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Old 08-30-2012, 10:49 AM
 
351 posts, read 835,920 times
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Quote:
Originally Posted by tijlover View Post
I must have confused the two developments. The one closest to the freeway must be Park Avenue then with all that grey painting. I watched that one being built thru my drives on the freeway back then. I've seen too many of these projects arise here in Las Vegas, those 4 story projects, where they insert only one floor of concrete, and woodframe it the rest of the way up. They do that with motel developments today as well. I couldn't sleep well at night on the top floor one of those projects, due to my fear of fires!

I'm a concrete man, thru and thru. I've traveled widely throughout Latin America where everything is built of concrete, houses-motels everything, and not only that, concrete walls between units. Why we can't build like that in this country is due to the lobbying efforts of our lumber companies, and my ears are plugged with cotton, telling me it's far more expensive to build with concrete!

Build it as cheap as possible and only look at the bottom line! Go ahead, offer me a unit at Park Avenue for free, no thanks! Meanwhile I'll stay put in my older Las Vegas townhouse with concrete walls between the units! A unit burned out here, a couple years ago, no relocation of neighbors!
Sounds like you're talking about Loft 5 which sold almost no units-I think it's all rentals now. Park Avenue isn't close to the freeway. Park Avenue & Manhattan completely sold out & are financially stable. Boca Raton sold maybe less than half.
Yup, 700 units in Manhattan & only 2 available-glad I bought when I did. Of course some REOs may hit the market again, but who knows when?
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Old 08-30-2012, 11:03 AM
 
12,973 posts, read 15,762,680 times
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Quote:
Originally Posted by vegaslocal55 View Post
Sounds like you're talking about Loft 5 which sold almost no units-I think it's all rentals now. Park Avenue isn't close to the freeway. Park Avenue & Manhattan completely sold out & are financially stable. Boca Raton sold maybe less than half.
Yup, 700 units in Manhattan & only 2 available-glad I bought when I did. Of course some REOs may hit the market again, but who knows when?
The most interesting thing is that Manhattan West still sits there unfinished. One would think around this point things are picking up enough that someone would pick it up and finish it. The big lofts in Henderson just went back into play so I would have thought Manhattan West would not be far behind.
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Old 08-30-2012, 01:23 PM
 
351 posts, read 835,920 times
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Quote:
Originally Posted by lvoc View Post
The most interesting thing is that Manhattan West still sits there unfinished. One would think around this point things are picking up enough that someone would pick it up and finish it. The big lofts in Henderson just went back into play so I would have thought Manhattan West would not be far behind.
What is the name of & where are those lofts?
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Old 08-30-2012, 01:55 PM
 
419 posts, read 905,225 times
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Quote:
Originally Posted by tijlover View Post
I'm a concrete man, thru and thru. I've traveled widely throughout Latin America where everything is built of concrete, houses-motels everything, and not only that, concrete walls between units. Why we can't build like that in this country is due to the lobbying efforts of our lumber companies, and my ears are plugged with cotton, telling me it's far more expensive to build with concrete!.....
Concrete is great for containing fires, but it's a poor sound insulator. I'm having trouble imagining condos with concrete walls...floors yes, but walls?
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Old 08-30-2012, 02:35 PM
 
36 posts, read 56,682 times
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Interesting thread regarding the lack of inventory at Manhattan / Boca etc, and subsequent price increases. As an owner of both a Manhattan and Park Ave condo: I think, for investors that bought low, the numbers for holding the investment probably still work pretty well, i.e. the reasonably decent rents prevent owners from flipping for a quick profit unless that profit is really strong.

Is that 30% increase in 17 months for real? I would seriously consider selling at that level. I just haven't been following it that closely. Plus, I've been extremely happy with my tenants and these communities.

Again, from what I'm reading we're at a point where rent values becomes a factor in the inventory and pricing. A cash investor could easily be netting $800/month in rent which makes the idea of a 15% gain less exciting. But at 30%....maybe you'll see more inventory.
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Old 08-30-2012, 03:28 PM
 
351 posts, read 835,920 times
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Quote:
Originally Posted by CoolerInTheShade View Post
Interesting thread regarding the lack of inventory at Manhattan / Boca etc, and subsequent price increases. As an owner of both a Manhattan and Park Ave condo: I think, for investors that bought low, the numbers for holding the investment probably still work pretty well, i.e. the reasonably decent rents prevent owners from flipping for a quick profit unless that profit is really strong.

Is that 30% increase in 17 months for real? I would seriously consider selling at that level. I just haven't been following it that closely. Plus, I've been extremely happy with my tenants and these communities.

Again, from what I'm reading we're at a point where rent values becomes a factor in the inventory and pricing. A cash investor could easily be netting $800/month in rent which makes the idea of a 15% gain less exciting. But at 30%....maybe you'll see more inventory.
Actually the couple units I've seen come on the market recently are being flipped-not shorts or REOs. There was a small unit with a bad location that was highly overpriced a year ago & after 372 days on the market finally sold at the asking price . ($125k)
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Old 08-31-2012, 06:36 AM
 
Location: North Las Vegas
1,631 posts, read 3,945,686 times
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Quote:
Originally Posted by vegaslocal55 View Post
What is the name of & where are those lofts?

The Henderson Lofts that are being finished is called Vantage Lofts. This was going to be an awesome project unfortunately is was stalled due to the housing crash. Click on the link below to find out about it's revitalization.

Vantage Lofts valued at $3.93 million
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Old 08-31-2012, 06:50 AM
 
Location: North Las Vegas
1,631 posts, read 3,945,686 times
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Below is a link with the latest on highrise stats regarding average selling price and available inventory of condo's in the different highrise towers.

This doesn't reflect any remaining new inventory. Keep this link as it is updated daily. It looks like resale inventory units priced from $200,000 or less is very low.

http://www.easystreetrealty-vegas.com/las-vegas-highrise-statistics


As you can see highrise inventory is very low, that is because buyers have been purchasing the resale inventory at record levels for the last 3 years. Plus there were only a little over 30,000 high rise condo's ever built compared to hundreds of thousands of homes built and continue to be built.

Some properties were bundled and sold to the real-estate division of Starwood hotels. One Las Vegas, Juhl, Streamline,Loft 5,some units in Newport loft. One Las Vegas, Juhl, Streamline,Loft 5, Starwood has turned this properties into rental properties there is only a handful in each property that are privately owned due to the owners closed before they new there was crash.

Manhattan an Park Ave were sold out before the crash.
Manhattan West is a whole other issue. Here is an article from 2009 regarding it's problems, so far no word if the project can be salvaged.

<LI class=g>




ManhattanWest latest casualty of crisis - Business - ReviewJournal ...

www.lvrj.com/business/41012277.html


<LI class=g>


<LI class=g>And as far as what is going on with Boca Raton here is an article addressing that as well.


<LI class=g>


<LI class=g>
This article does a pretty good job of what highrise projects did to survive. What it could mean for future inventory is will the rentals go back into the market and be sold again as owner occupieds. This may not happen for years due to the banks not willing to lend on highrise properties with less than 75% owner occupied.
Renting is new savior for high-rise condos - Las Vegas Sun




www.lasvegassun.com/news/.../renting-new-savior-high-rise-condos/





<LI class=g>





<LI class=g>
Even though highrise and midrise inventory is low doesn't mean there aren't good deals out here, highrise condo's continue to sell for less than what it costs to build which was over $400.00 a sq/ft so the likely hood of another highrise ever being built isn't likely. At least for another 20 yrs if that.
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Old 09-05-2012, 12:02 AM
 
Location: Tucson/Nogales
23,143 posts, read 28,910,546 times
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Quote:
Originally Posted by brucerby View Post
Concrete is great for containing fires, but it's a poor sound insulator. I'm having trouble imagining condos with concrete walls...floors yes, but walls?
I lived on the 38th floor of a high-rise in Minneapolis, built back in the early 70's, where they were still putting poured concrete walls between the units, which you'll probably never see happen again, and it was like living in a tomb! In the years I lived there, never a noise complaint from a neighbor! There, you could almost sleep thru a fire next door!

Nothing freaks me out more than the thought of a fire! How many incidents have I read about in the LV Review Journal, the back few months alone, a fire in an apartment building where X amount of people had to be relocated in the middle of the night. Imagine! Being told you're being relocated in the middle of the night!!!

That project out in Henderson, being re-started, look likes one of those projects with a concrete floor to separate the 1st floor from the 2nd floor, and all wood construction on up from there! No thanks!
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Old 09-05-2012, 03:15 AM
 
2,724 posts, read 4,756,824 times
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Selling one of those condos in the future will be a bear given the high ratio of renters vs. owner occupants, a large percentage of the condos in Vegas have had their approved status withdrawn by FHA/VA/HUD.

FHA Approved condos and townhomes in Las Vegas Nevada
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