In 2012 the MGM Signature condo hotel had 155 sales recorded on the Las Vegas Multiple Listing Service. As you can see from the graph below individual sales had quite a bit of variance from the average $317 per square foot, and there was no clear upwards trend.
Below are the records of every sale in 2012. If you would like some further information how values vary based on the views they have and the floor they are on please let me know.
Hi, Philip -- the condo hotel is an interesting niche. I had once looked into the condo units at the Grand Sierra in Reno.
I guess the basic analysis is comparing the cash flow off the rental income vs. the maintenance fees and seeing if the math works. What do you think of this property?
have a great year, eric
Hi Eric. I don't like the condo hotel business model. The rental pool generates fee income for the operator and eats away at the returns of the owner, but some buyers like the convenience factor. The MGM Signature units are very plush and I can see why people want to own a piece of them and be able to use them when they want.
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