1. You arent paying a $2k hoa on a $200k condo. You are paying that on a $750k+ condo.

2. Great. You dont want to live in a highrise. Fantastic. Some people do. Forntunately nobody is forcing you to buy one. But people who live in houses dont have shitty neighbors? LOL.

Well if you play poker, I could see how living in a high rise would be ideal and make sense. I mean if poker was like how it was back then with online poker... then it would be like the ultimate place to live... since you have best of both worlds... would you agree?


What do you mean by most don't live here or spend any time there by choice? I assume you mean they keep it because they use it as an address for tax purposes?


I can't imagine any live players living in a high rise playing live poker unless they are playing live 5/10nl and up right? Can't imagine a 2/5 crusher even living there right?
I remember andrew neeme when he vlogs a while back, you see his balcony and the view he has... it definitely seems to look like a high rise right? But brad owens... i could tell from his old vlogs, he certainly doesn't live in a high rise.


Im asking about this because I was curious how much were the monthly fees one had to pay. Such as HOA... and what other fees and approximately how much that would be. Like i would be curious if anyone here lives or lived at palms, veer or any of those high rises like say within the last year or so... and could detail how much was their total monthly nut for living there... not including their mortgage... like okay $600 HOA Fee... but how much is insurance and taxes.. such as the total amount is what im would be curious of.


But also, how much would it cost to rent from an owner if say someone wanted to rent a small studio in one of these places for short term... say 3 months. Because if say someone was willing to rent it out for 1500 a month... and say minimum 3 months... wouldn't it make sense for someone to rent that as oppose to rent those extended stay places that are monthly but still charge $1300/month or so? Now if someone was able to rent a small studio in these places from the owner for 1500/month, they would have to pay the electricity bill or not? Or would this price probably be more like 1800/month at least?

parison, you mentioned $350/monthly HOA fees but what are your yearly property taxes that you have to pay a year?



Also, surely some ppl in this forum live in one of these high rises right? Im curious how much is the total amount they are paying a month... not including the mortgage. Like surely someone here paid everything in cash for it and just pay HOA and property taxes only? Like the one that is 552 dollars HOA for a studio at palms, how much is it total when you factor everything like property taxes and insurance?

Its like $600 a year property tax. I pay $25/month for Condo insurance that pretty much covers everything that the HOA doesn't cover.

You can look up the high rises and see exactly how much property tax they pay on sites like Redfin or Zillow.

https://www.redfin.com/NV/Las-Vegas/.../home/29793695

Example here, scroll down to sale history and click the tax history.

Property taxes are roughly 0.75%

The average in Clark County is 0.70% and 0.69% for Nevada.
https://smartasset.com/taxes/nevada-...20of%201.08%25.

i've lived in vegas high rises for 15 years and own a couple condos I rent out

here's my monthly breakdown

insurance: $74/month
property tax: $428.84/month
hoa: $1,058/month
water/trash: $0 (covered by hoa)
electricity: $47/month

1652 square feet (hoa is determined by sq ft), 2 bed 2 bath, the martin

No mortgage, but because it's hard to get a loan for these type of places. The 2% APR's or whatever won't cover high rise condos. All my quotes were in the 6-7% range with perfect credit. It's mostly because they're appraised far lower than what they sell for.

Is it worth it? Probably not, but I do like it and I can afford it so why not.

Pros: Gym close by, I've never heard any neighbors (and I've lived in 4 different high rises), easy access to the strip, easy parking, if something breaks they'll fix it (e.g., my ceiling was leaking once from an empty unit above me and they replaced my entire ceiling - this alone would have cost at least a years HOA fees. I've also had other condos where they replaced the roof under the HOA agreements. See what they cover first.).

Cons: Blowing 1k/month for just using a gym and building security isn't really a smart idea long term. I'm fortunate to be in a place where financially I'm okay so I don't mind it. If you're family person, etc. I'd just rent instead. Most of the rent prices are reasonable.

Tips if you're interested in buying one:

Do not buy at a place that allows air bnb. If you want to see what a disaster it is google "the ogden vegas air bnb". Vegas is not a place where you want airbnb guest coming and going everyday. Another negative is that most banks won't approve a loan for a place that has it and you'll be out the fees for applying.

I have had a lot of success renting condos at "Monterey at the Las Vegas Country Club". During the housing recession I was able to pick those up for 20-30k and they rent for ~$1200/month. It's apartment style but mostly old people and single people who work on the strip. Its actually a reasonably affordable place with a do-able HOA ($330/month or so).

Always check the HOA rules and balance sheets. Most of them are in good financial shape now, but with the economy who knows.

Don't do anything on the strip (Veer, Vdara, Sky). You might think living on the strip is great, it isn't. Traffic is horrible. Noise is insane no matter where you're at. Most only have valet parking which you think hey valet is awesome. Until you want to go somewhere and need to wait for your car. Or people expect a tip every time you make a trip. Then you take 20 minutes to even get off the strip. It's really not worth it.

Avoid condo hotels (MGM, Platinum, Vdara, Palms). They sell you on the idea that you can put your condo in the rental pool! They take a huge cut and if you're lucky you can cover the HOA fee for the month. Other negatives are they may have rules on decorating. I lived at the Vdara for a long time (5 years) and I was unable to change anything even though I owned the place. Same shitty desk, TV, etc. the entire time. I didn't care too much at first but then when my TV was an old blocky "flat" screen that took a minute to turn on and was 720p and I couldn't replace it I moved on. I'm not big on decorating and that, but there is something to making a place "yours". Coming back to a cold hotel room every night was kind of depressing after a while even tho it was a 400k hotel room with a $700/month HOA. Pros for condo hotels? Room service. Expensive but nice. And Vdara had a cleaning service as part of my HOA fee. They cleaned my place once a week.

Also forgot to mention before you buy check out the water pressure. A bunch of the high rises in Vegas have tons of issues with water. They were poorly built and it's a really hard issue to fix. Water in general is a problem in Vegas, but the pipes they used struggle to bring it up to the higher floors. And if multiple people are using water at once there's not enough to go around.

Luckily where I live doesn't have this issue but I lived in one place near the Wynn (don't want to get sued, but google around there find the place and google their name + water pressure issues) and it was a constant nightmare that I was lucky to dump on someone else.

Thanks for posting this. Was very informative

Thanks for that very long detailed writeup on this. But how is your property tax this high a month? When checking those sites, I don't recall anything like this. I did see like $1800/year though which would be like $150/month and I thought it doesn't ever get more than $200/month. So the HOA is around $1060/month... which is like rent prices already... insurance doesn't seem that expensive a month... electricity... well you have to pay that no matter what.



But this unit you need to have like $400k plus cash to pay for the entire unit. So pay that much cash... then expect to pay around $1600/month for HOA/Property Taxes a month total? All I hear from others was HOA but how is the property tax so high? That is insane as that is more than a 1 bedroom apartment in majority of places. Veer, vdara sky... most can't self park in those places? That is insane that you need to valet car each time and pay them each time if true.



I always thought the best part of these places was the security since you obviously have to check in before they allow to let you in. I'm guessing if a guest is coming over, you need to come down and pick them up at the front gate? Or they just call you and you say okay? What if you have a bunch of friends over? I'm guessing they won't like that right if you have guests over quite a bit?



The condos you talk about... MGM etc.. you can't decorate it etc. I never heard of this. So you are stuck with the TV on the wall and the desk... but you could of course put in a new tv and desk... its just you aren't allowed to remove those things from it? Are these desks like bolted to the ground or something where you can't move it to somewhere else in the condo? Couldn't you still put a TV there though or you didn't bother because the best place to put the TV is already in the spot where the older TV is located? So if you buy a studio high rise, then you basically are completely limited in space then since well yours is already a 2bd2br?



Also, if you are on the strip, you basically still need a vehicle to do grocery shopping right?



If someone would like to live in those high rise condos for short term, say 3 months... or 6 months or even a year... which would you recommend? I'm guessing a studio would probably still be at least like $1650/month short term in one of the not popular high rises if someone was doing a airbnb on it right? And it would be 2k/month probably if it was like veer, vdara? Then again, I recalled not long ago, i saw MGM Signature is like 2k/month short term.

Good reads/posts.

There used to be an "Rsigley" that played fighting games in the early 2000s. Guess that's not you based on your screen name.

I really hope this is not a level because people have spent significant time to provide you with quality answers.

In 2020 no single or two person household in a US metro needs a car for groceries. You can get everything you need delivered and if you want to do the shopping in person, just Uber there.

Living there short term is basically like staying in a hotel. I‘ve done that at MGM Signature and the only difference is that your room gets cleaned once a week instead of daily.

For everything up to 3 month think of it in terms of a discount over the regular hotel room rate.

Oddly enough, if you search OPs SN, he is fluent in hyrogliphics and images confirm needing info on high rise living in Las Vegas.

You're unfamiliar with this poster. He is basically a question bot, it got so bad we had to create a containment thread for him in my forum years ago. Read his user notes, you'll see some things never change.

Don’t see how paying an hoa to have a valet on call around the clock is not a major leak

Doorman even more so

Pretty sure this is JRB's condo based on his high stakes living episode. At $2500/month in HOA dues thats pretty damn steep. I remember on high stakes poker he said they were building a house and with a 3MM+ price tag I would assume he's gotta be scrambling to unload this. Design looks funky to me. That curved white wall looks like an IKEA display to me.


https://lasvegashighrisecondoliving....vegas_nv_89158



https://www.youtube.com/watch?v=U8qTQ7qJ_gk

I recall that JRB episode. So this guy already paid off that condo right? So he owns that condo? But still need to pay 2500/month in hoa fees every month? That just seems ridiculous.



What locations in vegas doesn't have these ridiculous hoa fees? I assume they are off strip right? Someone mentioned the las vegas country club and said their HOA isn't more than a few hundred only which is obviously very reasonable.



Didn't Daniel Negreanu mention he lives in Summerlin as well? When he streamed, you could see he lives in a big house and its obviously a gated community. He obviously paid off for the entire house but how much in HOA fees is someone like him paying?

High rise condos have absurdly high HOA up to $1.25/sqft per month. Regular houses cap out around $500/mo in the most expensive areas. Most gated HOA are $100-350/mo

Nobody can tell you that without knowing the specific community. I'm still not convinced you really understand the concept of HOA fees.

For example, a gated community doesn't necessarily come with 24 hour security. That's a relevant factor for HOA fees. Same for a door man or the equivalent of it. What's the pool situation? If every house has their own pool, there's obviously no charge for community pools included in the HOA fees. But that's still significantly cheaper than what you pay for maintaining your own pool if you want to use one. Similar deal with gym, recreational areas and landscaping.

Some communities include sewage and garbage fees in the HOA fees others doesn't. You pay for that no matter if they are included or not.

You know this how? Maybe he's renting.

It's public record. Not sure if it's paid off, though.

There is no way Daniel Negreanu hasn't paid off his entire house. I mean his house probably is worth a few million dollars and everyone knows he is worth at least 10 million dollars.


But would most agree high rise condos are much more secure... security wise then gated communities though?


But the big issue is those HOAs. I mean if you are paying rent prices or close to it... while already paid like 250k+ for that condo... that seems pretty ridiculous. Anyone here currently live in a high rise or previously live in one can comment on this?

Your net worth has zero to do with that though. You pay off the house if it makes sense financially. If it doesn’t, you keep using the money for something else.

What are you afraid of exactly? Burglary, robbery, kidnapping?

Let them give you a detailed list of what’s included in the HOA fees. Then decide if it’s worth to you or not. If you’re not interested in pool and gym, maybe don’t move somewhere with a fancy spa area because you pay for that. Especially indoor pools are expensive. If you don’t want to pay for a nice garden that requires a full time gardener, move into a community that doesn’t have one.

Check if stuff like sewage and garbage is included in HOA fees. If it is, look up how much you would have to pay for that if it wasn’t included.

It's not that somebody is skimming a profit off the top of your HOA fees. In Nevada, all HOAs must register as corporations, and apparently most choose to register as non-profits.

If you decide to place an offer on a unit in an HOA, you are entitled to receive a copy of the resale package from the agent. This will include the HOA's bylaws and financial statements, and you will be able to see for yourself where the money is going, and what liabilities the HOA has. Whatever you do, do not waive your right to see this package.

As a close to life-long condo owner (not in Nevada), my own experience is that the bulk of the monthly fees cover employee salaries. You depend on reliable and qualified people to manage and maintain common areas, services, and facilities, and they need to be paid. In a high-rise, cooling, lighting, maintaining and servicing lobby, elevators, and hallways costs more than just keeping the roadway in front of your house paved and drained.

If your HOA skimps on these expenses, as a consequence the state of your property will decline, and the resale value will drop.

So most people here agree that buying a high rise condo in vegas is probably not a good idea then because of HOA right? But its only if you do it on the strip?


So what about something like meridian condos which seem to be more like a mid rise?