[hk1999]

we are looking to buy a condo for long term investment, would like to rent out for a couple of years then use personally when we retire for vacations.
i would appreciate some suggestions as to best development to consider and reasons why.
i have been looking at - Panaroma, Allure, Turnberry and Sky.
ideal is for 1200 - 1600 ft, looking to pay upto US$300k cash.
thanks in advance for any help you can offer

[007 license to sell]

Originally Posted by hk1999

we are looking to buy a condo for long term investment, would like to rent out for a couple of years then use personally when we retire for vacations.
i would appreciate some suggestions as to best development to consider and reasons why.
i have been looking at - Panaroma, Allure, Turnberry and Sky.
ideal is for 1200 - 1600 ft, looking to pay upto US$300k cash.
thanks in advance for any help you can offer

I suggest that you come to Vegas and personally look at the different highrise properties. Each one has it's own personalities and amenities, most have the pool, gym, some have even more.

HOA's are higher than others so will need to consider how much you want to pay monthly, they can range from $.47 sq/ft up to over dollar a sq/ft. Off the Ones you listed Allure has the least expensive hoa at $.58 sq/ft that includes everything. Like:

1 Parking spot deeded per unit 24 hr valet and additional parking available
24 hr gym/pool(heated during cooler months), hot tub, TV room> conference room, computer room, wi-fi.

*All utilities are included in the HOA fees with exception of Electric. 79 channels of satellite television incl HBO and Showtime This is pretty typical in HOA's, however some have even more like Turnberry Place has the sterling club, limo service to and from the airport or to go shopping or go to the strip.

Turberry Place also has condo's that your guest can rent for $60.00 a night and they are completely furnished with everything you need. The only other highrise that offers that is One Queensridge. Plus Turnberry Place has reciprocity with other highrise properties around the US and other countries meaning you can stay in units for a low nightly fee and us the other properties amenities.

Turnberry Towers fees are lower than Turnberry Place because they don't have those things however you can purchase a sterling club membership so that you can use their indoor lap pool, gym, beauty salon, restaurant meeting rooms and limo's and much much more. Sky is the only highrise that is 75 ft from the strip it also has great amenities I suggest that you look up sky's owners blog and you can get an idea of what is going on there.

Panorama one and two are desirable due to their close proximity to the strip without being on the strip, most of the occupants in these two towers are renters, people who work on the strip it's great for professional gamblers for the easy access to the different casino's.

There are other highrise properties as well depending if you want to live closer to downtown or if you want to be near the strip or on the strip
High-rise's also have rent restrictions regarding how long a unit can be rented, this is because it helps to insure a stable building as far as different people moving in and out all the time. Some properties allow min of 1 yr some 6 month and sky allows min of 3 months.

The highrise hoa's will do a back ground check on the potential renter you will not have final say on who rents your property . This process is to protect the residents of the buildings most people who live in these properties are wealthy and some are celebrities and even if your not one of those it ensures your safety as well.

I hope this info was helpful, still you should look at these properties personally before making any decisions. You've given yourself a good start by doing your own due diligence right now. Some people will be more biased toward some units than others, and some because they happen to live in a certain property, and others because they have never lived in a highrise and can't grasp the whole idea of someone paying high hoa fees in those properties.
Also since there weren't as many highrise condo's built in Vegas the inventory is low compared to what it was even a year ago. Where as home inventory is high when you figure in the inventory that banks are sitting on and haven't released or due to the new Nevada law passed that banks have to prove they own the note before they can foreclose has temporarily slowed foreclosures and during Christmas banks stop foreclosing unit around Jan 14th.
Some highrise properties do have issues, and that is something you will find out when you go look at these properties, some are construction litigation,or hoa issues.

Some buyers don't want to own a property that has to do with having too many renters in the building v/s primary home owners which tends to make the building not be conducive to a home owner's sense of peace if you know what I mean.

For the most part highrise properties are owned by owners that use them as a second or third home or like yourself hoping to retire and live in them full time down the road some day.

Sorry I didn't mean to be so long winded the question you asked can't be answered with a yes or no or this one is better than this one.
Good luck in your search.

[hk1999]

hi 007, thanks for some insight and advise. we aim to visit sometime in march and will continue to investigate from afar.
not having visited LV before (but having read many posts) i am a little concerned about crime / safety so think it might be best to be close to strip and not near North / Downtown areas.
turnberry certainly looks interesting and will be top of our list for visit and further investigation.
will post some more specific questions later - thank again, rgds hk1999

[Swigchow]

A few other tidbits.

Not all HOA's require extensive background checks. But there are sometimes some odd requirements such as requiring a one week notice before any move in or move out, $500 moving deposit, etc.
Panorama has a limo service as well.
Parking is a challenge if you have two vehicles.
They all have definitely have different personalities ie young energetic, stodgy, showy, faux rich, etc.

Good luck.