[joesmiley]

mod cut: is my Realtor and he sent me a condo that was to be auctioned off. It was off of Washington and Rock Springs and it was listed for $20k.

How can they sell condos for $20k?

[barryhussein]

Originally Posted by olecapt

Barry's reference is an auction. And it is not possible to tell what kind of shape.

However they are clearly going REPO at less than $50 psf. A good buy would be $45 or even $43 psf. So no more than 50K for 1100SF. And at $50 it should be in very nice shape.

Place has a bad case of the foreclousre blues.

Appear to be renting at about 750 to 850. Three months of inventory.

Capt.,
I'm showing that as a sale to Robert A. Johnson, from LaSalle Bank. A bank sale to a private party. Could have been an auction, but that was the winning bid. 2/2 912 sf.

[jwt8070]

> However they are clearly going REPO at less than $50 psf. A good buy would be $45 or even $43 psf. So no more than 50K for 1100SF. And at $50 it should be in very nice shape.

olecapt,

Why are condos there so cheap? These prices are much lower than the $80 psf for houses in the NW. If one can buy a condo for $50k and rent it for $750/month, it seems to me that these condos are (much) better investment opportunities than small houses in the beloved NW area. Am I missing something? Please comment.

Are there many such condo deals available in LV today?

[airics]

dont forget that the condos usually have higher maintenance fees also... $130-$150 as compared to $30-$50 vs a house

[lvkewlkid]

Originally Posted by jlady

I like it because I am hoping having the metro substation so close will deter the bad people coming in therefore keeping the value up.

or the noise and traffic from the substation could keep the quality of living and value down...

[olecapt]

Originally Posted by barryhussein

Capt.,
I'm showing that as a sale to Robert A. Johnson, from LaSalle Bank. A bank sale to a private party. Could have been an auction, but that was the winning bid. 2/2 912 sf.

It may well have been that rarest of birds an absolute auction...or it may have been trashed. The pictures don't look bad though.

A single outlier like that won't move the base line much.

It could be the lead though of a further drop in Rock Springs Vista...simply too soon to say.

Nothing presently listed though at any where near that price. I would be very careful in there until some more sales appear. The one going down on Eldora would be interesting.

[jwt8070]

Hi Olecapt,

I hope you will answer the questions in my earlier post. I am curious about why condos in what appears to be a safe neighbourhood are sold for $43-50 PSF while houses in the NW are sold for $80 PSF. Why is there such a big price difference? More importantly, in your expert opinion, do you agree that, as investment properties, condos in safe neithbourhoods at $50 PSF are equally good as or even better than houses in the NW at $80 PSF?

The assumption here is that a 2/2 1000 sf condo will cost about $50k to buy and will bring in $800/month in rent, while a 3/2 1500 sf house in the NW will cost about $120k to buy and will bring in $1100/month in rent.

Other real estage gurus on this board are also welcome to send in your comment.

[olecapt]

Originally Posted by joesmiley

Robert Adams ( crehadams@gmail.com ) is my Realtor and he sent me a condo that was to be auctioned off. It was off of Washington and Rock Springs and it was listed for $20k.

How can they sell condos for $20k?

Your agent should have explained to you the nature of auctions. Neither auction nor list prices mean much.

In the last quarter there was one sale in that area at $65,000 and another at $87,000.

Perhaps you might consider finding a new agent.

[jlady]

So is it safe to say if you can get a condo at less than $43 sq foot and the location is good and the condition is good (enough) it is a good investment as a rental??? I understand being a landlord has it's challenges but I can't imagine prices at this low end can go much lower and even if it did, it will be short lived.

[advisemedia]

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