[TootsieWootsie]

To buy in a SAFE, decent area how much should I plan to spend for a 2 bedroom condo? I am a 60 y.o. female looking to start a business there, but need to make some plans as to how much it will cost me to buy a condo.
And, yes, I am aware condo prices are falling, so how much under the condo listing price should I submit a bid? 25-30%? I have no idea how much condo prices are due to fall still, unfortunately.
Any suggestions as to where it would be safe and loaded with people my age to live? I would prefer going more upscale than downscale, for sure.
Is Henderson right for me? Or Boulder City?

[jfkIII]

Way too many icons!

[olecapt]

Originally Posted by TootsieWootsie

To buy in a SAFE, decent area how much should I plan to spend for a 2 bedroom condo? I am a 60 y.o. female looking to start a business there, but need to make some plans as to how much it will cost me to buy a condo.
And, yes, I am aware condo prices are falling, so how much under the condo listing price should I submit a bid? 25-30%? I have no idea how much condo prices are due to fall still, unfortunately.
Any suggestions as to where it would be safe and loaded with people my age to live? I would prefer going more upscale than downscale, for sure.
Is Henderson right for me? Or Boulder City?

Get a two bedroom villa in one of the Sun Cities for about 190/200K. For a nice condo in the better part of Summerlin or Henderson 200/220K. For a nice two bedroom in the condo corridor (west of the strip and convenient) $170/180K. For a condo conversion in a reasonable area say $145K.

Boulder City is generally expensive. There are some cheap condos but they are pretty old and beatup. It is not close to the strip or dowtown...long commute.

[airics]

why does everybody think to make an offer 25%-30% below listing price.. never gonna happen.. if it's a bank owned 5-10% tops but most likely will sell for list or above unless the bank has had it listed for 90+ days

[TootsieWootsie]

Olecapt, is there a name to the west of the strip area that is convenient I should be looking at?
Also, any opinions on the quality of condo conversions? And are these converting old buildings or old apartments in general?

[PinkString]

Some of the condo conversions are from the 70's and 80's. I'd avoid them if at all possible. Because you are just buying an old apartment. And I heard that some condo conversions want to go back to being apts....don't know how that will work for those who bought units .
Go for newer condo/townhome construction or at least to an area where they might appreciate in value.

[TootsieWootsie]

I agree and thanks.
Chicago is loaded with condo conversions; in fact, my brother's real estate partner was one of the biggies there who started it all. But space is so dear there--and nothing has been built new hardly for years there, too--that a condo conversion in Chicago is okay. But I get your drift about LV.

[lvkewlkid]

I would take a look at this site, has some age-restricted condo communities...

Las Vegas Condominium Communities

[barryhussein]

Originally Posted by olecapt

Get a two bedroom villa in one of the Sun Cities for about 190/200K. For a nice condo in the better part of Summerlin or Henderson 200/220K. For a nice two bedroom in the condo corridor (west of the strip and convenient) $170/180K. For a condo conversion in a reasonable area say $145K.

Boulder City is generally expensive. There are some cheap condos but they are pretty old and beatup. It is not close to the strip or dowtown...long commute.

It's been almost 11 months since this was posted. Prices have continued to fall-dramatically. Would anyone care to update this? Are you out there Captain?

[olecapt]

Originally Posted by olecapt

Get a two bedroom villa in one of the Sun Cities for about 190/200K.

The average selling price over the past year is 206K. The present pendings are at 185K which I would judge to end up about $180K. Probably get a REPO, there are a few, at $160K.

For a nice condo in the better part of Summerlin or Henderson 200/220K.

Solds for the last year average $195K. Pendings are at $160K. I would think about $155K will do it. Note that the Summerlin listings average 333K and the median is 200K. There are however some million plus in that mix.

For a nice two bedroom in the condo corridor (west of the strip and convenient) $170/180K.

Average sale is at $110K. Pendings at 100K. So around $95K.

For a condo conversion in a reasonable area say $145K.

Conversions sold for 112K average this past year. Pendings (2 only) 67K...
List price average 90K...but they ain't selling....Even if you restrict the solds to the last quarter it is still above 70K. There are 50K or so deals. But there are also 125K deals.