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Old 11-15-2008, 03:37 PM
 
595 posts, read 1,594,082 times
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Is anyone familiar with these condos? They are located at 2300 E. Silverado Ranch Bl., 89183. Your positive and negative comments would be greatly appreciated. Good luck to everyone!
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Old 11-15-2008, 09:41 PM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 7,498,452 times
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they are conversions, i personally think they are dumps, it is a very loud corner, with lots of traffic, good luck making a left on silverado ranch out of the complex...stores across the street along eastern where big 5 is, are closing every other week, that shopping center will probably be gone in 6 months...
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Old 11-15-2008, 10:00 PM
 
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Are they more dumpy now at 50K, than they were two years ago at 140K?
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Old 11-15-2008, 10:32 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 21,060,597 times
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Quote:
Originally Posted by barryhussein View Post
Are they more dumpy now at 50K, than they were two years ago at 140K?
I know of one condo conversion worth the trouble if you can get the price into the 50K/60K range. But mostly I would be cautious. They are accidents waiting to happen.

In any of these places you have to be prepared to play property manager as a contact sport.
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Old 11-15-2008, 11:57 PM
 
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What is so different about a conversion. Why isn't it worth it at 50K. That is an amazing price and I live (rent) right by there. Love the neighborhood. Yes, there's a lot of traffic on eastern but nothing is going to be perfect. How's the resell value on those things. I assume they are apts gone condo?
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Old 11-16-2008, 12:49 AM
 
595 posts, read 1,594,082 times
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They were built in 1997, and went condo in 04-05. Some have detached garages. The assessor says 140K and up. Right now, there are two on the market at 50K. I'm sure that is a busy street. Having lived in Bangkok, I'm used to it. But, if you can't get out of the property, that's worth looking into. Condo fees appear to be about 130. Trader Joe's is about 1 mile away, so I can get my (frozen) mango fix, and some of that nice frozen seafood.
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Old 11-16-2008, 02:03 AM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 7,498,452 times
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tj's is much farther than a mile, but it is near a nice fresh and easy
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Old 11-16-2008, 10:00 AM
 
169 posts, read 694,187 times
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$50,000.00 for a condo built in 1997.....I got a vehicle older than that building.
For that price, they probably didnt do the the upgrades...counters, flooring, cabinets, fixtures, ect.
Hmmmn, but you can always do the upgrades yourself, when the market gets steady.
JUst make sure to get your own home inspector!
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Old 11-16-2008, 10:44 AM
 
Location: West Jordan, UT
494 posts, read 1,218,100 times
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Also, check to see the # of rental units. Conversions tend to have a lot of rentals, which diminish resale value & quality of life.
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Old 11-16-2008, 11:23 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 21,060,597 times
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I would think you will find that condo conversions have a set of problems. If you check back you will find the pre conversion value was likely less than the present sale price.

They were built as apartments and lack things like individual metering and utility feeds. They often have minimal wall separation and sound proofing. They are very likely to engender construction defect suits but many were set up so there is no surviving corporation to sue.

Percent of renters is often as high as 75 or 80%. Some are clearly becoming mostly section 8 housing. Nothing wrong with Section 8 unless it becomes most of the units. Then it causes problems.

The ones converted between 2004 and 2006 are often half or more vacant as the foreclosure process consumes the place. Many may have difficulties in stabilizing the HOA...so few HOA fees are collected that the bills are not being paid. The lenders are only liable for 6 months worth of HOA fees so a place empty for 18 months may well result in the loss of a years revenue to the association. Some will likely end up with the association bankrupt...and I don't think anyone knows how that will work out.

Some are getting low enough to be a good investor buy. I would be careful about owner occupied. Could work though if you are careful...very careful.
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