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Originally Posted by PaulyJames200x
I think any young guy with no wife or kids would definitely prefer the high rise life style. I mean years ago, those poker cribs showed like antonio esfandiari and andrew robl living in these high rises and i recall robl said like, if i dont want to play online, i just go downstairs or next door to play live poker at bellagio etc. Now if you are an online player, that would seem like the perfect place to live if you could afford it.
Also i believe Jean Robert Bellande still lives in a high rise right? Recalled watching a very old cribs and then a new crib and he still living in a high rise condo.
If HOA was zero, wouldn't it make sense almost everyone would want to live there? Someone I recall mentioned HOA fees was to keep away the ppl they don't want... like those that aren't bothered by the money with the HOA fees to live there. The big issue is these HOA are getting close to rent prices or above it etc. In that youtube video, the guy mentioned he knew a guy who had a 10k monthly HOA and didn't care since he was obviously very wealthy. But i mean for ppl who aren't wealthy but want to live in a place like that, I'm curious how many ppl actually do that. Like I remember even Jeff Gross did a vlog a while back in vegas and showed his place a bit and you could tell it was a high rise condo with how it looks. And Tony Dunst not long ago vlogged and you see its definitely a high rise.
I'm pretty sure Esfandiari and Robl were in the Panorama or Martin (they are next to each other) and Bellande was in the Mandarin (now Waldorf Astoria). According to Redfin.com HOA fees at Panorama for roughly 1,100 sq ft is about $800 per month. For the Waldorf a similar sized condo of 1,100 sq ft will set you back about $1,500 per month in HOA fees.
Yes, HOA fees are getting close to rent, in part to discourage renting out units in Luxury Buildings.
I'm guessing some reasons to live in High Rise Luxury Building is because you split your time between several locations and the convenience of having maintenance taking care of as well as security are worth the expense.
There are for sure a LOT of downsides to Luxury High Rises and HOA's in general. Owning a home has it's own unique challenges as well, like regular maintenance.
PaulyJames, I agree that the luxury high rises are probably better suited to single folks or couples with no kids who like to travel a lot and want to be near "the action".