Vegas is one of the greatest cities in the continental United States if you are looking for a friendly climate, a dynamic atmosphere in tune with the demands of the American public, and if you want to invest in a real estate market on an upward trend. Want to experience the best that Nevada has to offer? To be close to the VIPs and be a stone’s throw away from some of the most recognizable entertainment venues on the planet? In that case, you should search for apartments in Trump Tower Las Vegas for sale.
Are you on the lookout for something equally luxurious situated close to the Strip? Then, an apartment in Turnberry Towers should be on your radar. Why live in a high-rise tower? For starters, it’s all about convenience. Luxury high-rise condos are built next to the most important venues in the city and are ideal if you want to be close to the center of the action. Never want to miss a concert?
Want front-row access to shows and cultural attractions? In that case, you must live where Las Vegas breathes. Moreover, the central location of high-rise condos makes them prime real estate investments that are sure to bring you a significant ROI.
The amenities of high-rise buildings are impressive and are designed to meet the needs of American VIPs. From rooftop gardens to exclusive restaurants, fitness centers, spas, and conference rooms, the apartments in Turnberry Towers or Trump Tower are characterized by luxury and can be a tool by which to get closer to our country’s elite and improve your social standing. Plus, apartments in high-rise buildings can be rented out when you’re not in town, something that will bring you a considerable passive income over time.
The Financial Advantages: A Precursor to Any Decision
Vegas is continuously growing, and that means the real estate market is also on an upward trend. Are you looking to invest in a property that will bring you a significant return? In that case, you must look for an apartment in a high-rise tower. Although a property located away from the bustle and hustle of the city is a better deal if you want to start a family and get away from the stress of center city living, an apartment located on the Strip will appreciate more quickly and offer a significant ROI, especially since the building spree of new Vegas venues shows no signs of stopping.
The utilities of a high-rise condo are usually lower than the expenses of a home located in the city suburbs, and the same is the case for insurance. High-rise condos present less risk to insurers, their maintenance is straightforward and covered by the fees paid monthly, and the convenience of their location makes them prime locations for market appreciation. Although expensive, an apartment purchased for $370,000 in 2024 is likely to bring you an ROI of more than 10% if you want to sell it in 2030.
The HOA fees will probably revolve around $600, while the amount you can charge per night if you want to rent out the unit will be around $300-$350. When we remove the monthly payments to the homeowner association and consider that we will split the profit 50/50 with the management of the condo hotel, the rental profit at the end of the year for an occupancy of 80% can be over $50,000. In other words, your investment could be repaid in less than eight years, something that, no matter how you put it, it’s not a bad deal.
What Costs Should I Keep in Mind When Going for a Condo?
Above all, you should consider the total purchase price of the apartment you are interested in. Are you looking for a condo in Turnberry Towers Las Vegas for sale? Then, you can expect to pay around 380,000 dollars for a 500-square-foot apartment. Are you more interested in Turnberry Towers? If so, you will have to spend around 375,000 dollars for a unit that will be around 800 sq. ft in size. Then, you also need to consider the down payment that will be required for the purchased unit.
You can be expected to pay around 20% of the total sum of the unit before you can obtain a mortgage. Afterward, the required interest rate will depend on the conditions of the bank you work with, with a reasonable APR hovering around 3-4%. Other expenses that you need to consider are the HOA fees of the unit, which will average somewhere between $500 and $600 per month for one-bedroom apartments, and the insurance of the property, which generally should not exceed $700 annually.
Why Is the Real Estate Market in Las Vegas On the Rise?
Whether you are interested in an apartment in Turnberry Towers Las Vegas for sale or you want to purchase a home far away from the city center, one thing is for sure. More than likely, the moment you decide to sell, you will turn a profit. This is due to the significant growth of the real estate market that has been seen in Vegas over the past thirty years.
What are the reasons for this growth? For one thing, the local economy has developed significantly. Vegas is one of the wealthiest cities in North America, and the average salary has reached $1100 per week, which is in line with the national average. However, some jobs pay significantly more.
Plus, the city’s population has grown significantly in recent years, drawn by the increasing number of tourists and the accelerated urbanization of the neighborhoods. Vegas has witnessed some of the most ambitious architectural projects on the planet, and the urban trends for the next ten years are positive.
Vegas is attracting more and more investors, and although it is still best known for its profitable gambling empires, the industries present in the city are beginning to diversify. Vegas offers opportunities for personal and professional development, is a city with a dynamic workforce that can adapt to changes, and has a luxury appeal that is grounded in venues found in all corners of the metropolis.
It’s All About Demand
Most likely, going for an apartment for sale in Trump Tower will be a wise financial decision. And that’s due to the discrepancy between supply and demand that characterizes the Vegas real estate market. Although not a city with a massive population, Vegas has no less than 150,000 hotel rooms, and demand for long-term accommodation is at an all-time high.
In other words, there are not enough properties to satisfy demand, so the prices of the ones listed on the market are constantly increasing. The average price of a home sold in Vegas in December 2018 was $280,000. Now, the average cost is close to $420,000. The year-to-year growth in real estate values exceeds 10%, and that, in turn, attracts even more investors looking to take advantage of this growing market.
Is it a bubble? Will it all collapse at some point? Probably not. Unlike other cities in the western United States, Vegas is undergoing continuous economic development, which requires the creation of more housing for long-term tenants. In other words, the supply and demand issue probably won’t be solved anytime soon, so prices per unit will continue to rise. It is indeed possible that the market will slow down due to economic crises that cannot be anticipated. However, even in that case, your ROI will probably be above 20%. Investing in a condo in Vegas makes sense. And it can be a pillar of your family’s stability.
