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Whats it like living in a Skyscraper here?

Discussion in 'Living in Sin (City that is)' started by LV_Member, Dec 1, 2015.

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  1. LV_Member

    LV_Member Tourist

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    So there are a few skyscrapers here where people can live in and I want to know if anyone here has/is living in one? What is your experience?
     
  2. Bgoll279

    Bgoll279 Tourist

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    I really hope you get some replies to this. I strongly considered buying a condo in the Vdara a few years ago. I would love to hear from somebody who bought there or Mandarin, Veer, Cosmo.
     
  3. tominiowa

    tominiowa High-Roller

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    tto rich for me, that maintanence fee never ends, if money was no object it would be neat though, hope we have one owner among us
     
  4. bubbakitty

    bubbakitty native Texan; born and bred.

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    We must concur with tominiowa as while the project was being built you could go on line and look at floor plans, prospective views, prices and some semblance of monthly maintenance fees. The ones we saw were more than what our house payment was at the time (just the fees). It became a fanciful project from that moment forward although it was never a true reality in retrospect.
    I would be interested in what the minimal down payment was expected and monthly payments which followed. Good question though.
     
    1st Super Bowl DT...Panthers / Browns no doubt
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  5. pebbles

    pebbles VIP Whale

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    The HOA fees put us off buying. Far too much money for what you would be getting.
     
    First trip of 2017.
  6. nostresshere

    nostresshere Mr. Anti Debit Card

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    those monthly fees for any sort of condo/high rise/etc are usually the bear. They can just keep raising and raising and raising. Hence some condos are on the market for $1. Just take over the freakin payments.
     
  7. UTE

    UTE Plastics

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    Timeshares - yes. Condos - no.
     
  8. UTE

    UTE Plastics

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    My wife and I bought a condo on The Strip 5 years ago. We spend time between it and our other home in Salt Lake City. We have other properties - but do not consider them homes.

    You'll probably need to be more specific with questions. In my opinion, residing on The Strip is pretty much like people think it would be. It's not for everyone - but it fits our lifestyle.

    There are others on this board (and allied boards) who also have high-rise condos. Most of them are gun-shy about bringing it up as they usually take hits for it. Me - I don't care. Fire away. What I won't do is identify which building I'm in or reveal details that would enable someone to find me.

    Bill
     
  9. 44inarow

    44inarow VIP Whale

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    If you're looking for Vegas-specific info, I can't be of much help, but we live in a high-rise condo here in New York that's very similar to the full-service buildings in and around the Strip (Veer, Panorama, the Martin, etc.).
     
  10. broncofn

    broncofn VIP Whale

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    Paper poster might be of help on this with fees etc since he lives on the strip.
     
  11. UTE

    UTE Plastics

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    HOA fees are per square foot. They run (approximately) from $.56 to $1.40 per month per square foot.

    So, fees for a studio (800 sq ft) are substantially different than fees for a 5,000 sq ft penthouse. It's a reasonable progressive system.

    Where the high rise condos on The Strip differ is in what's included in those fees. Some charge utilities (i.e., electric, cable, water) and Concierge/valet services. Then, you can get into things like cabanas and extra parking/storage. So, when you look at fees, you really need to look at what's included and what is not.

    Bill
     
    Last edited: Dec 2, 2015
  12. paperposter

    paperposter VIP Whale

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    its like living in a hotel, you pay a hoa fee deppening on your floor and size of apt,

    my bulding gives free cable and internet

    no parking fees or anything else
    non charge for poool or cabanas



    free limo or driver included standard for the few strip properties.

    no differnt than living in a top of a line apartment in nyc but a hell of alot cheaper. definatly not as good as nyc .

    we get free breakfast on weekends

    free nite club nite mixers and other crap.

    its okay


    there are only a few buildings on the strip but the have very stupid rules also most are empty as people use them for tax evasion so getting stuff changed is impossible.

    freee gym

    i just pay electric and hoa thats all

    feel free to ask any other questions like whats the best building were the hookers , stripers and pornstars rent , were the poker players rent .
     
  13. tominiowa

    tominiowa High-Roller

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    I would be curious what condo's cost approx per square feet and the difference between 3rd floor and 30th floor. Does HOA stay the same irregardless
    how high up you are or just determined by sq feet or the value of the condo?

    I guess what is the cost for some total.

    Are most condo's allowed to rented or is that frowned on?

    has anyone bought one while being buildt and has this been a good investment the last 5-10 years? Has it recovered like houses has?
    Could you have bought one 4 years ago and make a decent profit selling it today?

    Generallities is all I want, Thanks for sharing
     
  14. UTE

    UTE Plastics

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    Keep in mind we're painting with a broad brush here. There are multiple high-rise condos. So, unless there's a question about a specific one, we're discussing fees, costs, processes in general.

    HOA fees are primarily based on square footage. There are exceptions but, again, that's getting into specific buildings.

    Cost per square foot? That's all over the map. It depends on the condo location (building), the floor and the frontage. Entry level units at Allure (North Strip) are as low as $200 sq ft. High end units at Veer (South Strip) run over $1000 sq ft.

    The higher you go, the more it costs. A unit on the 30th level can be 2 to 3 times more than one on the 3rd level. And, there's the issue of frontage or exposure. The units with Strip views command the highest prices. At my building, full Strip views cost about 30% more.

    Most buildings allow rentals. However, they are tightly controlled and each transaction must be approved by the HOA. Most buildings require a minimal 1-year lease duration. And, renters must go through background checks. In my building, renters are under heavy scrutiny. Most of the ones kicked out were noisy (typically with guests) and, in general, would rack up several rule infractions. Most of the buildings levy heavy fines for violating the rules.

    In general the high-rise condo market has not fully recovered. The original owners in my building saw half their value disappear in the recession. Currently, they're up to 3/4 of the original market values. My wife and I bought our condo (cash sale) from the original owner for 1/2 what they paid for it. It came fully furnished - and with bedding, accessories (plasma TV's, sound systems) and art. It's averaging $50,000 appreciation per year.

    Now, keep in mind most owners of these types of condos can take the financial hits. The vast majority of these units sold (and still sell) for cash. And, many new owners then sink a lot of money into their units with customizations. Some of the owners I know have showcase condos in several cities. One guy in my building owns ten.

    The first thing you'd notice walking into these high-rise condos is how peaceful and quiet it is. Like many of the other buildings, mine only has about 10% to 20% of residents staying there at any one time. There's always plenty of room in the gym, pool, hot tub, etc. The "regulars" like my wife and I are around enough that we know all the staff and many of the other regulars. These are no places to raise kids - and it shows. There are no children in my building. If I see children in the pool on weekends or holidays, they're visiting as guests.

    Surprisingly, most of the buildings allow pets. There are strict size/number limits. My building requires pets to be brought up to the units on designated elevators. Some buildings have nice "dog parks" with baggies and pick up tools provided. If a dog is a barker or gets into it with other dogs - they're out.

    Bill
     
  15. hammie

    hammie VIP Whale

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    I have the Zillow app on my iPad and for laughs and giggles I was checking out some of the prices and photos for the Turnberry next to the Riviera. There is a 2 bed 3 bath, 2050 sq.ft. Unit for $465k and the hoa fee is $990 per month. 6th floor with a full frontal view of the Fontenbleu wall. Last sold for $360k in 2014 and it was the fourth time it was sold since 2001, not counting one foreclosure.

    I get freaked out with the potential for unknown maintenence issues of these high rise buildings. There is a mid rise development in one of the Jersey Shore towns that had three special assessments due to the drivit stucco cracking off. It was about $60,000 per unit over three years.
     
  16. paperposter

    paperposter VIP Whale

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    you can rent , usualy 1 year minium except for 1 place they will let u do vrbo i woudnt move there

    yes the higher floor , better view more hoa fees


    if you bought in the depression you could have a profit now as condo worth 500k were worth 200k and went to short sale or bankrupcy


    vdara isnt a condo anymore

    veer is basicaly owned by 2 hedge funds they each own around 300 units

    panorama took the biggest hit when the market crashed, the martin is the building worth the most except the veer but the veer is emopty right now

    trump did so bad he had to sell most off his hotel rooms as time shares i belive to wynday and never built the other tower


    turnburny is off strip nice has the largest apts for the money but just to far down and off the strip, i looked there and have friends there.
     
    Last edited: Dec 3, 2015
  17. 44inarow

    44inarow VIP Whale

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    Building management is definitely a thing to look into before buying. And there are lots of other considerations, but the biggest is how the building is managed. In our NYC condo, for example, we haven't had any special assessments in years, despite them completely redoing the roof and the HVAC system, and adding a residents' lounge, because the building was responsible about its mortgage, did a good job managing its retail units on the ground floor, and most importantly, didn't dramatically lower maintenance just because we were having a good year. Getting hit with major special assessments like that is generally the result of something like not having proper insurance on your house; you might save money in the short term, but when a tree falls in your front yard, you're in some trouble.
     
  18. paperposter

    paperposter VIP Whale

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    unlike nyc were i was an owner that hasnt been an issue in the good apts in vegas by the strip.
    i know what your talking about.

    the overhead is less here way less than nyc, also no live in supper or 24 hour matanince , its run deferntly. they biggest thing i dont trust is the value of realeasta at least in nyc it goes up in vegas its like rusian rullette , my apt in nyc quadrupplied in value , then i sold
     
  19. UTE

    UTE Plastics

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    Those are some good points made above about financial matters.

    HOA's must turn over their financials to prospective buyers - it's part of the disclosure process. If you're concerned about special assessments, what you want to look for is a healthy Emergency and/or Reserve Fund. The building I selected to buy a unit in ended up having the largest such "contingency" fund of all the high-rise condos. Now, that wasn't my primary concern when deciding where to buy - but it sure did help make the decision.

    Bill
     
  20. paperposter

    paperposter VIP Whale

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    thats why you get a good lawyer to go over the books.make sure you building is solvent.

    but as i said if your looking on the strip there are only around 6 condo buildings so your limited and there all the same u just have to find the one u like.

    thats what i did.
     
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