[Ketabcha]

Those monthly fees are outrageous. Jeeeez

[olecapt]

Originally Posted by Wade C

I want to thank you ever so much for this information. I have been reading this board for months. I live in the Philippines. I have been thinking of a condo in Vegas but did not want just to move without as much information as I could get. The one thing that I have had trouble finding information about are the HOA. I have never had to pay that in my life. I am retired USN and just have never lived anywhere I had to pay a HOA. Well the information you gave me settles it. I will stay put in the Philippines. Thanks ever so much for more information in one post than i was able to find out in months of reading. thanks thanks thanks

The normal condo fees in Las Vegas range from $100 to $200. These are high maintenance places with fancy services.

[007 license to sell]

Buying a highrise is totally different than a home, you are buying a lifestyle.
Folks who purchase in a highrise expect a different level of amenities than a single family home owner. It's the difference of purchasing a luxury home verses a regular home the HOA fees are always more in exclusive properties.
HOA fees in high-rise's pay for allot of amenities but the number one high cost amenity is the security costs .
Most owners of highrise condo's purchase a unit because #1 is it is more secure,than any single family home community, along with all the amenities you get with your condo.
In a highrise condo no one can get into the building without going through a guard gate, or a concierge or both. You have to have an electronic key fob just to let you on the elevators and even some key your fob to only the floor you on so no one can just rome any floor. If a highrise property doesn't have a guard gate like Newport Lofts there is a security room that monitors the whole exterior of the building and common area's of the building the elevators ect. These are also monitored by live security guards along with being video taped.
However at New port Lofts there is no guard gate, the Concierge determines if you get in, if the owner of a unit contacts the concierge to let you in. If you should come unannounced the concierge will ring the owner to verify if you should be allowed in. If you are not a on the list of people to be allowed into a specific unit you will not be allowed. Even repairmen if you are needing to have a repairman or a handy man come to work on the unit #1 they have to be licensed and they have to be put on the list before they are allowed in.
Security officers for high-rise properties aren't your typical renta cops, these are sometimes police officers moon lighting or ex military police that are trained to protect the residents of the highrise property. All properties have top notch security camera's as well.
The amenities are a higher quality in a highrise condo, than a condo that is in a community that usually has no elevators,no parking garages, those properties may have pools or guards but not the same caliber and that is why you pay $100 to $200. a month for those types of properties,those are types of condo communities are not highrise properties so don't get them confused with a highrise property. Anything 10 stories or higher is considers a highrise property.
Also Hoe's pay for window washing,maintenance of : pools ,meeting rooms and grounds surrounding the area's, of the building itself and much more. Plus the HOA pays for insurance for the common area's of the building.
It is important to understand what the fee's of an hoa pay for. High-rise condo's aren't for everyone and if it is something you can't afford or don't want to afford than a high-rise is not for you.

[fastenyourseatbelt]

I stopped by the open house and was told the HOA fees included water, gas and sewer. Electric was not included.

[zenaforever]

Originally Posted by Ketabcha

Those monthly fees are outrageous. Jeeeez

I lived in Manhattah(NY)and LA and these fees are cheap. I currently live in my own condo(cash purchased) at Sky. I pay an HOA of ~$1,300 and love the bldg and services are great.

[JM95]

Is Sky the building with all the hookers and drug dealers, as we heard from one of the posters here?
:-O

[JM95]

Thanks Tool, for the "price discovery" process.

So now we know $130/ft is the market value.
That still seems kinda high for a mediocre building in a shi*ty area. No "bargain" by any means.

By way of comparison, a decent condo in LA (west side) is around $400/ft. So equivalent in LV should be half or less. Along with a "distress" discount thrown in.

So $100/ft starts to sound reasonable.

Originally Posted by ToolAcademy

I'm hoping that this thread can be maintained and updated when future auctions occur. I only went to this because I happened to see an ad in the RJ a few days before. Otherwise I wouldn't have known about it. I know Allure condos had an auction a few months earlier, I would have liked to see the results of that.

Going forward, I hope we can publicize the existence of these auctions and people will volunteer to attend and post results. Consider it an "open source" project. The whole thing took only 2.5 hours and to be honest, it was kind of amusing. Not the best way to spend a beautiful Saturday but it really wasn't bad and hey, it was educational.

One of these days, these buildings will be an attractive purchase. I don't think we're quite there yet, but at least it's not completely outrageous like $300-500 per sq ft. I also wonder if the other condos will adjust any of their pricing after hearing these results (I assume someone from Soho, Juhl, etc sent someone to monitor the situation).

[ultramed]

I looked at these condos twice, but what really turned me off was the location. All around is ghetto. If it was a few blocks closer to the real downtown, or the other way closer to the strip, it would make all the difference. The bad location combined with relatively high dues makes it a no sale in my book, unless they were way under $100 a foot. Some of the Florida condos went for under a $100 a foot, why should non-prime location condos in Vegas be any different? On a side note, I went to look at City Center, what a total joke. $1000 per foot for the condos, and $1 per foot per month for the dues. I'll revisit in a year and bet the prices are cut in half.

[Swigchow]

I really like the Newport Lofts, especially compared to the other downtown complexes. It has a nice design, high quality, easy access downtown and to the strip. The HOA fees seems to run about the same for most of the condos I've looked at, even higher at others. I think you will find significant interest at this price point.

[zenaforever]

Originally Posted by JM95

Is Sky the building with all the hookers and drug dealers, as we heard from one of the posters here?
:-O

no it's not..