[Swigchow]

Originally Posted by 007 license to sell

Your comparing apples to oranges when you compare a condotel like signature to a highrise property like Panorama north.If a buyer is looking to purchase a highrise property that is close to the strip and wants a long term tenant then it will be a property like Panorama.
Places like the signature doesn't lend itself to a long term tenants lifestyle the type of tenant that wants to rent in a highrise will want or needs to live close to the strip for whatever reason is going to be a tenant that comes from a higher income level that demands the amenities and security level of a highrise property. A tenant that what's to live in a highrise doesn't want to listen to the 20 something's running up and down the halls all times of the nights ect like in a condotel like the Signature.
It just depends on what the investor is looking for in the type of tenant and revenue and down the road resale. As you know banks look at condotels like the signature as bad investments where at least you can get financing on some highrise projects which banks feel are a better investment or they wouldn't loan on them. Especially with the tighter lending standards that are in place now.
Most rentals do not see a positive cash flow for at least 5 yrs in a normal market most likely longer now due to our recession.

Let me clarify a few things since I have units at both Signature and Panorama Tower 1. Neither are great investment vehicles if seeking income. As I mentioned in a previous post, Signature has returned about 2%. ROI for Panorama is unclear yet, but I think I will be lucky to break even. The price seemed remarkably cheap compared to Panorama 3, however the HOA (nearly $1100/m) is oppressive. It was relatively easy to rent, since Panorama is in desirable location. It is potentially our second home, although I still have some doubts which is another topic all together.
Panorama property taxes are still high and havent dropped as much as the market values.
I believe the Panorama 3 prices are still too high. Security is not as good, especially for parking compared to the other Panorama towers. When we looked it was creepily empty reminiscent of the Metropolis, although it is probably better now that there is some activity.
Signature seems to attract more mature people, rather than "20 somethings" who want to be on the strip but avoid the lights, noise, and smoke of the casino's. My wife loves the Signature and many of our friends and relatives who have stayed there have loved it and some have looked into purchasing as well.