Las Vegas Condotel Sales in Full Swing
Who knew that you’d have trouble finding a Las Vegas hotel room on a weekday in June? But that was exactly the case recently, when an Oracle Corporation convention booked up half of the luxury hotels on the strip and vacationers took care of much of the other half.
Most Las Vegas visitors expect to have a little trouble finding a room on the strip for a weekend visit, and indeed you’ll pay a little extra for the privilege of staying over a Saturday night. But a weekday in 100 degree temperatures?
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Enter the Condotel developers, who still see ample interest by Las Vegas real estate investors, as well as a need for strip hotel rooms for visitors. The marriage of the two makes condotels an interesting proposition for Las Vegas condo buyers.
Owners get to use their unit and all the quality “hotel-like” amenities whenever they come in town, but can rely on the property management company to rent it out just like any hotel room when it is empty. In the eyes of the vacationer or convention goer, the Condotel looks just like a full service hotel with more space and kitchens.
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Though the idea is just catching on in Las Vegas, The Residences at MGM Grand is already open for business, with 2 of 3 towers sold out and completed. And another property one block off the strip, The Platinum, is also completed and has sold most of its units as well. Vdara is a condotel set for construction in the megalopolis known as City Center, which is also owned by MGM Mirage.
Las Vegas seems well suited for the condotel market given the robust convention business as well as a seemingly endless supply of weekend vacationers.
However, as in any real estate purchase, buyers need to consider price and look carefully at rental income history and property management policies and budgets.
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