Las Vegas Review-Journal (Sunday)
Spanish Palms solution for college students
Some parents find buying condo saves on expenses
College is expensive: tuition, books, room and board all add up. Any parent who is preparing to send their child to college will undoubtedly agree.
For some, buying a condominium is the better of two worlds. It’s a great way to build equity and make an investment in their future, while providing their child with a quality place to live while they attend college.
Spanish Palms, a guard-gated community near Rainbow and Hacienda Boulevards offers such a solution for several families who have purchased condominiums there as a more attractive living solution for their college students children.
“Buying a condominium versus paying for a dorm room or apartment is a smart choice, and more parents nationwide are starting to recognize that,” said Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, purchased Spanish Palms in 2013 as DK Las Vegas.
“While the cost to rent continues to rise across the Las Vegas Valley, home prices at Spanish Palms, which start in the low $100,000s, remain affordable. Buying a home here is also a more economical alternative to hotels for visiting parents and family, and moreover, it can be an ideal place for retirement down the road.”
The College Board recently reported the average cost of room and board in 2015-2016 ranged from $10,138 at four-year public schools to $11,516 at private schools.
Given that millennials are considered the largest generation since the baby boom, universities take advantage of the high demand for room and board via rising dormitory costs.
With access to Federal Housing Administration and Veterans Affairs financing programs at Spanish Palms, homebuyers can more easily and affordably buy a condominium. And because Spanish Palms offers an appealing atmosphere for college students with amenities including a fitness studio, a full-service clubhouse, two resort-style pools with heated spas and Central Park with barbecue and picnic areas that make partying at home fun, many parents can look forward to a decrease in their young adults’ food and entertainment costs.
“Spanish Palms offers spacious floor plans and home security unlike any other community in Las Vegas,” Vaknin said. “Students who live in a home off campus can cook their own meals in their own upgraded kitchen and prepare for exams without the distractions often found in college libraries and study halls.”
Home ownership is always a plus at tax time thanks to mortgage interest write-offs, yet another advantage it has over paying rentals or dorm fees. And when students move on to start their own lives, the home remains a profitable investment for parents.
Aside from being just a short drive from the University of Nevada, Las Vegas, and the College of Southern Nevada, Spanish Palms is also minutes from the Strip and Downtown Las Vegas, hospitals, neighborhood grocery stores and McCarran International Airport.
Spanish Palms offers three floor plans ranging between 744 square feet and more than 1,131 square feet, and with homes starting from $131,900.
Spanish Palms signature amenities include Central Park, an expanded fitness center, business center and conference room inside the clubhouse.
For more information, visit SpanishPalmsLV.com. Sales center is at 5250 S. Rainbow Blvd., No. 1055, and is open daily. Hours are Monday-Friday from 10 a.m. to 6 p.m.
Appointments are required during weekends and the hours are Saturday 10 a.m. till 5 p.m. and Sunday from noon to 5 p.m. Call 702-719-6100 to schedule private appointment.