There is no better time than the present to purchase a new home — just ask any of the residents who recently received keys to their dream home at Spanish Palms, the guarded, gated condominium community at 5250 S. Rainbow Blvd.
“With access to FHA and VA financing programs, and the impending addition of Fannie Mae financing, buyers can more easily make their dreams of homeownership a reality,” said Uri Vaknin, a partner at KRE Capital LLC. KRE Capital purchased Spanish Palms in partnership with Dune Real Estate Partners in 2013 as DK Las Vegas.
“In addition to our flexible financing programs, Spanish Palms offers affordable price points, spacious floor plans, luxury amenities and a resort-inspired lifestyle unlike any other community in the valley. We are home to residents from all walks of life, including young professionals, first-time buyers, and residents in their golden years who are now enjoying a maintenance-free, lock-and-leave lifestyle that creates more time for travel and leisure.”
Federal Housing Administration financing requires a minimal 3.5 percent down payment, a significant reduction from the traditional 15 percent to 20 percent rule of thumb, while Veterans Affairs financing enables active and retired military personnel to purchase a home with nothing down. Primary homebuyers who qualify for Fannie Mae loans can purchase with as little as a 3 percent down payment.
Earlier this year, Michelle Chan, an East Coast native, moved into a one-bedroom residence through the assistance of FHA financing. Chan always had been a renter, but converted after recognizing the benefits of homeownership at Spanish Palms far outweighed renting.
“I moved into a one-bedroom floor plan and, even with my two dogs, I have so much more living space than any home I could ever afford in other cities,” Chan said. “I have a wonderful quality of life, I love the weather and overall feel very content with my decision to purchase here.”
Spanish Palms also recently welcomed new homeowners and El Salvadorian natives
Daniel and Sonia Hernandez, who are retired, travel often and especially are appreciative of the neighborhood’s guard-gated security, which gives them peace of mind when they are away from home.
“Now, that we live in Spanish Palms, we know our home and our belongings will be safe, and exactly as we left them when we return,” Daniel said.
Recently enhanced amenities at Spanish Palms are a fitness studio, private clubhouse for gatherings and parties, and two resort-style pools.
The centerpiece of the community is Central Park, which offers lush, well-manicured landscaping with barbecue grills, making it ideal for picnics and entertaining; plenty of shaded areas; and a playground, putting green, gazebo and pet park that features 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. Today, less than 10 percent of its 372 homes are still available for purchase. For more information, please call 702-619-6100 or visit SpanishPalmsLV.com.
The sales center 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.