[ps2004]

Hi, I'm just getting started searching for a home to buy as a primary residence. I will be a first time buyer so very new to this.

I'm particularly interested in Turnberry Towers, Panorama, and The Martins, in that particular order. I like Turnberry primarily for its proximity to my work but Panorama/Martins are okay if I can find a good deal.

Could current or past residents at one of above buildings share their experiences? I'm actually researching for issues or nuisances with the buildings that I should be aware of so I can make an informed purchase. For instance, at my current building (leased), there is serious water plumbing issues, inconvenient location on a major street, etc.

Also, what is a good price? Is $200-250/sqft reasonable? Can I expect/aim for less than that? Just looking at some of the listings, there are many units listed for close to #300/sqft which is too high in this economy.

Thanks!

[LV2ndHome]

Originally Posted by ps2004

I'm particularly interested in Turnberry Towers, Panorama, and The Martins...

Also, what is a good price? Is $200-250/sqft reasonable? Can I expect/aim for less than that? Just looking at some of the listings, there are many units listed for close to #300/sqft which is too high in this economy.

Since you seem to be cost conscious, don't forget to factor in the HOA/Master plan fee differences. If it hasn't changed recently, TT runs around 65 cents and Pan runs about 55 cents. Depending on the size of unit you are looking for and the cost of money for your particular case, this could easily add the equivalent of mid 5 to even 6 figures to the purchase price, or perhaps ~$50/sqft, adjustment in preparing an apples to apples comparison.

I doubt you will have any substantial ongoing mechanical problems at any of these.

Things like "easy access" is very subjective. What may seem easy to one may not to you, or others may normally come and go at different times of day than you which causes you to experience different conditions.

[BBMW]

I've heard there are financial/lawsuit issue with Panorama that make financing very difficult. I don't know if these have been resolved. Also, there in kind of a commercial siberia on the other side of the 15 from the strip. There nothing useful easily walkable.

If you want to save money, look south strip. Lots of condos down by South Pointe.

[lvoc]

Lower floor units are obtainable in all three at around $200 per sf. There are a few below $200.

Prices on those three went up a little in the spring but have been flat since spring. $250 or so per SF. Note high floors are about twice low floors.

[007 license to sell]

Panorama 1 and too have litigation issues as does Turnberry Tower E, cash only sales unless you find a hard money lender. Turnberry Tower West the hoa's are less close to the same as the Martin which their hoa is $.48 sq/ft . You can walk to the strip from the Martin or take the Martin shuttle.

HOA's in all properties include water trash, basic cable, pool, gym, concierge, valet. 24 hr security, building maintenance such as window washing, elevator maintenance, grounds, and cleaning of the common area's. Some towers include sewer, and doggy parks. You will have to pay the electricity.
There is very little inventory for highrise properties now the prices are going up. There is still great value out here. Developers tell me they don't see another highrise being built for at least 10 to 20 yrs or maybe never. It cost more to build than what they are selling for.

Here is a recent article on what is happening with highrise inventory:

Tight supply limits sales of high-rise condos in Las Vegas


This doesn't reflect all of the remaining new inventory either some are listed however there are only a few highrise towers that have remaining new inventory. Keep this link as it is updated daily by GLVAR. It looks like resale inventory units priced from $200,000 or less is very low.

http://www.easystreetrealty-vegas.com/las-vegas-highrise-statistics

[lvoc]

That easystreet chart is listings - not sales.

It shows Panorama as $672K, 399K. Actual sales are 278K, 260K for the average and median. That is for the last six months.

And it is still a buyers market mostly with flat pricing and reasonable inventory.

[LV2ndHome]

Originally Posted by 007 license to sell

Turnberry Tower West the hoa's are less close to the same as the Martin which their hoa is $.48 sq/ft.

It's been awhile since I looked at it so my memory could easily be failing me, but I thought all of Turnberry had a master plan fee on top of the HOA fee, which I suspect you didn't include if so. I think Martin and Panorama have HOA fees only, and I recall Turnberry being a good bit higher in total fees. Fees certainly could have changed since I last investigated, and/or my CRS disease could be flaring up, but saying that Turnberry fees are close to same as Martin doesn't seem right to me.

[UTES]

Last time I checked, Turnberry Towers is just starting to build a decent contingency fund whereas Panorama and The Martins are still weak in this area.

Keep in mind most condo HOA's do not reach sustainability until they hit 70-80% residency. Why is this important? If a special project or major expense occurs the HOA will need to levy a special assessment to cover expenses.

When I bought a condo on The Strip 2 years ago the above financial concerns were paramount. For, I was worried a "double-dip" recession would trap me in a financially-weak HOA unless I was careful.

Three Strip condo HOA's have strong financials - Allure, Turnberry Place and Sky.

A good realtor will know (or find out) if the HOA you are looking at is financially sound.

Bill

[cm183]

Thanks everyone. It is true Turnberry Towers has extra master or community fee in addition to HOA fee which amounts to approximately $165 if I remember correctly. I have only started looking at a couple units so far. I do like Turnberry Towers due to its proximity to my work, very well equipped gym, resort like pool, high end appliances, just the overall feel and layout.

I also like Panorama but that my be out of consideration if it is only cash only purchase.

UTES brought up a good point regarding HOA being financially sound. Should this carry a lot of weight in the decision? Of the 3 condos mentioned that are financially sound, I'm not particularly interested in Allure and Turnberry Place. I haven't checked out Sky but will look into it.

There's limited inventory at the price I'm hoping to get it for, which is approx $200-250/sqft. Could any realtors tell me if this is a good/reasonable price range?

Thanks again

[007 license to sell]

Yes the second hoa is $165.00 in Turnberry Towers E and W. Sky also has two hoa's however what matters is what the price per sq/ft after both hoa's are put together, also sky no longer has a concierge which the other mention towers still have. As far as the ESR link I had mispoke and said sales and met listing prices. This is important for a buyer to know what the average listing price is as well as the selling price. It does give an idea of what you can expect when looking what the prices will be for the different towers.