with 6 inch recessed lighting with some 2 and 3 inch accent lights throughout.  We decided with guidance from our designer, to change out almost all of the 6 inch fixtures and install 4 inch recessed lights.  The bathrooms are fitted with 1 inch pin lights.  There are several art walls that have 3 inch amiable accent lighting.  A few areas have track lighting, such as the master closets and the kitchen.  I have discussed in a previous article titled “Choosing a Low Voltage Package” full details of our total home automated lighting and audio.  Basically, all of the lights in the home can be controlled by two Ipads located in the kitchen and master bedroom, remotely by phone, or by any switch throughout the home.

Fire Safety:

An extremely important aspect of our ceiling plan is fire safety.  This portion is drawn and work completed by Nationwide Fire, a company that specializes in fire safety.  Strategically placed sprinklers and smoke detectors which were present when the home was purchased need to be properly inspected and in some cases replaced.  The city of Henderson strictly enforces fire safety codes and requires that all structures over 5000 square feet be fitted with a sprinkler system.

With the proper reflective ceiling plans, we have ensured our investment home at 586 Lairmont Place will be properly lighted, designed with modern drop ceilings and most importantly, a safe environment.

While searching for appliances to use in my luxury investment home kitchen, I came across many good options. Ideally, your entire kitchen appliance set is manufactured by the same company, but this can be difficult due to the strengths and weaknesses offered by each.  Below, in my opinion are the top 5 luxury appliance brands that I considered using:

5. Viking

Viking is a US company that has been manufacturing ranges since 1987.  In the 90s and early 2000s, Viking ranges where present in most high end kitchens due to their stellar marketing.  Viking started making refrigerators in the late 90s, an area in which they do not stand out.  Their core product and strength is the range/stove, in which they continue to release new technology and a great looking product.  They are at #5 due to their bad reputation with service issues.

4.  Thermador

Thermador, another US company, has been in business since 1916.  They invented the first wall oven and cooktop in 1947, and introduced stainless steel into home appliances.  Most affordable on this list with an attractive line makes Thermador a great choice.  They have had poor reviews based on lack of customer service.

3. Gaggenau

Gaggenau is a German company founded in 1681.  They specialize in cutting edge built and designed home appliances.  Gaggenau was the first on this list to come out with the convection oven.  Style and sophistication coupled with a 7 year warranty make Gaggenau a great choice.

2. Miele

Miele, another German company founded in 1899, has many milestones in the industry including the world’s first dishwasher with a cutlery tray in 1987.  Their quality is second to none, and their sleek design is perfect for the buyer that wants a “European look”.

1.  Sub-Zero & Wolf

Leading the US market in sales, this family owned Wisconsin company set the standard in home refrigeration.   Sub-Zero & Wolf, synonymous with excellence, luxury and quality, offer some of the best ranges/stoves and refrigerators on the market.

Choices for my kitchen:

I considered Gaggenau or Miele but ultimately went with Sub-Zero & Wolf.  The price difference wasn’t much, and considering the fact this home will be on the market soon, I needed to make sure my kitchen appealed to a large audience.

• Refrigerator: Sub-Zero 72 inch combo 36/36 side by side stainless steel refrigerator and freezer.
• Rangetop: Wolf 48 inch 6 burner with griddle.
• Oven: Wolf double 30 inch wall mounted.
• Warming drawer: Wolf 30 inch.
• Cooling Drawer: Sub-Zero 24 inch double drawer.
• Dishwashers: 2 Askos built-in.
• Microwave: Wolf built-in.
• Ice maker: Sub-Zero 15 inch panel ready.

I had to post this video of the tough work one of our sub-contractors had to go through on this project. The more we looked at the exterior of this home, we hated it. MacDonald Highlands located in Henderson Nevada, just outside of Las Vegas likes to encourage the use of stone on home exteriors but this one looked as if someone just threw some tile on the sides of the house just to make the HOA happy, but the tile choice and placement was terrible and actually detracted from the appearance of the home. We bit the bullet and ordered the tile removed so we could stucco and repaint the entire exterior.

Trade persons work very hard but this work went above and beyond. Imagine running a 15 Lb power chisel above your shoulders on a vertical wall for 6 hours a day over two weeks. I know this home will look so much better once the exterior is changed but wow, what a job. Cutting the checks to pay for it is no fun either, and we sure would have preferred not to do it, but tough choices are the norm on a rehab.

If you need a real estate brokerage that offers services to landlords or property owners. If you have rehabbed your property and want to hire a company that will do its best to preserve your property while leased or it’s time to sell, please call Shelter Realty at 702-376-7379

National home values have risen and your investment properties probably gained values too. The Internal Revenue Code Section 1031 gives investors the ability to defer capital gain tax when you exchange business-use or investment property for another business-use or investment property.

There are many ways of exchange. For example, sell a vacation rental home in Hawaii and buy three investment properties in Las Vegas to generate more stable and higher income, sell an old apartment building which always needs repairs and buy a Triple Net Leased commercial property, sell a farm land in California and buy a hotel-condo in Florida. It can be exchanged for personal properties too.

Flipped properties don’t qualify, but if a property listed for rent for a few months without finding a tenant then changed it for sale, can qualify, as well as vacant land which didn’t generate any income. (Per Certified Exchange Specialist, Carmine at First American Exchange)

There are two deadlines for successful 1031 Exchange;

1. Replacement properties must be identified within 45 day.
2. The exchange must be completed by the earlier of 180 days from the date of the first relinquished property closing.

For fully deferred exchange, replacement properties must be greater or equal value of the relinquished properties, and all proceeds from the sale of the relinquished properties must be reinvested.

It’s important to select a Qualified Intermediary with financial backing of $1,000,000 Fidelity Bond and $250,000 Errors & Omissions Bond. Nevada is one of nine states which enacted the QI law.

The Las Vegas Condo-hotel Concept Pt. II

As with any potential real estate investment, a buyer should cautiously examine contractual details, make observations, and examine facts before deciding on whether or not a Las Vegas Condo-Hotel is in line with your goals and lifestyle.

• The location of your prospective purchase should be in a desirable area. Although the condo home itself may be a well designed and luxurious unit, location is an important factor in desirability and will most certainly reflect upon the ultimate appreciation of the property.
• Is the unit located in a structure built specifically as a luxury hi-rise, or has the building been converted from a standard hotel or apartment complex into condo units?
• When was the structure built? Some older condo conversion buildings may have smaller floor plans, less desirable locations and fewer amenities, but are usually much less expensive.
• Good management and a developer of excellent reputation is a most important factor in value appreciation of the investment.
• The units themselves increase in desirability if they have spacious, well-designed floor plans, high ceilings, sizeable balconies, impressive views, top quality appliances, granite counter tops, and marble vanities.
• What amenities are available? Among the most desirable features are: a state-of-the-art security system, secured parking, 24-hour front desk, concierge services, work-out room, swimming pool (or pools,) lighted tennis court, on premises maintenance crew, card room, library, clubhouse or meeting room. Nicely landscaped grounds add to eye appeal.

Owner/management agreements generally include the following specifications:

• Amount of net (after deductions) rental revenue shared by condo owner and the management
• Condo-hotel owner responsibilities for insurance, real estate taxes, capital improvements, debt service, etc.
• Management responsibilities, including maintenance, housekeeping, administrative, front office, marketing, other operational expenses, etc.
• Rental program agreement specifying number of days annually that the unit will be available for rental purposes and notice requirements, and contingency procedures

Although it is, of course, not a requirement of purchase to rent a condo-hotel a number of times per year, or rent it at all.  Renting the unit, however, not only defrays owner costs but is profitable as well. In fact, that convenience is the primary reason, of course, that these kinds of units are purchased in the first place.

However, some come-and-go condo hotel owners may eventually decide to stay permanently. In that case, the rental agreement with management would be canceled.

In fact, a condo hotel purchase should be considered similar to investing in a second or vacation home, but with an added part-time rental feature, and hassle-free, with no maintenance or grounds keeping chores to come home to.

Feel free to give us a call at 702.376.0088 with any questions about the Las Vegas High Rise Condo market.