[LV2ndHome]

Another financial consideration is I wouldn't count on HOA fees to stay as low as it is now. I suspect the developer is keeping HOA rates artificially low to spur sales, and at a higher price levels than they could get other otherwise... a form of the long time tried and proven "loss leader" marketing strategy. I doubt Martin can operate long term with considerably less income (~20-30% less?) than numerous other comparable modern highrises like Panorama, Turnberry, Sky, etc.

When something (HOA rates) seems too good to be true...

If HOA fees don't go up, I'd expect some substantial special assessments as the building ages and needs significant maintenance/renovations. A buyer could even see both HOA fee increases and special assessments.

[timothyaw]

Originally Posted by LV2ndHome

Another financial consideration is I wouldn't count on HOA fees to stay as low as it is now. I suspect the developer is keeping HOA rates artificially low to spur sales, and at a higher price levels than they could get other otherwise... a form of the long time tried and proven "loss leader" marketing strategy. I doubt Martin can operate long term with considerably less income (~20-30% less?) than numerous other comparable modern highrises like Panorama, Turnberry, Sky, etc.

When something (HOA rates) seems too good to be true...

If HOA fees don't go up, I'd expect some substantial special assessments as the building ages and needs significant maintenance/renovations. A buyer could even see both HOA fee increases and special assessments.

This happens all the time, you have to weight these types of things into your decisions.

[BBMW]

This is no different than buying a house, and having to replace the AC in a couple of years.

[LVbuyer]

Apparently they have announced that there will be a price increase in February.

30 year fixed rate financing is available from mortgage firms but at rates 150-175 basis points higher than market rates.

I agree that there is some price risk until there are some market rate resales.

As for HOA fees they do seem a bit low. Comps are 10-20% higher. A review of the budget will help determine how accurate the current HOA fee is.

[007 license to sell]

The Martin had record sales last year, they had 100 new sales and surpassed 200 total sales.
The Martin passed a $100M in total sales , and the Martin hit 60% sold ownership.

[LVbuyer]

I just read the story that Veer Tower in City Center will be selling 100 condos at reduced prices. This changes things. Although they will still be pricier than The Martin, the location is better and the price differential is not as steep as it used to be. Any thoughts?

[007 license to sell]

Both properties have their pro's and con's, Veers location can be both a blessing or a curse. With Veer situated in the middle of CityCenter getting in and out during major holidays and conventions can be a logistical nightmare. It's valet parking only, which means if you forget anything in your car you will have to chase down the valet to go get it for you.

The hoa's are much higher in Veer $.78 sq/ft includes: large Pool on top of the building with incredible views,gym,concierge,24 hour valet, water,trash,sewer. A condo owner has to pay their own electricity and cable.

Veer has some issues with noise in some of the condo's that are on the side where the Cosmopolitan the noise is coming from the night club on top of Cosmo. There has been wind noise issues as well the last I had heard they were working on fixing that. Some thought the louvers on the side of the buildings were reverberating when the wind blew. Some buyers want balconies and there aren't balconies on the Veer towers since it's a green certified building.

The Veer pro's are that you can walk right out of the tower to the strip, and you have everything that the strip has to offer. They will be renovating the common area's down stairs to warm them up and not have such and industrial feel to it. The residences are very contemporary and fresh looking inside.

The Martin con's are the closets are small, and the pool area is smaller than Veers and there are only balconies on the East and West end of the strip. The condo's on north side of the building could lose some of it's view if those business's close by were to ever be sold and something bigger and taller were built.
On the South side you have more sun exposure but uninterrupted views due to Panorama 1 and 2's parking garages are the low so the south side condo's have less of chance of losing their view like the North side of the property. There are buildings on the other side of Panorama 2 that could be sold someday and something bigger and taller is built.

If you purchase the larger units facing W you have the interstate right their that nothing will be built on the road that could impede the view. The larger units have great views of the strip, and have very large balconies. In the state of Nevada there is a law that we can't guarantee a view because as everyone knows Vegas likes to keep reinventing itself with bigger and better buildings. Right now because of the struggling economy that's not likely to happen for a while.

There is more road noise on the West side because of the interstate but it doesn't seem to bother most people that purchase there. When the doors are closed the units are pretty quiet inside. The West side of the building the smaller units you have great views of Red Rock Palms Place the Rio. There are industrial buildings on the west side so you see those as well. And again those could sell some day and something bigger and taller could be built to cause some owners on some floors loose their views. The west facing units have incredible large balconies as well.

The hoa is $.48 sq/ft and it covers:[SIZE=3]That includes water, trash, direct tv[/SIZE][SIZE=3] (basic package), high speed internet, concierge, security, valet, large gym over looking the pool, long lap pool with cabanas, surround sound and towel service in the spa, indoor Jacuzzi[/SIZE][SIZE=3], his and hers spa with steam rooms, use of massage rooms, conference room and starbucks[/SIZE][SIZE=3] brewed coffee and tea every morning until 11am[/SIZE][SIZE=3] in the lobby for residents and their guests.Shuttle to and from the strip. An owner has to pay their own electricity and any upgrades to their cable.[/SIZE]
[SIZE=3][/SIZE]
All highrise properties have their own personalities and amenities that appeal to different people. To say one is bad and one is good really depends on what the person buying wants in a highrise property.
Just like single family home neighborhoods each offer something different that appeal to different people. Whether it's price or location or amenities, the style of the homes in the different neighborhoods, if they want gated or guard gated, non gated etc.

[LVbuyer]

Thank you, 007. The way I see it the release of 100 condos at Veer Towers is not great for The Martin. At a 2:1 price ratio Th Martin looks better, but with prices at Veer not significantly higher it makes Veer seem like a decent deal. With location being an important factor, Veer is looking better.

[logline]

Originally Posted by LVbuyer

Thank you, 007. The way I see it the release of 100 condos at Veer Towers is not great for The Martin. At a 2:1 price ratio Th Martin looks better, but with prices at Veer not significantly higher it makes Veer seem like a decent deal. With location being an important factor, Veer is looking better.

Being that close to the Strip is a bad thing. 24 hour noise and drunk bachelorette parties walking right outside your front door is no life.

[LV2ndHome]

Originally Posted by logline

Being that close to the Strip is a bad thing. 24 hour noise and drunk bachelorette parties walking right outside your front door is no life.

Though I've so far opted not to buy a high rise unit, I've spent hundreds, if not thousands, of nights in LV strip hotels. I'd think drunk, loud partiers roaming halls would be worse in the hotels than in residential condos (they typically require at least 6 month minimum leases), and generally the hotels are closer to the loud action (gaming floors, clubs, theaters) than residential condos, but yet I've never had a noise problem other than early morn jet takeoffs when staying in MGM units on the airport side. I have multiple friends that are living or that have lived in strip area condos, and none have had any substantial noise complaints.

Really matters of this location vs that one, and high rise vs mid rise vs SFH, are simply matters of personal preference. (FWIW, personally I would much rather live where you do than Veer or Martin, but to each his own. Many love living in Veer, Martin, Panorama, etc)