What’s a party house you ask, allow me to explain. A party house is a large estate style property purchased by an entity for the sole purpose of renting it out to short term vacationers as a party house. Typically these properties are furnished and located in neighborhoods without HOA’s .
Leading up to 2010 many Las Vegas residents who lived in or near the communities the party homes where found in began to voice their concerns. In 2010 the county heard the voices of their residents and passed the ordinance to get a hold on the problem.
Just like any other rule put into place there will be people who want to test the limits or flat out break the rule. Recently the County enforced their ordinance, which resulted in a $29,000 fine.
Now that the County has shown they are not messing around with the short-term rental of residential property what’s a savvy investor left to do? Let me explain.
Now that prices have come down, foreclosures are stabilizing in certain buildings and you are no longer at the mercy of unscrupulous developer sales pitches Las Vegas High Rise Condo Hotel units are becoming more attractive. On top of everything I have just outlined Las Vegas High Rise Condo Hotels are exempt from the new city ordinance put into place to curb the issue of short term party house rentals. This all mixes together for a recipe for success.
If you would like more information about buying in the Las Vegas Real Estate market please feel free to contact me at 702-542-1883 or leave a comment below today’s post. Be sure to subscribe to this blog before you leave and don’t forget to share this post with your friends on facebook and twitter.
