[MadManofBethesda]

Originally Posted by olecapt

Last ten sales (All in August) had a median of 301psf and an average of $297. There have been a couple well below that including a famous one at $99K but it appears they are settling into the $300 psf area.

Yes, but wouldn't those have gone into escrow back in June? Back then, the prices seemed to be hovering around $140k - $150k. I've seen a few in the $125 - $130 range go into escrow just in the last couple of weeks.

[olecapt]

Originally Posted by MadManofBethesda

Yes, but wouldn't those have gone into escrow back in June? Back then, the prices seemed to be hovering around $140k - $150k. I've seen a few in the $125 - $130 range go into escrow just in the last couple of weeks.

I looked at a graphical presentation of the numbers. It appears to me that the clustering was going on at 300 psf. You don't get to use the list price...it is where they end up. and there is lots of game playing.

Note that I have no ax to grind. I think in fact it is idiotic. But then again it is not my primary market so I may not understand. I do know how to do the numbers though...and as of the available data it is stabilizing at around 300 psf. Pipeline is less than 2 months long...so you will know in October.

[MadManofBethesda]

Originally Posted by olecapt

Note that I have no ax to grind. I think in fact it is idiotic.

I don't have that impression of you at all and I apologize if my post came across as disputing your expertise. I really appreciate all of the great info you share here on the board and consider you to be an invaluable resource. You've been very helpful to me as I try to learn more about the L.V. area and decide where to live (and possibly if/where to invest as well).

[JM95]

Are you buying this as a rental property?
How do you get any decent ROI/cashflow from it at $150k?

Originally Posted by Swigchow

Prices on Signature units seems to vary on a number of factors. Higher prices for those with strip views vs mountain, balcony vs none, higher vs lower, good upkeep vs poor upkeep, and even possibly between towers. (maybe someone can breakdown what each of those variables are worth). I agree with Olecapt that prices seems to be holding steady recently. Dont trust the list prices, I have lost on two recent bids despite my offers being over the list.

[olecapt]

Originally Posted by JM95

Are you buying this as a rental property?
How do you get any decent ROI/cashflow from it at $150k?

I will be so bold as to answer for Swigchow and the others.

It is a second home buy with costs offset by the MGM rental plan.

It could turn profitable in later years if the tourist economy picks up and rates and occupancy both increase. In the interim it helps offset the HOA fees.

Hope springs eternal.

[pommysmommy]

Originally Posted by olecapt

I will be so bold as to answer for Swigchow and the others.

It is a second home buy with costs offset by the MGM rental plan.

It could turn profitable in later years if the tourist economy picks up and rates and occupancy both increase. In the interim it helps offset the HOA fees.

Hope springs eternal.

I don't understand how people can make money renting condos in Vegas when the major properties are offering free stays.

[Swigchow]

Originally Posted by MadManofBethesda

BTW, have you been able to gain access to the private forum for Signature owners yet? I saw on the public forum that you were having difficulties getting anyone to respond to your e-mails.

Yes, I now have access, but the forum seems relatively inactive. I suspect there is a transition from the old to the new owners with the older owners not nearly as involved for various obvious reasons.

As is in any purchase, it is all dependent on your circumstances. I do not intend buying and losing money, so my expectation is that my rental income will cover HOA, taxes, and other assorted fees. We shall see, and if you wish, I will let you know the results of my first statement when available.
On the otherhand, we have a place my wife absolutely loves. She was never fond of Las Vegas, and basically thought I was crazy when I started looking at real estate opportunities down here. So now she is ok having me look further. Also, this allows many family and friends a place to stay when they visit. This of course will reduce our rental income.

[Swigchow]

Originally Posted by olecapt

Hope springs eternal.

Well said. Never follow my lead for investments. I'm the one that perfected the buy high, sell low during the internet craze.

[JM95]

At $150k, it seems your breakeven point is about $1400/mo (after all tax/hoa/mtg/etc), assuming you rent direct?

You can probably rent to a lot of hookers there by the week, charge a slight premium, get paid in cash, and maybe a "bonus".

[rrrafael]

We have a six month minimum lease term in our HOA. I'm sure people have gotten away with breaking that rule before, but still........A condo-tel would be a slighly better investment than a time sahre, but it could be a huge money pit.