The Federal Reserve in December raised interest rates for only the second time in a decade, which means now is an especially good time to buy a home before historically low mortgage rates also begin to rise. And with only 21 homes remaining at Spanish Palms, a gated condominium community at 5250 S. Rainbow Blvd., there has never been a better time to make home ownership a reality.
“Rising home rates, although happening slowly, are the buzz in the housing industry, and with so little inventory left at Spanish Palms, we urge potential homebuyers to act quickly and take advantage of the still low interest rates,” said Uri Vaknin, a partner at KRE Capital LLC. The company, in partnership with Dune Real Estate Partners, purchased Spanish Palms in 2013 as DK Las Vegas.
“Spanish Palms offers a resort-inspired lifestyle and a strong sense of community unrivaled by other Las Vegas condominium communities in the same price range. Prices start as low as $138,900, and several financing programs, including Veterans Affairs-, Federal Housing Administration- and Fannie Mae-backed loans, make buying a home possible for many who otherwise aren’t in a position to buy. It’s no wonder there are so few homes left at Spanish Palms.”
According to the National Association of Realtors, interest rates are at an all-time low but are expected to rise to 4.4 percent by the end of 2017. Although the S&P CoreLogic Case-Shiller Index revealed Las Vegas exceeded its average home price peak reached in July 2006, Las Vegas will remain well below its all-time high, according to David Blitzer, a chairman of the Index Committee at S&P Dow Jones Indices.
“Spanish Palms is home to residents from all walks of life, from first-time buyers to those looking to enjoy their golden years,” Vaknin said. “Our floor plans are often just as spacious as many single-family homes, and even offer one- and two-car attached garages, a rarity in most condominium communities. Best of all, our homes offer a carefree lifestyle thanks to minimal maintenance and extra security that makes it easy to travel.”
Spanish Palms continues to be one of the fastest-selling condominium communities in Las Vegas, and it features such enhanced amenities as a fitness studio, private clubhouse for gatherings and parties, and two resort-style pools. The centerpiece of the community is Central Park, which features lush, well-manicured landscaping with barbecue grills, making it ideal for picnics and entertaining; plenty of shaded areas; a playground; putting green; gazebo; and pet park complete with an agility course. Located near the center of the valley, Spanish Palms is just minutes from the Strip and McCarran International Airport, and it is surrounded by popular restaurants, retail centers and neighborhood services.
Spanish Palms offers three floor plans ranging between 744 square feet and more than 1,131 square feet, and with homes starting from $138,900. For more information, call 702.719.6100 or visit SpanishPalmsLV.com. The sales center is at 5250 S. Rainbow Blvd., No. 1055, and is open Monday–Friday from 10 a.m. to 6 p.m.,; Saturday, 10 a.m. to 5 p.m.; and Sunday from noon to 5 p.m.