MGM Signature High Rise Towers
125, and 135 E. Harmon Avenue
MGM Signature Towers are 3 Hotel Condominium High Rise towers located beside the MGM Grand Hotel and Casino’s pool on the Las Vegas Strip. The 30-story 1750 suite development gives MGM Signature Owners a fully-furnished luxury home with access to all MGM Grand facilities.
Owners also have the choice of living in their condominium or putting their unit into a rental pool. Onsite property management handles every aspect of the rental when you are not in residence. Because the Towers are also a hotel, guests and residents alike enjoy room-service and cleaning crews.
Amenities At MGM Grand Signature
All guests and residents have access through an underground walkway to all MGM Grand features, including their numerous pools, shows, nightclub, lounges, and over 20 restaurants.
The amenities and service at Signature Towers are world-class. The property is a AAA 4 diamond resort.
The shared common areas within Signature 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 is done with smiles and quality service. All pools are heated with cabanas and poolside cocktail service. There are also lounges, bars, and restaurants conveniently located at the Signature. valet parking and concierge service
MGM Signature As Investment Property
As an owner of an investment property, there are tax benefits. Costs of investment, expenses, and depreciation are write-offs. Trips to check on your property are also write-offs. If your unit is used to generate income, MGM provides you with monthly and annual statements. this can be very attractive to investors.
MGM Signature Towers were built as a way to bring guests to MGM Grand hotel and casino. Once a building was built, luxury residences were sold to homeowners and timeshare companies. Association fees vary per size of the unit, starting at $639 a month and go up to $2093. Fees vary depending on residents’ location and size.
As a result of MGM Signature being successful and a first-class property, homeowners have recognized appreciation. Having these higher-end homeowners and vacationers at MGM Signature for a week brought more people into their hotel and casino every day. With more guests at their hotel, casino, and pools increase their dining income and show ticket sales. Of course, gambling revenue too. Guests and Residents have access to all MGM amenities including the swimming pools.
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 being built. 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.
There were a lot of Las Vegas high-rise condominium towers that finished their build in 2007-2008. During that time, loan money was no longer available with just a signature. Pre-sales fell through as prices were dropping weekly. Many existing homeowners went into foreclosure, so HOA bills weren’t paid.
Altering the building’s structure made sales easier and changed the financing options available. This also allowed timeshare companies to buy blocks of units within the building. Some developers made deals with large timeshare companies and nearby hotels.
With the Signature’s success at MGM, Veer and Vdara are also MGM Resorts property may have been slated as Condominium Hotels from the git-go. Veer and Vdara are part of City Center.
Other Las Vegas Condo Options
There are High Rise towers on the Las Vegas Strip, Downtown and in Summerlin that cost between $180K and $10M. However, Condominiums and Mid-Rises off of the Las Vegas Strip, in Downtown Las Vegas, on Las Blvd. South, and in Summerlin, Henderson, and Lake Las Vegas all are stylish for less money. Luxury Townhouses may be another option for you to consider for your housing needs. Feel free to explore further on the link below.
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 Retired Building Engineer (P.E., C.E.). 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. With how quickly homes are built in Southern Nevada, his skills are invaluable.