MGM Signature High Rise Condos

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:

Platinum

Veer (MGM Resorts property at City Center)

Vdara (MGM Resorts property at City Center)

Palms Place

Trump

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.