4381 W. Flamingo Rd.
Association Fee 1: $552- $1647
Association Fee Includes: Concierge, Electric, Elevator Service, Ground Maintenance, Security (Could include Gated/Guard Gated/Roving), Sewer, Utilities, Water
Palms Place Information
Palms Place Luxury Condominium Hotel Tower is also a Hotel Condominium. The tower is 47 Floors of residences with elegant, well-maintained common areas. There are 599 furnished units that you can own with management, security, and maintenance on staff.
Ownership at Palms Place means that you can live there, use it for a vacation home, and you also have the option to rent it out when you are not in residence. You can rent it yourself or they can rent it for you. Renting your condominium should make it a “rental property” so check with your accountant.
Construction started on this tower in 2006 and was completed in 2008 to a very excited response. Right about this time the financial market was drying up and some pre-purchased units did not close. That was when Palms Place became a Hotel Condominium.
Becoming a Hotel Condominium opened up ownership possibilities for investors to realize the higher “per night” rates compared to monthly rental rates. Palms Place is one of six Las Vegas high-rises to allow short-term rentals.
In April of 2022, prices for the 615 square foot condos for sale at Palms Place range from $250K-350K. The 250K unit is on the 11th floor and pictures don’t show the view (must not be good). The 350K unit has a Strip view on the 26th floor. For $300K, the same sized condo with a non-Strip view is on the 51st floor. Today there are no larger residences for sale.
Who owns the Palms Hotel and Casino?
In 2018 Station Casinos bought the Palms from the Maloof Family. They spent $620-690 million (depending on who’s telling the story), renovating the property in 2019, and Bam! Closed. While closed for the Pandemic the San Manuel Band of Mission Indians bought the property for $650 million. They were finally granted a Nevada gaming license in late 2021.
Because Palms Place is the overflow lodging for guests at the Palms Hotel and Casino, the rental pool is challenged. Owners of Palms Place condos have probably not made a rental profit doing nightly rentals for over 2 years. Hopefully, this is about to change. The estimated Grand Opening of the Palms is March-July 2022. Do you think they’ll change the name?
Pricing of Palms Place
Palms Place, a World-Class Property, has units available to buy (in 2020) starting at $215,000 and ranging up to $900,000 for a penthouse. Being just minutes away from the Las Vegas Strip and connected to the Palms Hotel and Casino by a moving walkway, make this is a great option for owners and visitors.
Services included with your suite are 24/7 security and a doorman, concierge, and valet. The full-service 30,000 sq.ft. spa and salon offer services to soothe your body, soul, and/or mind. Relaxing in the gardens or having a cocktail in the contemporary pool area with its spa, and rental cabanas can also soothe your body, soul, and mind.
There are BBQ areas, secluded sitting corners, and common areas to enjoy or socialize. Being connected with the Palms, there is easy access to 24-hour fun with gaming, nightclubs, bars, and the Pearl Theatre. Room Service and restaurants of all types and price points are available without ever getting into a vehicle.
Advantages of Being Off-Strip
The gambling odds are also better than on The Strip. Access to other “off-strip” casinos is within walking distance. Because land is so expensive on The Strip, off-strip gas, retail and dining cost less. The views of The Strip from your windows are fabulous!
There is a shuttle service to the strip from the Palms every 30 minutes from 11 AM– 8 PM daily. They depart from the main entrance at The Palms Hotel and run to/from The Caesars Forum Shops. That 1-mile walk may look close but I’ve heard many clients say that it’s FAR.
From Caesars, there are moving sidewalks, buses, and trams. Uber and Lyft are always great choices for convenience. Back road access to every Strip destination is another perk to take advantage of.
There are currently only 5 other Hotel Condominiums in Las Vegas- that I know of. (This can change so if you discover another one, please send us a message.) Rates for a basic studio hotel room start at $600 a night a few weeks a year.
Renting out a suite, especially with a kitchen can be a good financial decision. Before purchasing any hotel-condominium we request the seller’s past two year’s P&L’s and their rental history. Every year, things change and management won’t provide rental statistics.
Palms Place is only 2 busy streets north of Allegiant Stadium. Garth Brooks sold out 66,000 seats for the stadium’s opening in under an hour and those fans needed a place to stay. In 2021, The Rolling Stones were the hot ticket. Walking to the Stadium saves hundreds of dollars and traffic jam time.
Whether you’re interested in purchasing a Palms Place condominium to live in or to use and rent out, having a vacation home in a world-class resort can also be fun. Investigate available residences at Palms Place below and call us if you’d like to view some properties.
Other Las Vegas Condo Options
There are High Rise towers on the Las Vegas Strip, Downtown and in Summerlin that cost between $250K and $15M. However, condominiums and mid-rises off of the Las Vegas Strip, in Downtown Las Vegas, on Las Blvd. South cost less money.
Summerlin, Henderson’s District, and Lake Las Vegas all have affordable and stylish condos for sale. Townhouses, golf villas, and patio homes are other options to consider. Feel free to explore further on the links below.
We Sell Las Vegas, Henderson and North Las Vegas
Call or text us today with any questions or for an appointment to see some of these great homes- 702-750-7599
This website and information are made available for you to explore by Kurt Grosse with Realty One Group. Kurt is a Las Vegas Top-Producing Realtor since 1996 and a former Nevada Building Engineer, a PE, CE
His goal with his buyers and sellers is to use his skills and knowledge to protect them. In this ever-changing Las Vegas Real Estate Market, putting a construction pro on your team is smart. With how quickly homes are built in Southern Nevada, Kurt’s skills are invaluable.