[pommysmommy]

Originally Posted by olecapt

Manhattan is stable. 700 or so units. 60 for sale. 51 have been foreclosed and resold.

I think it a bad bet for owner occupant. Only about 25% of the place is owner ocupied.

But it should be fine for a second home or a rental unit.

I would think more than enough owners are paying up to keep the place working.

I have been working with a realtor. We have ruled out Manhattan and Meridian.

[amolon]

pommysmommy, can you explain a bit more, on why you ruled out Manhattan and what similar type developments you did consider.

[pommysmommy]

We ruled out Manhattan because we are purchasing a retirement home. We weren't comfortable with being surrounded by renters vs owners. Also, we were concerned about Manhattan being able to maintain services. With the Meridian, we were concerned about the litigation going on with that property. We have decided that a home would be the best fit for us. We really haven't looked at any other condos.

[olecapt]

And that is pretty rational. I don't see any of the strip high rise or mid rise as good owner occupants unless you work or love the strip. Generally high dark ratios....that is many units are vacant much of the time and heavy renter population for those who do live there. Very small sense of community.

[007 license to sell]

Originally Posted by amolon

This is my first post, after recently coming across this forum
I have found this forum to be very informative and helpful. I wish I found it earlier, as it was the information posted here that resulted in deciding not to pursue buying in Lake Las Vegas...which I thought actually looked fabulous.

But now I have made an offer (Contingent at present) on a 1100st ft condo in the Manahttan complex on Serene.
I live in Ireland and I have being looking at buying in Vegas for quite some time...but getting in to this market, with the Vegas house prices declines seem to have have been like catching a falling knife.
Finally I have made the leap of faith (or "gamble" on Vegas bottoming soon and eventually bouncing back.. as it always seems to have done) and started to make offers. It will be a 2nd home/part time residence for me.

I would like to ask if anyone has latest information on the situation in Manahttan. I am specifically refering to
- HOA situation
- Complex standards, maintenance, landscaping etc
- Security issues, as previously mentoned
- any litigation...developer or HOA

- With the decling property values, can I expect to seel the Real Estate taxes reduced (as the complex seems to have been assessed on boom days valuations that is way out of line with todays market values).

- or in fact any general comments would be appreciated.

While my Realtor is helpful in many regards, she is not up to speed on these matters

I do like the facilities and feel of this complex, and its relative closeness to the strip. I hope it is a
good choice, but please weigh in with any information/views.

No matter where you purchase, HOA's run a risk of having to raise their fees due to the high foreclosure rate in their communities,so folks that live there may end up having the HOA fees raised to compensate for the condos the fees are being paid on.

Also some communities have had their HOA's go bankrupt, when you put in an offer there will be an HOA demand that will disclose any litigate ect and when you get that if find out it has a problem you don't want to get involved in you can back out, make sure that your agent has you covered on that. Also since when you make an offer you should be paying a title company to look into the property to see if there is any un paid leins or other litigation against the property. Don't take short cuts if your paying cash.
Also have an inspection, you don't know what the previous owner could have done, and also have a mold inspection you wouldn't think it's a problem in Vegas but it is, and since your sharing walls and floors someone elses condo could have had a leak and it effects your condo. I am going through that right now with a condo my client wants to purchase, it looked like dirt on the wall but the inspector found it and said to have a mold inspection and gues what it's mold so we are working with the seller the bank to take care of it.

Highrise condos typically have a higher investor ownership than a primary ownership so you will have a higher number of renters around you.

Good Luck

[amolon]

Thanks to all for the feedback..couple of questions.
1. Do I need an attorney to review that all is in order at closing, particularly to ensure title is clean and all liens are taken care of.

2. The title insurance I receive from the buyers selected title company, how much reliance can I place on it. Do I need to engage someone to do my own title work.

[olecapt]

Originally Posted by amolon

Thanks to all for the feedback..couple of questions.
1. Do I need an attorney to review that all is in order at closing, particularly to ensure title is clean and all liens are taken care of.

2. The title insurance I receive from the buyers selected title company, how much reliance can I place on it. Do I need to engage someone to do my own title work.

YOu are of course always able to hire your own attorney. That said title in the west is seldom much of an issue. If worried take out the secondary title policy you will be offered at closing. It covers a few odd ball situations that are unlikely and often also has the right to move the ownership to a trust without further fees. Ask the escrow officer.

Title companies generally make good on their mistakes without much trouble. It does not happen very often.

[olecapt]

Somebody made a side request for the rents. 900 to 1000 for the 1/1, 1200 to 1300 for the 2/2 and maybe 1600 for the 3s.

garages add and likely views do as well.

Mostly rent in less than 60 days. They are however price sensitive. So price at the high end of the range at your own risk. I don't care how good the strip view is you can't get 1300 for a 1/1.

[pommysmommy]

Originally Posted by olecapt

Somebody made a side request for the rents. 900 to 1000 for the 1/1, 1200 to 1300 for the 2/2 and maybe 1600 for the 3s.

garages add and likely views do as well.

Mostly rent in less than 60 days. They are however price sensitive. So price at the high end of the range at your own risk. I don't care how good the strip view is you can't get 1300 for a 1/1.

I don't understand why people would pay so much rent when they can own for the same monthly payment.

[canada123]

Does anyone have any recent info on the Manhattan complex. We are from Canada and have put an offer in on a unit. Closing is June 14th. Anything we absolutely SHOULD know before buying