[007 license to sell]

Originally Posted by looking4warm

Thank you Olecapt. Would the HOA's in Veer be much less than the $750 at Trump?

Essentially owning a closet in a hotel room has no appeal to me so if I did a condotel it would be for my use only, which I'm now understanding does not make financial sense.

Do you think that Veer will price units under $500 psf or that resales would start to occur at that price?

Curious what people think of the Anthem area or Rhodes Ranch, single family homes. Saw a 5,000 sq ft near Anthem for $399k last week. Seemed like a great deal -- though it's way more space than I'd ever use.

Rhodes ranch has allot of rentals in it investors purchased quite a few properties in there and put renters in them.
If you saw a 5,000 sq/ft home in Anthem for $399,000 it sounds like a short sale and if you your going to take on a short sale, plan on packing a lunch because they can take along time.

Or it could be a low ball price to get folks to bid, I have seen as high as 125 offers on properties, there is allot of cash buyers out here. And even if your a cash buyer yourself plan on making the offer higher than the listed price and you still may not get the bid.

It's very competitive here right now and inventory is low, there is 14,000 properties in contingency more than active listings this is the first time this has ever happened.
Buyers from all over the world are coming here and buying are recognizing good deals and they want to get in on it. I have clients from Korea, Canada and England and Japan right now that are actively looking to purchase in and around Las Vegas, and I know that there are other realtors experiencing the same thing.
Good Luck in your search

[JohnG72]

Vastly cheaper to just get a hotel room. Rooms at Pallazo, Venetian, and The Hotel at Mandalay Bay are nicer and cheaper than Trump(or Signature).

Anyway, rooms at Trump are so inexpensive that its near insanity to purchase one.

I remember some of my co-workers saying that I visit Vegas so often that I should buy a place.

Makes no sense even now to buy a low end condo when my ten visits a year are costing me roughly $1500 a year in hotel costs, not to mention the convinience factor. I have free weekday rooms at Orleans through March, weekend rooms averaging $29 a night at several properties, free rooms I can share with friends at many places, and high end rooms under $100 a night(most notable $89 a night at a one bedroom suite at Mandalay Bay along with other cookies).

The cost of owning even a $60K condo or $100k house is so ridiculously more than the $1500 a year.

[looking4warm]

A studio at Trump costs around $200k new and $170k resale. The HOA if you don't do the rental option is $365 per month. I stay in Vegas between 3 and 6 days per month. The airline charges me $40 for every checked bag. The rooms I stay in average $100 per night (then there are the resort fees and internet charges and taxes, etc.) At an average hotel cost of $500 per month, the $365 HOA seems like a fair price. I personally like the Trump Hotel studios better than Mandalay Bay's $89 rooms or Palms Place $99 rooms -- though all are great.

The real unknown is would I do better keeping the $175k in the bank. I think that is very possible. For all I know Trump studios will be worth half of today's prices 5 years from now, or maybe double. But in the meantime I can have my own pad, set up with my own computer system, dress clothes that don't need to be checked on the plane, drawers filled with clean clothes upon my arrival, etc. And, I'll keep our old Toyota in the garage for getting around town.

[JohnG72]

Originally Posted by looking4warm

A studio at Trump costs around $200k new and $170k resale. The HOA if you don't do the rental option is $365 per month. I stay in Vegas between 3 and 6 days per month. The airline charges me $40 for every checked bag. The rooms I stay in average $100 per night (then there are the resort fees and internet charges and taxes, etc.) At an average hotel cost of $500 per month, the $365 HOA seems like a fair price. I personally like the Trump Hotel studios better than Mandalay Bay's $89 rooms or Palms Place $99 rooms -- though all are great.

The real unknown is would I do better keeping the $175k in the bank. I think that is very possible. For all I know Trump studios will be worth half of today's prices 5 years from now, or maybe double. But in the meantime I can have my own pad, set up with my own computer system, dress clothes that don't need to be checked on the plane, drawers filled with clean clothes upon my arrival, etc. And, I'll keep our old Toyota in the garage for getting around town.

No.

[airics]

i would do the condo thing also.. and what happens to the price of the hotel room if you are there on a busy weekend.. (new years, sema wknd, etc)... you aint getting a room for 29 bucks anywhere...

[Swigchow]

Originally Posted by looking4warm

A studio at Trump costs around $200k new and $170k resale. The HOA if you don't do the rental option is $365 per month. I stay in Vegas between 3 and 6 days per month. The airline charges me $40 for every checked bag. The rooms I stay in average $100 per night (then there are the resort fees and internet charges and taxes, etc.) At an average hotel cost of $500 per month, the $365 HOA seems like a fair price. I personally like the Trump Hotel studios better than Mandalay Bay's $89 rooms or Palms Place $99 rooms -- though all are great.

The real unknown is would I do better keeping the $175k in the bank. I think that is very possible. For all I know Trump studios will be worth half of today's prices 5 years from now, or maybe double. But in the meantime I can have my own pad, set up with my own computer system, dress clothes that don't need to be checked on the plane, drawers filled with clean clothes upon my arrival, etc. And, I'll keep our old Toyota in the garage for getting around town.

If you can afford a vacation home then you should. I purchased a Signature unit to have as our own place to visit, but also to rent out to cover the expenses. However, if you dont need the income then you should purchase a Trump pad.

[looking4warm]

I wonder what realtors following the condotel market think of the 2 recent closings in Trump tower for studios at $106k each. They were both BofA short sales purchased by investors but still shouldn't that bring prices down there? There were three closings at around $150k for studios as well.

Do people think Trump studios will still get lower than $106k. Seems difficult to imagine but I'm no expert.

If they drop much lower they'll be below the resale of the furnishings.

I hate to think what that does to the value of the building with prices dropping for $700k to $100k for all those units.

[olecapt]

Well if you can buy those units under $200 psf go for it. Note though they still have immense HOAs.

I would expect them to run about the same as Signature after a while. So anything under $300 may be a deal. Then again the Signature HOA is less. So who knows?

It does however seem clear that Trump is not going to go for $900 PSF.

[tijlover]

Someone could give me a unit at Trump or a unit at Turnberry, and I still wouldn't be able to cough up the HOA fees they're charging. I also met someone who has a Signature unit, and I believe he told me it was like $1k a month for HOA fees. Tell me that's not possible and he lied to me!

I met someone else who lives at Turnberry Place and when he told me what he's paying in HOA fees, that translates to triple my current mortage!

And if I was stupid enough to buy one, I would certainly not buy one in the Trump Tower. I've been in one at Signature, at least there you get a nice spacious balcony, which you won't get at Trump.

[007 license to sell]

Originally Posted by looking4warm

I wonder what realtors following the condotel market think of the 2 recent closings in Trump tower for studios at $106k each. They were both BofA short sales purchased by investors but still shouldn't that bring prices down there? There were three closings at around $150k for studios as well.

Do people think Trump studios will still get lower than $106k. Seems difficult to imagine but I'm no expert.

If they drop much lower they'll be below the resale of the furnishings.

I hate to think what that does to the value of the building with prices dropping for $700k to $100k for all those units.

Of the 1200+ units at Trump 400 units sold and closed. Trump Towers have lowered their prices 61% . Trump is releasing so many units at a time to try to control of the prices. Just like what CityCenter will be doing.

It depends on the size of the units what your monthly association dues are. a unit that is 534 sq/ft is $365.00 a month it goes up according to size.

The association covers: concierge, elevator maintenance,grounds, guard gate, security, trash,sewer.

sevices:business center, concierge,courier srvc, drycleaner,resturante,bar gym pool , [LEFT]CONCIERGE, ELEVTR, GROUND, GRDGATD, RECREATN, SECURT, TRASH, SEWER[/LEFT]
on site staff: doorman, 24 hr security,bartender,cleaning ,pool attendant,server valet.

[SIZE=2]Trump Tower in Las Vegas still has new condos for sale,there is currently one listed for $154,900. The rooms are finished allot nicer than Signiture and the property itself see's more affluent guests.[/SIZE]
[SIZE=2]If you choose to put the condo in the rental pool they have two options that the hotel charges.[/SIZE]
[SIZE=2]50/50 or 80/20 the 80% is in favor of the owner but the owner will have to pay the bed tax and other fees that the hotel usually charges. They would go over that with you personally, and as far as what you would be charged for a nightly fees would also have to be discussed with the hotel since as you know hotels set their rates according to holidays and weekly rates and what the economy dictates.[/SIZE]
[SIZE=2][/SIZE]
[SIZE=2]To get an idea of what is charged for nightly rentals visit their hotel website and look at the rates for the different size units along with looking at all the amenities. You may even want to stay there the next time you come to town to see how it feels to stay there. Click on :Las Vegas Luxury Hotels, Vegas hotels - Trump Las Vegas Luxury Hotel & Rooms[/SIZE]