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Old 08-08-2010, 08:17 PM
 
9,880 posts, read 8,221,954 times
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Quote:
Originally Posted by DowntownVentura View Post
I am just learning about these. The Signature does have a kitchen and that could be an advantage some will take over the Bellagio. Free Belagio trumps all though!!

There seems to be the MGM Signature run by the hotel and the MGM Signature where the units are private owners. I am interested in the latter but I think the services of the hotel side are better and they can command the $129 a lot easier than the private owner units can. If I could get the services of the hotel (room service, maid service, etc) on my private owned unit, the investment on purchasing one may be worthwhile.
I cook at home. We go to Vegas to dine out.
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Old 08-08-2010, 08:17 PM
 
Location: Here and there, you decide.
10,773 posts, read 21,286,810 times
Reputation: 3324
how many tourists use a kitchen? seriously? even $129 bellagio trumps signature..... and the hoa can be a condo payment here...
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Old 08-08-2010, 11:21 PM
 
Location: North Las Vegas
1,631 posts, read 3,235,157 times
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One thing no one has mentioned as a owner if the property is damaged by a drunk tourist you can be on the hook for it. The hotel gets a credit card from the hotel guest so if there is damage like a shoe through a TV or burn hole in the carpet or a damaged mattress ect, the hotel will try to collect on the credit card. However more times then not hotel guests that do extensive damage will usually cancel the credit card and then it's up to you as the owner to pay. You have no idea what kind of hygiene these people have that are renting the rooms and if your bed gets bed bugs or flees then you get to get rid of the little pests? And yes those little pests can show up at the nicest hotels and casino's.
If you plan on putting the unit in the rental pool you must keep the unit the same as all the others you cannot change one thing.
Also if you intend on using the units yourself and your not a smoker even though they may make it a non smoking unit it's not unusual a smoker will rent your unit any way and sneak a smoke or two.
Since banks look at Condo Hotels like the Signature,Trump, Palms Place,Platinum,Vdara as bad investments and won't loan on them, in the future when you go to sell it will have to be a cash buyer. And that may or may not affect future value since most cash buyers would prefer not to purchase a condotel, but have something that other people will not be staying at on a nightly basis.
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Old 08-09-2010, 12:24 AM
 
Location: Nebuchadnezzar
968 posts, read 1,691,543 times
Reputation: 344
Quote:
Originally Posted by DowntownVentura View Post
I am just learning about these. The Signature does have a kitchen and that could be an advantage some will take over the Bellagio. Free Belagio trumps all though!!

There seems to be the MGM Signature run by the hotel and the MGM Signature where the units are private owners. I am interested in the latter but I think the services of the hotel side are better and they can command the $129 a lot easier than the private owner units can. If I could get the services of the hotel (room service, maid service, etc) on my private owned unit, the investment on purchasing one may be worthwhile.
There are several rental management options of which the Signature is the most common. Rates vary, see Las Vegas Resorts: Getaways - Luxury hotels | The Signature at MGM Grand
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Old 08-09-2010, 12:25 AM
 
Location: Nebuchadnezzar
968 posts, read 1,691,543 times
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Quote:
Originally Posted by airics View Post
how many tourists use a kitchen? seriously? even $129 bellagio trumps signature..... and the hoa can be a condo payment here...

About 50% use the kitchen if the stay is longer than two days.
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Old 08-09-2010, 12:46 AM
 
Location: Nebuchadnezzar
968 posts, read 1,691,543 times
Reputation: 344
Quote:
Originally Posted by 007 license to sell View Post
Quote:
One thing no one has mentioned as a owner if the property is damaged by a drunk tourist you can be on the hook for it. The hotel gets a credit card from the hotel guest so if there is damage like a shoe through a TV or burn hole in the carpet or a damaged mattress ect, the hotel will try to collect on the credit card. However more times then not hotel guests that do extensive damage will usually cancel the credit card and then it's up to you as the owner to pay. You have no idea what kind of hygiene these people have that are renting the rooms and if your bed gets bed bugs or flees then you get to get rid of the little pests? And yes those little pests can show up at the nicest hotels and casino's.
Ok, youre giving me the creepy crawly feeling, I guess we will never stay there again. I think that could be a problem for anyplace, any hotel. Actually, have you seen my son's room lately?
Quote:
If you plan on putting the unit in the rental pool you must keep the unit the same as all the others you cannot change one thing.
We had no desire to change anything. They are very nice as it is.
Quote:
Also if you intend on using the units yourself and your not a smoker even though they may make it a non smoking unit it's not unusual a smoker will rent your unit any way and sneak a smoke or two.
We havent noticed any smoke residue, but that is one of the reasons we purchased a unit with a balcony.
Quote:
Since banks look at Condo Hotels like the Signature,Trump, Palms Place,Platinum,Vdara as bad investments and won't loan on them, in the future when you go to sell it will have to be a cash buyer. And that may or may not affect future value since most cash buyers would prefer not to purchase a condotel, but have something that other people will not be staying at on a nightly basis.
Btw, hundredsss of Signature units have been sold over the past couple of years, presumably all cash purchases. These cash buyers must not prefer a condohotel?

Boy, you're full of joy. What would you recommend to buy?
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Old 08-09-2010, 12:50 AM
 
Location: Here and there, you decide.
10,773 posts, read 21,286,810 times
Reputation: 3324
Quote:
Originally Posted by Swigchow View Post
About 50% use the kitchen if the stay is longer than two days.
i highly highly doubt that... how bout a source..... people vacationing do not use the kitchens imo, heck why should they, they eat cheap here!
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Old 08-09-2010, 09:50 AM
 
6,797 posts, read 10,201,561 times
Reputation: 11340
Quote:
Originally Posted by airics View Post
i highly highly doubt that... how bout a source..... people vacationing do not use the kitchens imo, heck why should they, they eat cheap here!
I wouldn't doubt it at all. One of the main reasons that people choose Signature (or any condo while on vacation as opposed to a hotel room) is particularly because it has a kitchen. They aren't using it to cook every night, but its great for making snacks, or heating up restaurant leftovers.

Keep in mind, we're not talking about 50% of all tourists. We're talking about 50% of a specific subset of tourists that choose to vacation in a condo unit with a kitchen.
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Old 08-11-2010, 09:51 PM
 
101 posts, read 104,321 times
Reputation: 115
Quote:
Originally Posted by Swigchow View Post
Recently, I have received nearly a dozen PM inquiries concerning our MGM Signature experience. Here is Good and Bad update.
Swigchow: Thank you for generously sharing your experience and insight.

They are certainly beautiful units.

I think the problem is that many people bought places in Las Vegas in hope of flipping them for quick and big profits. (Similarly, people in Florida and California have repeatedly made the same mistake.)

When I initially bought my home in California, I quickly became a loser (on paper, at least) with the cratering real estate market.

Now, almost twenty years later, I'm way ahead, despite the recent market crash.

Corrections are a necessary part of any successful economy; e.g., tulip mania circa 1636 Holland or .com mania circa 2000.

Longterm, I remain optimistic. Unfortunately for many, the short-term might get even more painful.

Thanks, again, for sharing your experiences.

g.
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Old 08-11-2010, 10:50 PM
 
Location: Las Vegas
673 posts, read 1,481,332 times
Reputation: 563
SwigCow - Sounds like you got a pretty good deal and will do fine. You are presently way ahead of the S&P especially after the last couple of days. Owning something tangible is a good diversification and will provide you with some inflation protection as prices inevitably take off sometime down the road. I didn't realize the prices had come down to this extent. I wonder if those units at the Palms have suffered a similar decline in value. Thanks for sharing.
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