Demystifying Condominium Mortgage Financing
May 1, 2018
Many people think condominium living is simply not affordable, made worse by a lack of financing programs to help achieve homeownership. If you’re in the market for a condominium in Las Vegas, you’re in luck. We’re here to shed light on the buying process and share with you the various financing options available at a few of the valley’s most popular condominium communities, including The Ogden and Juhl in downtown Las Vegas and One Las Vegas on the south end of Las Vegas Boulevard.
According to Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, purchased a collection of high-rise communities in 2013 as DK Las Vegas, bringing attainable mortgage financing back to the Las Vegas condo market was his foremost goal upon acquiring his company’s Las Vegas portfolio. Historically, condo buyers in Las Vegas had to either pay cash or make a down payment as much as 50 percent of the purchase price because banks were not willing to finance condo purchases.
“We partnered with The Federal Savings Bank, one of the largest privately held veteran-owned banks in the United States, to make homeownership a reality for many buyers who otherwise wouldn’t be in a position to finance a mortgage,” said Vaknin. “The end result are thriving condo communities with happy, homeowners who are now living the American Dream.”
So what financing programs are available at DK Las Vegas properties? Let us break it down for you.
One Las Vegas is a twin 20-story condominium tower community located at 8255 S. Las Vegas Blvd. on the south end of the Strip. Homes range from 1,305 to 2,857 square feet and are priced from the low $300s, with many floorplans offering spectacular views of both the mountains and the Strip. The community’s resort-style lifestyle is created by an abundance of first-rate amenities, including pools, tennis courts, fitness center, massage and treatment rooms, event hall, sports lounge, movie theatre, co-op business center and more. The community is also located less than five miles from the T-Mobile Arena and near the future NFL Raiders stadium.
- Financing: One Las Vegas is only the second condominium community in Las Vegas since 2008 to obtain Fannie Mae PERS (Project Eligibility Review Service). The program gives qualified buyers the opportunity to finance up to 97 percent of their purchase for first-time buyers, 95 percent for primary residences and 10 percent for second homes. Investor buyers can purchase with as low as 15 percent down. One Las Vegas also offers buyers VA guaranteed mortgages, which allow eligible military personnel to buy their homes with nothing down and also offer lower average interest rates than other loan types. Buyers may also qualify for traditional 15- and 30-year financing options.
- Contact: For more information, call (702) 405-9020 or visit the One Las Vegas onsite sales center or online at www.theonelv.com. The sales center is open Monday through Friday, 10 a.m. to 6 p.m.; Saturday from 10 a.m. to 5 p.m.; and Sunday from noon to 5 p.m.
The Ogden is an iconic 21-story high-rise condominium tower in the heart of Downtown Las Vegas located at 150 Las Vegas Blvd. N., Las Vegas, NV 89101. Priced from the high $300,000s, homes range from a two-bedroom, 1,180-square-foot residence to a three-bedroom-plus-den 2,044-square-foot home. The Ogden’s single-story, open floor plans offer flex spaces that can serve as a home office, den or yoga room, extra bedrooms for accommodating multigenerational family and guests, and expansive windows that fill interiors with natural light. DK Las Vegas has made a $2 million investment to remodel the lobby with high-end design treatments to create an immediate sense of luxury and arrival; added new upgrades throughout all residences, including new lighting, hardwood floors, granite countertops and stainless steel appliances; and enhanced amenities such as a Sky Deck, social lounge, fitness center and refreshed roof-top pool.
- Financing: The Ogden was the first condo project since 2008 to receive Fannie Mae approval. The Ogden also offers VA financing, in addition to traditional 15- and 30-year financing options. For details on Fannie Mae and VA loans, see the One Las Vegas financing section above.
- Contact: For more information, visit The Ogden’s onsite sales center between 10 a.m. to 6 p.m. Mondays through Fridays, 10 a.m. to 5 p.m. Saturdays and noon to 5 p.m. Sundays. You can also call 702-478-4700 or go online at ogdenlv.com.
Juhl is a 344–residence, loft-style community known for its flexible floor plans and industrial chic design aesthetic in downtown Las Vegas, located at 353 E Bonneville Ave, Las Vegas, NV 89101. With homes priced from the low $200,000s, Juhl includes dozens of floor plans that are literally one-of-a-kind, from studios, to two-story lofts and penthouses that range in size between 600 square feet to just under 2,000 square feet. Private balconies, 10-foot ceilings, energy efficient design and details, exposed concrete surfaces and mechanicals and upgraded fixtures and surfaces all combine to create Juhl’s cool urban vibe. Recently refreshed, Juhl boasts an upgraded resort-style pool with cabanas, lobby and co-op working spaces that cater to its professional residents. Other amenities include 24-hour security; Wi-Fi in common areas; gated parking structure with assigned resident parking and electric vehicle charging station; co-op working space that caters to professional residents; and full-service concierge.
- Financing: Juhl offers VA financing, in addition to traditional 15- and 30-year financing options.
- Contact: For more information or to arrange a private sales presentation of Juhl, visit www.juhllv.com or call 702-903-1086. The sales center is open Monday through Friday, 10 a.m. to 6 p.m.; Saturday from 10 a.m. to 5 p.m.; and Sunday from noon to 5 p.m.
Vaknin adds that now is the perfect time to buy a home, considering the uptick in interest rates and rising home prices due to reduced inventory created by the demand to live in Southern Nevada. The valley is one of the country’s most desirable places to live, thanks to the superior quality of life, affordability, access to the Strip’s world-class amenities, a favorable tax environment and moderate year-round climate.
“Smart buyers want to buy now to take advantage of today’s still historically low-interest rates and prices that are still affordable, particularly in relation to home prices in California, where many of our buyers are coming from,” said Vaknin. “Sales are strong at all of our properties and with access to great financing programs, buyers have even greater opportunity to purchase with unprecedented low down payments. Now is the time to buy!”
