[OCGal]

Originally Posted by lvpanerai

well, it is unlikely that you are going to make a living of the rental income from condo-hotels. the idea is to be able to make your payments with the rental revenue and have a second home that you can visit. anything beyond that is icing on the cake. with vegas historically showing 90%+ occupancy rates, making addition income is very possible, especially with a good property. other properties ive been involved with in different states have done well. We have been able to cover mortgage payments and have a little left over as income while having a nice second home we could visit.

What do these lease for. I have to have interim housing for 45 days and prefer something safer than some apts.

[hbutler]

About 1.5 years ago, I heard any where from $275 - $400 a night with a 94% occupancy rate. Typically you would split that with property managment. If you have a unit that is in the mid 500k range, you might be able to break even assuming reasonable financing.

I'm not sure how much weight you and put on those numbers as they were done by searching the net on simular units. If you go back and look, there were not many comps at that time. Since there have been several projects that have come on line and from what I hear they are in the lower portion of that range.(that is just based on one source) So I think that Ivpanerai is probably right about looking at this as a investment/vacation home versus something to get rich on. With that said, City Center is a very unique project. That in it of itself might push you up the scale a little.

Probably one of the best things about the situation is that it isn't built yet and I doubt that they would go this far not to finish. Hopefully with a new administration coming in, by the time this is ready for COE the maybe the market will be better.

I think you can look at this property and say what a bust or look at and say there maybe something here. One thing you can't deny is that there are some interesting things that you hear about this project...

Here are just a two of things that might not be significant to you but just floor me...

1. They have built a 20 or so million dollar building adjacent for sales..admin...etc that they planned just going to tear down once they have finished... Just in case you can't get your mind around how much money 8 billion dollars is. Some how it is able to make 20 million insignificant...

2. About a month ago I've heard(don't have confirmed data) that they are still selling about 30 units a week in this market and prices are holding. I'm not sure if they have there sales office up in the middle east yet. If this is indeed true, this might be the only piece of property in the nation that is performing that way.

So as I stated earlier before we can say this is a bust, you really need numbers