Spanish Palms condos residents hail from across globe

Condominium living might not be top of mind for some homebuyers, but residents at Spanish Palms, a gated condominium community at 5250 S. Rainbow Blvd., wouldn’t consider any other option.

According to the National Association of Realtors in Washington, D.C., interest rates are at an all-time low and expected to rise to 4.4 percent by the end of 2017. For buyers looking to right-size their homes and lifestyles, this is good news.

“With homes at Spanish Palms priced from $138,900, and with several financing programs including VA- (Veterans Affairs), FHA (Federal Housing Administration)- and Fannie Mae-backed loans that make buying a home possible for many who otherwise weren’t in a position to buy, it’s no wonder we are more than 90 percent sold and have only 25 residences remaining in our inventory,” said Uri Vaknin, a partner at KRE Capital LLC. In partnership with Dune Real Estate Partners, KRE Capital purchased Spanish Palms in 2013 as DK Las Vegas.

“But while our prices will continue to remain competitive into the new year, rates are slowly starting to rise, and studies indicate that the buying experience could begin to change over the next few months.”

Spanish Palms attracts residents from many walks of life and is home to many first-time buyers, young professionals, families and those enjoying their golden years. This year, it welcomed residents from coast to coast, such as Michelle Chan from New York, Susan Watson from Southern California and a few from around the world, including Ryan Hargrave and his partner, Eric, who previously lived in Cape Town, South Africa. They all had one thing in common: They weren’t initially expecting to purchase within a condominium community but fell in love with its lifestyle.

“Many of our residents have historically owned single-family homes and are pleasantly surprised to discover our spacious floor plans offering up to three bedrooms, upgraded appliances, granite countertops, and even one- and two-car attached garages,” Vaknin said. “Our homeowners often credit their purchasing decision to the fact that our community allows them to have many of the amenities they loved about their single-family home, but without the maintenance and steep mortgage.”

Resident Christina Abrams said, “I have always rented because I was never ready to make such a huge financial commitment, but the value and complete package at Spanish Palms made me rethink my decision. A gated community was at the very top of my list of must-haves for the added security and peace of mind, but what really got me hooked was everything else that came with the lifestyle — the landscaping and walkable trails, accessibility to freeways, restaurants, shopping, hospitals and more.”

Recently enhanced amenities at Spanish Palms include 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 and well-manicured landscaping with barbecue grills ideal for picnics and entertaining; plenty of shaded areas; and a playground, putting green, gazebo and pet park complete with an agility course. Located near the center of the valley, Spanish Palms is minutes from the Strip and McCarran International Airport, and 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 homes starting from $138,900. Today, fewer than 10 percent of its 372 homes are still available for purchase. 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 through 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.