Only 25 Residences Remain at Spanish Palms
Spanish Palms, the guard-gated condominium community at 5250 S. Rainbow Blvd., has only 25 residences for purchase remaining of the 372 since sales started in June 2015.
According to Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, bought Spanish Palms in 2013 as DK Las Vegas, the strong pace of sales at Spanish Palms is the result of a thoughtful redevelopment that refreshed and enhanced homes and amenities throughout the neighborhood, coupled with value pricing and flexible financing programs that have made the dream of home ownership a reality for many.
“Spanish Palms is a true success story,” Vaknin said. “It’s a lushly landscaped neighborhood in the heart of the valley near the landmark Spanish Trail golf community. It offers great value with access to all the city offers,” he said. “All that, coupled with our ability to offer homebuyers access to FHA, VA and Fannie Mae financing programs, have contributed to Spanish Palms’ appeal.”
Federal Housing Administration financing requires only 3.5 percent down, a significant reduction from the traditional 20 percent rule-of-thumb, while Veterans Affairs financing can enable active and retired military personnel to buy a home with nothing down. Primary homebuyers who qualify for Fannie Mae can buy with as little as 3 percent down and 30-year-fixed loans.
In addition to the flexible financing programs, Spanish Palms offers luxury amenities and a resort-inspired lifestyle, unlike any other community in the valley. Homes are available at affordable price points and spacious floor plans featuring one-, two- and three-bedroom residences.
Lisa Wamble traded in suburbia for a home at Spanish Palms this past July, crediting the community’s convenient location, spacious two-bedroom floor plan, attached two-car garage and round-the-clock security for her decision to purchase.
“This is the first home I’ve ever owned by myself, and I couldn’t be happier,” Wamble said. “My best friend, Susan who also purchased in the community, lives only a few buildings away from me, so it’s wonderful to share the joys of Spanish Palms with her. And having my two-car garage made the transition from a single-family home so easy for me, because I can store many of my belongings there, knowing that they are secure and within reach when I need them.”
This fast-selling condominium community is also home to Ralph and Ana Posmoga, who have been Nevada residents for more than a decade and moved from their single-family home to a two-bedroom residence at Spanish Palms in September.
“After checking out all the floor plans, we opted for a two-bedroom home on the first floor, which is perfect for us,” Ana Posmoga said. “Leaving the maintenance of a large single-family home has been a breath of fresh air. We appreciate our perfectly sized new home with no yard upkeep. We can now begin living our golden years with ease and peace of mind.”
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, featuring lush and well-manicured landscaping with barbecue grills ideal for picnics and entertaining, plenty of shaded areas, a playground, putting green, gazebo and a pet park with an agility course. Located near the center of the valley, Spanish Palms is just 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 with homes starting from $138,900. Today, less 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-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.
