[KidsinVegas]

Reuters just released a story that Ritz Carlton is closing their 349 Room Lake Las Vegas Resort. The resort is a bit off the beaten path (17 mi).

This is pretty much a sign of the times as the High End resorts battle it out for the remaining luxury travel market.

I expect to see a lot of the Off the Strip resorts really suffer this year. Who comes to Vegas only to leave the Strip?

[MediocreButArrogant]

You're three days late to the party.

https://www.city-data.com/forum/las-v...gas-close.html

[KidsinVegas]

My Bad. The story hit today on the National Press I saw.

Turns out I have a life and can't always troll forms 24/7 but thanks for kindly pointing that out.

[007 license to sell]

Originally Posted by KidsinVegas

Reuters just released a story that Ritz Carlton is closing their 349 Room Lake Las Vegas Resort. The resort is a bit off the beaten path (17 mi).

This is pretty much a sign of the times as the High End resorts battle it out for the remaining luxury travel market.

I expect to see a lot of the Off the Strip resorts really suffer this year. Who comes to Vegas only to leave the Strip?

In today's paper they announced that Montelago is closing and 350 people will be losing their jobs. See article.
Casino Montelago to close in March - Breaking News - ReviewJournal.com

[KidsinVegas]

Wonder if anything in that specific area will recover. I'd imagine there will still be some people that want to be out there but not at yesterdays prices.

Thanks for the link.

[Willy702]

The Ritz was such a big mistake to begin with. Everything out there is nice, but not enough. My wife likes to go out there once in awhile, but its just not enough to keep you occupied for long. I'm thinking visitors are finding the same thing, not quite enough mass and too far removed from similar amenities to keep them around. Now with the golf courses done it was just a matter of time.

At the prices some of those condos are going for I think you could get a pretty nice draw going once people have the confidence to buy in Vegas again. A vacation pad for $50k in that area should be appealing to a lot of people, especially when they compare the Lake LV atmosphere to the crappy condo conversions the same money buys elsewhere in LV. But its not a Ritz market, they really need to be on the Strip.

[007 license to sell]

Originally Posted by KidsinVegas

Wonder if anything in that specific area will recover. I'd imagine there will still be some people that want to be out there but not at yesterdays prices.

Thanks for the link.

It is true the condo prices out there have plummeted and you can purchase a condo that once sold for a million for $150,000 you still will have a large HOA monthly to pay, for instance at Mantova the HOA there has 3 fees to pay, the Mantova ass fee runs from the high $600.00 a month to the mid $800.00 a month then you have a 2nd association fee can run from the high $200.00 to the mid $400.00 a month then you have the master plan fee which is $316.00 a month. So your total HOA fee's can run from the $1400.00 to over $1600. a month just in HOA's . Plus you still have to pay a sid/lid Special improvement district/land improvement district of around $1900.00 annul.

What do you get for that? You are on the guard gated side of the lake, then Mantova is gated and has tennis courts and is close to the lake. You have boarded up townhomes that are in the Mantova community.
Buyer beware of cheap properties there can be significant monthly fees, on these types of properties HOA fee's can raise mostly due to the abandoned, or foreclosed and bank owned properties in these complexes that aren't paying the monthly HOA so it leaves it up to the owners that are paying to pay more to maintain the building/grounds ect.
The HOA's in highly distressed properties the HOA coffers maybe so drained to keep up maintenance that the HOA could be on the verge of a bankruptcy. I am not saying that Mantova hoa has that problem, I am just pointing out when looking at deeply reduced prices on properties there can be significant issues lurking in the back ground.

[Willy702]

Did not realize how high the HOA fees were. I just went into that little RE office at the village to ask about the condos there and they were surprisingly cheap. But if you have to pay $400 for your mortgage and double or triple that in fees then it won't sell for a long time.

[olecapt]

Au contraire...everything actually sells reasonably well considering. The SFRs go for around $150 per SF and the condos for $100. About 11 month of inventory for the SFRs which is not unusual in other areas of LV. About 7 months for the condos. There has been some drop off in the rate of condo sales since November but I suspect that may be seasonal.

Kind of weird...you would think the place a graveyard by now but it goes merrily on.

[007 license to sell]

Originally Posted by Willy702

Did not realize how high the HOA fees were. I just went into that little RE office at the village to ask about the condos there and they were surprisingly cheap. But if you have to pay $400 for your mortgage and double or triple that in fees then it won't sell for a long time.

If you are going to look at the condo's on the eastside where the guardgated community is the You will have higher HOA fees, you not only will have the community fee, and you will have the master plan fee, you could also end up with additional HOA fee depending if your in a gated within gated on that side of the lake.

If you are on the west side of the Lake you can find lower HOA fee's, however keep in mind there will be a master plan fee as well. And again you have to check for a sid/lid.