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Old 08-25-2009, 10:11 PM
 
Location: Maitland/Winter Park
7 posts, read 18,495 times
Reputation: 15

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I am a real estate agent in Florida and after a long weekend in VEgas a few of my friends and I are talking about buying a condo. On or off the strip? What about Condo-Hotels? City Center?

Any advice would be appreciated.
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Old 08-26-2009, 01:27 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,190,159 times
Reputation: 2661
I am sure 007, who works this area a lot will be along in a bit.

In general the highrise and condohotel is in a power dive. City Center is going to offer new pricing to those signed up. The only stability at this point appears to be Signature where the little condo hotel units are stabilizing at around $300 psf. Boca Raton is now being offered at $200 psf and is not selling.

So you may want to wait a while. Be careful of stability of the HOAs. That should be OK in the condohotels but not elsewhere. Watch out for usage restrictions on the condohotels.
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Old 08-26-2009, 01:41 PM
 
108 posts, read 295,572 times
Reputation: 36
Hi

I'm also looking to invest a little, what part of the area should i look for, I want more the family atmosphere but yet a little or close to the strip. Is it possible a nice 1 or 2 bedroom can be had for 100 to 150.

thank you very much
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Old 08-26-2009, 01:52 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,190,159 times
Reputation: 2661
Quote:
Originally Posted by jaypp View Post
Hi

I'm also looking to invest a little, what part of the area should i look for, I want more the family atmosphere but yet a little or close to the strip. Is it possible a nice 1 or 2 bedroom can be had for 100 to 150.

thank you very much
In general strip access is universal. Almost the entire town is within a half hour. That said there are very few places that are livable and close in. Maybe the Las Vegas Country Club, Spanish Oaks, a few neighborhoods on the west side of I15. Next there are a few neighborhoods south of the strip that are convenient to the strip...Silverado and the south strip. Those are loosely 89123 and 89183. Past that you move to the NW, SW or Henderson.

Best economic deals are in those areas wiped out by the foreclosures. That is places like the NW, SW and far western Summerlin. These are all about half an hour from the strip.
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Old 08-26-2009, 03:25 PM
 
11,175 posts, read 16,010,330 times
Reputation: 29925
Quote:
Originally Posted by olecapt View Post
The only stability at this point appears to be Signature where the little condo hotel units are stabilizing at around $300 psf. Boca Raton is now being offered at $200 psf and is not selling.

So you may want to wait a while. Be careful of stability of the HOAs. That should be OK in the condohotels but not elsewhere. Watch out for usage restrictions on the condohotels.
Olecapt, I realize that you are much more of an expert on LV real estate than I could ever hope to be, but I've been following Signature for quite some time and the prices seem to have stabalized (at least at the moment) more in the neighborhood of $240 - $250 psf, not $300 for the studio units. ($125k - $135k per unit) I even saw one foreclosed unit whose price was reduced yesterday from $135k to $123,600.

On a related matter, I'm curious as to how confident you are that condotel HOAs won't become issues. That's one of the things that makes me hesitant about buying a unit.
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Old 08-26-2009, 04:43 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,190,159 times
Reputation: 2661
Quote:
Originally Posted by MadManofBethesda View Post
Olecapt, I realize that you are much more of an expert on LV real estate than I could ever hope to be, but I've been following Signature for quite some time and the prices seem to have stabalized (at least at the moment) more in the neighborhood of $240 - $250 psf, not $300 for the studio units. ($125k - $135k per unit) I even saw one foreclosed unit whose price was reduced yesterday from $135k to $123,600.

On a related matter, I'm curious as to how confident you are that condotel HOAs won't become issues. That's one of the things that makes me hesitant about buying a unit.
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.

Be careful of low price ones being on lower floors or beat up. If you want to get into the rental program they have to be restored to exactly as orginally equipped.

I would expect litigaton on the condo hotels - but monstly over crossing the line into investments with a promised return. I think it clear that a lot of that went on. I think the condohotels though are being operated by the hotel people and should not run out of money....

Again though I would look through the paperwork with a fine tooth comb...and if not happy walk.
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Old 08-26-2009, 05:50 PM
 
Location: Nebuchadnezzar
968 posts, read 2,061,874 times
Reputation: 348
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.
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Old 08-26-2009, 08:47 PM
 
1 posts, read 2,712 times
Reputation: 10
does anybody know if Isla(Southshores) is in litigation? i'm trying to get a condo there and don't want to waste my time if i'm not going to be able to get a loan...
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Old 08-26-2009, 08:56 PM
 
53 posts, read 208,977 times
Reputation: 23
Quote:
Originally Posted by titapaul View Post
does anybody know if Isla(Southshores) is in litigation? i'm trying to get a condo there and don't want to waste my time if i'm not going to be able to get a loan...

That is a conversion, with higher than average HOA fees, including a master plan fee---near 200 per month. Good luck getting a loan. I say no dice.
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Old 08-26-2009, 10:18 PM
 
11,175 posts, read 16,010,330 times
Reputation: 29925
Quote:
Originally Posted by Swigchow View Post
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.
When MGM was selling them, they were charging a $5k per floor premium. On the resale market, I haven't seen as much variance. In fact, one of the lowest prices I've seen was a 29th floor foreclosure unit on the market for $125k a couple of weeks ago that has gone into escrow.

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.
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