Appraising Vegas High-Rise Condos 101

Appraising Vegas High-Rise Condos 101

Appraisers take care to consider comparable sales in the sales approach of their appraisal reports that were sold with cash or cash equivalent terms. Sales with atypical, non-cash terms must be adjusted.

While appraising real estate is not the most glamorous jobs in Las Vegas, there are some perks. One of them is getting to see many of the new high-rise condominiums, at times even before the buildings are opened to the general public. Here are some quick tips for making comparisons like an appraiser:

1. Of course you compare location, location is an important consideration in all real estate appraisals. Central Las Vegas Strip locations are always better than off-Strip locations.

2. Compare the quality of construction, some buildings, like Trump Tower, are finished to the same high quality standards that the best casinos achieve. In fact, the lobby of Trump Tower could confuse you into thinking that you are in one of the top casinos in town. Many condos have first class finishes and come completely furnished while others have exposed interior pipes and are sold in "gray shell" condition with little or no finish.

3. It is obvious, even to non-appraisers, that there is value associated with a Las Vegas Strip view and the better the view the greater the premium that individuals are willing to pay for it. Penthouse condominiums have the best views and there is no one living above you, you are at the "top of the world," so to speak, and you will pay for that privilege. So comparing the relative location of a condo within the building is important.

4. You need to know if a project a condominium project or a hotel-condominium project. Hotel-condos generally include units that are rented out to the public like hotel rooms, and that difference can change the character of a unit in that as a condo-hotel unit it has more income potential. Comparing condos to hotel-condos is not an "apples to apples" comparison.

5. Consider the amenities associated with the condo. Is there a roof top pool, spa, exercise area, restaurants, private covered parking, valet, business center and private library? The list of amenities can be long, and some features add value.

Of course there is a lot more to appraising high-rise condos and condo-hotel units than that, but the list gives you some starter criteria.

Among some of the most recently completed high-rise projects is Allure, which is located just west of the Las Vegas Strip on Sahara Avenue. Allure is a 41-story building and it has 15 floor plans. Some of the other recent offerings include; Streamline Tower (Downtown), Sky Las Vegas (Strip), Newport Lofts (Downtown) and Boca Raton (South Strip).

I have found that the best accumulation of Las Vegas high-rise building and condominium information and related links is available at the Vegas Today And Tomorrow Internet site at (http://www.vegastodayandtomorrow.com). Since it's not a broker owned site, you can cruise it without a lot of pop-ups and invasions of your privacy. The site also includes some of the best Las Vegas maps available anywhere.

Of course there is much more to it than that, but these items give you a starting point, and let you focus on some of the most important factors affecting value.

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.