[olecapt]

In Lake Las Vegas all properties appear to carry an HOA/Master Plan fees that are above $200. There is also likely to be a SID/LID of $50 to $100 per month as well.

Least expensive appears to be in the area of the Falls GC which is out near Lake Mead Pkwy and is one of the golf course closed.

[KiwiKate]

What are SID/LID fees Olecap?

[airics]

A lid is a type of ballcap. The other is the fee you pay to uncle sid. Both should be avoided

[olecapt]

Originally Posted by KiwiKate

What are SID/LID fees Olecap?

Hmph...the peanut gallery has had its say.

SID/LIDs are a version of the property tax where a municipality pays to have infrastructure installed for a master planned community. That cost is then given to the master planner to pay who divides it up and parcels it out to the developers. Some pay it most parcel it up and give it to their buyers. So the buyers end up with some sum...10K to 30K generally to pay over 20 years for the infrastructure supporting their property.

It is a local and specific add to the property tax. It is tax deductible.

[airics]

Yep. Snoopy has spoken

[dynimagelv]

hmmmm Air....didja notice the OC is grumpier then usual today

[olecapt]

Originally Posted by dynimagelv

hmmmm Air....didja notice the OC is grumpier then usual today

Just spent four hours showing properties that would make good rentals. My legs, back are tired and my brain has shut down.

Renters should be kept in pens.

[olecapt]

Well not pens...Maybe we could keep them in the units that MGM can't rent in Signature?

[MadManofBethesda]

Originally Posted by olecapt

Well not pens...Maybe we could keep them in the units that MGM can't rent in Signature?

Do you have any info on the average number of nights the units in Signature get rented?

As you know, the units aren't owned by MGM, they just manage the property for a 40/60 split + other assorted fees. Foreclosure prices are now down to $125k - $129k on some units, which seems incredibly tempting if there was even the slightest chance of them being rented a fair amount of days per month. If an investor paid cash for one of those units, do you think the income generated would be enough to offset the monthly fees (hoa, cleaning, etc)?

[LLVResident]

An update on Lake Las Vegas. It appears a Chapter 11 agreement has been reached and Lake Las Vegas should be exiting Bankruptcy in April 2010. The plan looks good. Credit Suisse will be infusing more $$ into the future development and also pay the LLV Master Assoc dues for all undeveloped lots. In reading all of the documents, this is a very complicated matter, with way too many chefs in the kitchen. Two of the three golf courses were foreclosed on by the lender Carmel Land and Cattle and they closed them. However, they are required to maintain the courses or face a fine. Although, overseeding is not required to maintain. So, they are brown until the temps warm up.

These are top courses. Some reports say there were profitable. Some say they were not. Hard to know which is true. I imagine the Falls or Reflection Bay courses won't open until after the bankruptcy is over. In reading the court docs, it appears that as part of the chapter 11 agreement the pump house that sits on the Falls course has to be conveyed to LLV development or the City of Henderson. There are rumors that Carmel has sold them, but nothing has been confirmed and I doubt they could be sold until the pump house issue is dealt with. The owner of the pumphouse would have to pay 5 million in liens. Who would by a golf course with that looming around?

Recently, Duetsche Bank the building owner of the Ritz Carlton decided to stop funding the property. This forced the Ritz to close on 5/2/10. The Casino then felt they couldn't survive and announced they will close in March. The Ritz is a 5 diamond property. In this economy, not many people are staying at high end resorts and it is frowned for companies to have their conferences at high end hotels due to expenses. I would imagine a more moderate hotel will take over the hotel and casino for a great price. The Loews continues to do well and has captured the family niche. They capitolize on the lake and the activities.

The Village is holding its own. As one of the other posters mentioned, they built the village to support 12k homes, which would have been the case had the economy not tanked. However, there are only 1800 builts and the village has to rely on more than just the LLV residents. The weekend concerts should start up soon and there are plenty of things to do there and beauty to enjoy. The restaurants are great and reasonably price.

LLV is more than just a village. It's a breathtaking hillside village that is a world away, it feels like you are in Italy. One day it will be the home of many people who want a peaceful home away from the rigors of the city within a spectactular views. It's not the strip. It was never supposed to be the strip. I'm not a strip person, other than dinner and show. Many successful golf resorts in Arizona aren't near the strip either. Through Federal $$, Lake Mead Parkway is currenting being widened, landscaped and bike trails added. That road was ugly. This will create a beautiful gateway to LLV and Lake Mead.

I feel that Lake Las Vegas will be a viable neighborhood in the future. There will and have been some speed bumps. But, after all of the bankruptcy dealings are over, the debt will be wiped clean and development can continue. The infrastructure is there. It's beautiful. Far enough away from the strip for peace/quiet, but close enough to enjoy a show. It's not for everyone. But it's for me.

There are currently very few foreclosures in Lake Las Vegas. I checked a local Realtor's MLS website search engine and I saw only 13 homes. Everything has been bought up! With regard to condo HOA dues, the hotel condos (viera and Luna) are about $600.00. However, those dues include electric, water, cable tv, high speed internet etc. The rental program when you aren't using it is great to offset the costs. The Viera and Luna HOAs are very strong. Remember, the banks paid ALL of the back HOA dues when the foreclosed properties were bought during the past year. So, the HOAs across LLV are likely all doing well.

Sorry for the long report. But this sums up the past year.

Go out to LLV and enjoy an outdoor concert, rent a kayak, have a great meal and relax!!!