Start with the thing almost nobody gets right: the Strip is not in the City of Las Vegas. Las Vegas Boulevard south of Sahara runs through the unincorporated townships of Winchester and Paradise, governed by Clark County. The casinos carry the city's name; the address does not carry its jurisdiction.
The housing here is vertical and it arrived in waves: Turnberry Place across the early 2000s, Panorama Towers from 2006, Turnberry Towers in 2007, The Martin in 2009, Veer in 2010, and others besides. They differ in age, outlook, amenity and monthly cost far more than a photograph suggests, and the HOA dues are quoted per square foot per month, which is the only way to compare them.
The distinction that decides your purchase is residential versus condo-hotel. A residential tower is owned and lived in like any home, with the association setting the rules on renting. A condo-hotel is wrapped around a rental programme, and that structure changes the lending: residential towers are generally warrantable and finance conventionally, while condo-hotel units typically need a much larger down payment from a portfolio lender. Work out which one a building is before you fall for a view, and read the rental rules, the reserves and any special assessment while you are at it.
The one distinction that decides everything
High-rise property along and behind the Strip divides into two kinds, and the difference is not cosmetic. A residential condominium is a home you own and live in. A condo-hotel unit sits in a building run as a hotel, usually with a rental programme attached and restrictions on how much of the year you may occupy it.
That distinction decides how you finance it. Lenders treat condo-hotel stock as a different and harder proposition, and a buyer who assumes ordinary residential terms can get a long way into a purchase before discovering otherwise. Establish which one a building is before anything else.
- Residential condominium
- Owner-occupied or long-let, conventional financing more readily available, ordinary association structure.
- Condo-hotel
- Hotel operation, rental programme, occupancy limits, and financing that is specialised and more expensive.
What the dues buy
High-rise association dues here are substantially higher than in a suburban subdivision, and they should be: they commonly cover the building envelope, the lifts, the pool deck, security, and in many buildings valet, concierge and some utilities.
Read what is included. A high figure that covers water, cooling and staffed security is not comparable to a low figure on a subdivision that covers a landscape contract.
Living next to the thing people visit
The practical realities are noise, light, traffic at event times and the fact that the neighbourhood's population changes every few days. Floor height, which way the unit faces and which building it is in change that experience enormously.
Administratively this is unincorporated Clark County, the Strip is in the Paradise and Winchester townships, so county rules govern licensing and short-term rental, and county rules on the latter are strict and have been tightened.
Buying in The Strip: what to check
- Establish residential versus condo-hotel before you do anything else, and get your lender's position on that specific building in writing.
- Read what the dues include. A high-rise figure covering utilities and staff is not comparable to a subdivision's.
- Ask for the association's reserve study and recent minutes. In a tower the building envelope is the big-ticket item.
- Visit the actual unit at night and at a weekend. Floor, aspect and building change the noise picture completely.
- If short-term letting is any part of the plan, get the county position and the building's own rules before you commit.
- Ask what parking the unit includes, whether it is deeded, and what valet arrangements apply.
Selling in The Strip: what moves the number
- State plainly whether the building is residential or condo-hotel. It is the first question a serious buyer asks and the one that wastes everyone's time when it is answered late.
- Publish the dues with a list of what they cover.
- Say the floor, the aspect and what the view is of.
- Be specific about parking: deeded, assigned or valet.
- Price against the building's own recent sales. Towers here differ from each other more than suburbs do.
What buyers ask about The Strip
Is the Strip in the City of Las Vegas?
No. Las Vegas Boulevard south of Sahara runs through Winchester and Paradise, which are unincorporated Clark County townships. It is the most famous address in the state and it is county-governed.
What is the difference between a residential condo and a condo-hotel?
A residential condo is a home you own and live in, with the association setting any rules on renting. A condo-hotel is built around a rental programme, and that structure changes how lenders see it. Residential towers are generally warrantable and finance conventionally, while condo-hotel units usually need a much larger down payment from a specialist lender. Settle which one you are buying first; it decides the rest.
Can I rent my unit out short-term?
It depends entirely on the building, and the answer is in the declaration and the house rules. Some buildings set a minimum lease, some restrict renting in the first year of ownership, and the county has its own rules as well. Read all of it before you sign.
