MGM Signature High Rise Condos
125, and 135 E. Harmon Avenue
Signature MGM Association Fee 1- Monthly: $639-2093 (2022)
Signature MGM Association Fee 2- Monthly: $22
MGM Signature Condominium Association Fee Includes: Maintenance, Common Area Cleaning Service, Concierge, Roving Security and Guards
MGM Signature condos for sale are on the NE corner of the MGM Grand Hotel and Casino property. They are designed for optional residency designated as Condo-tels and investment properties.
The MGM Signature homeowners association has a rental pool for owners who wish to have management rent their condominiums when they are not in residence. This is one of 6 Las Vegas high-rise properties where short-term rentals are allowed in their CCRs.
MGM Signature Condominiums For Sale
MGM Signature Towers condos for sale are part of 3 luxury Hotel Condominium High Rise towers. They are located beside the MGM Grand Hotel and Casino’s pool.
The 30-story, 1750 suite development on the Las Vegas Strip gives MGM Signature Owners a fully-furnished luxury home with access to all MGM Grand facilities.
The 3 condominium towers at the backside of the MGM Grand started construction in 2005. Their success triggered 17 additional high-rise condominium developments to go into planning for the Las Vegas Strip.
Signature MGM condominiums are unique. MGM Grand Hotel uses Signature MGM condos as overflow for additional guests. Condominium buildings with short-term condo rentals are called condo-tels or condominium hotels.
At MGM Signature, condo-tels are optional. Owners can live in their residences, visit them, or rent them when they are not in residence. Most condos for sale on the Las Vegas Strip don’t allow short-term rentals and are very strict.
High Rise Condo Rental Properties
When Owners of Signature at MGM want to do short-term rentals, they have two choices. Owners can rent their condominiums out themselves and only pay for services used. Or owners can put their units into MGM Signature management’s condo owner rental pool.
The pool is how MGM Signature management chooses which condominium is rented first. Pricing the nightly rent for Signature MGM condos is based on events and the going rate. rented out at the going rate. Special occasions can be pretty expensive and bring a good income.
Onsite property management handles every aspect of the rental for you. There is a monthly management fee and a nightly percentage of the rent is charged. Housekeeping is extra. Maintenance for your condo is included in your monthly homeowner association fees. Because the Signature Towers are also a hotel, guests and residents both enjoy maid and room service.
Amenities At MGM Grand Signature
The amenities and service at Signature Towers are world-class. The property is a AAA 4 diamond resort. Tower 1 has an opulent pool/spa with cabanas that is for “Adults Only.” There are no “Children” pools.
All guests and residents have access through an underground walkway to all MGM Grand features. Amenity access includes MGM Grand’s numerous pools, shows, nightclubs, lounges, and over 20 restaurants.
The MGM Signature’s shared common areas for all 3 towers include the renowned Grand Spa- which my wife loves. The concierge service will book everything for you, from babysitting to weddings, tours, shows, and flowers. Valets take care of your vehicles and luggage.
Everything at MGM Signature high rise condominiums is done with a smile and quality service. Enjoy heated pools from your private cabana with poolside cocktail service. There are also lounges, bars, and restaurants conveniently located at the MGM at Signature High Rises.
MGM Signature As Investment Property
As an owner of an investment property, there are tax benefits. Your investment costs, expenses, and depreciation are tax benefits. Trips to check on your property are also write-offs. If your condominium is used to generate income, MGM provides you with monthly and annual statements. The best part of ownership may be that your condominium is always available for your use.
MGM Signature Towers are used to accommodate additional guests for the MGM Grand Hotel and Casino. Once a building opened, its luxury residences were sold to homeowners and timeshare companies. Association fees vary per size of the unit, starting at $674 a month and go up to $2093. Fees vary depending on residents’ location and size.
A Win-Win at MGM
As a result of MGM Signature being successful and a first-class property, homeowners have recognized appreciation. Higher-end homeowners and vacationers at MGM Signature bring more people into the MGM Hotel and Casino every day.
For the MGM Grand, it’s about the money. More guests at their hotel, casino, and pools increases their non-gaming and gaming income. Occupancy means additional dining income and show ticket sales. MGM treats their regular gamblers well.
Once unit sales paid off the building loans, all upkeep was paid for by HOA fees. A percentage of the rental from residences covers management costs. This project was a big win for homeowners as well as the MGM Grand.
Other Hotel-Condominiums Investment Properties
When the recession occurred in 2008, many high-rise projects were under construction and doing pre-sales. Sales canceled, new homeowners defaulted, and lawsuits began. Some developers saw the Hotel-Condominium option as a way to save their investments.
MGM Signature Towers were the first Hotel Condominiums in Las Vegas, and they are highly successful. There are now 6 high-rise developments in Las Vegas whose CCR’s allow nightly, weekly, or short-term rentals.
There are 6 Hotel-Condominium Buildings in Las Vegas
The other 5 Hotel Condominiums are:
Veer (MGM Resorts property at City Center)
Vdara (MGM Resorts property at City Center)
A Hotel Condominium is usually a condominium where you can:
1. Live there as a full-time resident
2. Use your condo as a vacation home
3. Rent out your condo as a long term rental property
4. Use it when you want and rent it out when you are not in residence
Each Hotel Condominium has its own guidelines and fee structure. Ask us for more information if you are interested in a particular building or residence.
History of MGM Signature
Most of these towers became Hotel-Condominiums as a way of getting cash flow and possibly selling more units during the recession and housing crash. MGM Signature did not change CCR’s because its original concept was a Condo-Tel.
There were a lot of Las Vegas high-rise condominium towers that finished their build in 2007-2008. During that time, loan money was not available as a stated income loan changing purchasing ability for many contracted buyers.
With the MGM Signature success story, Veer and Vdara, also MGM Resorts properties, started as Condominium Hotels from the git-go. Veer and Vdara are luxury condominiums on the Las Vegas Strip and part of City Center.
Other Las Vegas Condo-Tel History
In other towers, pre-sales fell through as prices dropped weekly. Many existing homeowners went into foreclosure, which meant HOA fees weren’t paid. Associations went bankrupt, and it was a mess. Because MGM Signature was 2-3 years old, MGM Signature high-rise condos for sale and owners mostly remained above water.
Other Condo-Tels were normal high rise condominiums for sale that weren’t selling. Altering a development’s CCR’s made sales easier and changed financing options. Changing CCR’s to allow short-term residents made existing homeowners angry. Since developers had the majority of votes, residents were helpless.
Short-term rentals allowed timeshare companies to buy blocks of units within the building. Some developers made deals with large timeshare companies and nearby hotels.
After observing MGM Signature high rise towers sales and occupancy rates, other hotel properties wanted a high rise too. The Palms Resort is a great example. Many hotel properties use Trump International as an overflow option.
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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 for over 25 years and is a former Nevada Building Engineer (a PE, CE).
Kurt’s goal with buyers and sellers is to use his skills and knowledge to protect them and their investments. The Las Vegas real estate market and building materials are constantly changing.
With how quickly homes are built in Southern Nevada, his services are invaluable.