[jlady]

Tell me if you think this is a good investment...vs putting your money back into the stock market.

2 bedroom 2 bath condo 1100 sq ft in Rock Springs 10, Durango/Sahara.
There are apparently about 9-10 foreclosures and they are going for about 80,000.

My mother lives there and is on the homeowners board and found out this info. I also used to own one of these units and paid 85,000 in 1996 sold it for 205,000 in 2005.

These were built as condos not apartment conversions and they are in 89117 which is a high dollar zip code. There is going to be a metro substation right outside the gate.

We took our money out of the stock market early november and am wondering if we should go back in or maybe invest in a rental. We are 47 and 57 years old.

[airics]

i wish you the best of luck, i'm sure Olecapt will chime in on this one...

[jfkIII]

I think neither could be considered an investment in the current economy.

[airics]

think about this... you buy a condo for 50k (im looking at them in the 30s so lets average).. if you paid cash.. in the bank, a cd will give you a 3% return if you are lucky... $1500 a year.. you can rent the condo at 800 = 9600 minus expenses and hoa ($3K??), you are still ahead of the bank... get it..

Vegas is unlike anywhere else... Rentals are still moving well.. think about where all the foreclosed people are going to live...

[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.

[jlady]

There are 180 units there and 10 foreclosures isn't that many in my "uneducated" opinion.

[barryhussein]

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.

Maybe Richard Jewell will move next door.
http://lasvegas.blockshopper.com/con...elopments/1441 31,500 on 12-30. I don't know how much the different phases vary.

[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.

[jlady]

I guess I should have said the location is on eldora, the last unit sold for 99,315 in dec 08. That location is the newest and nicest of all the Rock Springs.

[olecapt]

Originally Posted by jlady

I guess I should have said the location is on eldora, the last unit sold for 99,315 in dec 08. That location is the newest and nicest of all the Rock Springs.

Sorry jlady...that is a trustee sale price. It is what the owner owed on his mortgage...not what the place would sell for.

Currently on Eldora there is one pending sale listed at 59K. I would think it sold around $50K.