[lvoc]

Had a contact from a buyer today interested in the south LV Blvd complex...Manhattan/Park Avenue/Boca Raton.

Firt surprising thng is that there are two available - two!

Early in the year there were 15...a year ago 30 or more.

Even more interesting were the two.

The one in Park Avenue was 1100+SF and was listed at $140,000. The present owner bought it in 2003 for $148,000. The owner is still taking a bath but of the order of $20,000. And it may all be non realized equity.

The place in Boca Raton sold in 2008 for $319,000. All 650SF of it. Its next sale was at 20% of that value. It is now for sale at $79,000. So coming back but not really strong.

The Boca Raton place suffers from a non curable defect. Its HOA fee is just too high. Similar to some of the places in Lake Las Vegas. If you have an HOA fee equivalent to a 100K or more mortgage it is going to be hard to sell the place at a reasonable price.

Interesting...and the big message is that you cannot get away from these places with high HOA fees.

Another lesson is take the 20% of peak value with some caution. Mostly it means the place has outrageous HOA fees...

[tijlover]

Any number of condo developments in this town, you give me one free, and I'd still have to struggle to pay the HOA fees. Add a mortgage on top of that, Yikes!

I knew someone who had a unit at Turnberry Place and his HOA fees were over $1000 a month. Not counting property taxes! Someone offers me a free place there, I'd be forced to say: No thank you! Can't afford it!

As far as Manhattan, that was one of these new 4-story projects, you have a concrete floor separating the ground floor from the 2nd floor, and up above that it's all wood construction! In other words, a potential fire trap! No concrete under my feet, no buy!!!

[NLVgal]

Divergent outcomes is corp speak for "**** happens"

[logline]

Originally Posted by tijlover

Any number of condo developments in this town, you give me one free, and I'd still have to struggle to pay the HOA fees. Add a mortgage on top of that, Yikes!

I knew someone who had a unit at Turnberry Place and his HOA fees were over $1000 a month. Not counting property taxes! Someone offers me a free place there, I'd be forced to say: No thank you! Can't afford it!

As far as Manhattan, that was one of these new 4-story projects, you have a concrete floor separating the ground floor from the 2nd floor, and up above that it's all wood construction! In other words, a potential fire trap! No concrete under my feet, no buy!!!

Boca Raton has concrete between ALL floors... and you get quite a few more services and amenities for the higher HOA fee. (and it keeps out the riff raff)

[eventusstultorummagister]

Originally Posted by logline

and you get quite a few more services and amenities for the higher HOA fee. (and it keeps out the riff raff)

Riff raff?



You mean the HOA???

http://www.lvrj.com/news/more-indict...167609565.html

[Tek_Freek]

A realtor took us to Lake Las Vegas and it looked like a nice place. Prices were reasonable. It was out in the boonies. Looked like a looong drive to anything.

Then the rep started rattling off all the costs and fees associated with living there. I guess I'm riff raff since I feel there are better places to spend money.

[lvoc]

Originally Posted by tijlover

Any number of condo developments in this town, you give me one free, and I'd still have to struggle to pay the HOA fees. Add a mortgage on top of that, Yikes!

I knew someone who had a unit at Turnberry Place and his HOA fees were over $1000 a month. Not counting property taxes! Someone offers me a free place there, I'd be forced to say: No thank you! Can't afford it!

As far as Manhattan, that was one of these new 4-story projects, you have a concrete floor separating the ground floor from the 2nd floor, and up above that it's all wood construction! In other words, a potential fire trap! No concrete under my feet, no buy!!!

Manhattan is all slab flooring. The curtain may be frame but the floors are all concrete. Park Avenue is frame built on the upper floors.

[vegaslocal55]

My place at Manhattan has increased in value by at least 30% over the price I paid 17 months ago. There's almost nothing for sale here-I've been trying to pick up another unit as an investment/rental & my fair cash offers have all been rejected. Please don''t knock condo living until you've tried it-I've gone the house route but I love my home here more & would never go back to living in a single family house. My dues for a 2 bedroom are $268/mo. & I find that a reasonable amount to cover the 24 hour guarded gates, upkeep, landscaping, pools, spas, workout facilities, conference rooms, tennis & bb courts, water, trash removal, insurance & more.

[logline]

Originally Posted by vegaslocal55

My place at Manhattan has increased in value by at least 30% over the price I paid 17 months ago. There's almost nothing for sale here-I've been trying to pick up another unit as an investment/rental & my fair cash offers have all been rejected. Please don''t knock condo living until you've tried it-I've gone the house route but I love my home here more & would never go back to living in a single family house. My dues for a 2 bedroom are $268/mo. & I find that a reasonable amount to cover the 24 hour guarded gates, upkeep, landscaping, pools, spas, workout facilities, conference rooms, tennis & bb courts, water, trash removal, insurance & more.

Good point, Vegaslocal55.

People try to compare HOA fees between houses and luxury condos and there is no comparison. Hot water, trash, pools, landscaping, etc. are just the beginning. Most housing community HOAs don't include: movie theaters, free limo service, massage room, steam rooms, water softeners included, free wi-fi/computer center, 24-hour manned security, concierge, etc. We have all that and more at Boca Raton. It's awesome.

[tijlover]

Originally Posted by lvoc

Manhattan is all slab flooring. The curtain may be frame but the floors are all concrete. Park Avenue is frame built on the upper floors.

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!