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Old 01-16-2009, 11:52 AM
 
54 posts, read 93,755 times
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Default Condo is this a good investment?

Tell me if you think this is a good investment...vs putting your money back into the stock market.

2 bedroom 2 bath condo 1100 sq ft in Rock Springs 10, Durango/Sahara.
There are apparently about 9-10 foreclosures and they are going for about 80,000.

My mother lives there and is on the homeowners board and found out this info. I also used to own one of these units and paid 85,000 in 1996 sold it for 205,000 in 2005.

These were built as condos not apartment conversions and they are in 89117 which is a high dollar zip code. There is going to be a metro substation right outside the gate.

We took our money out of the stock market early november and am wondering if we should go back in or maybe invest in a rental. We are 47 and 57 years old.
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Old 01-16-2009, 11:54 AM
 
Location: Here and there, you decide.
9,317 posts, read 13,862,487 times
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i wish you the best of luck, i'm sure Olecapt will chime in on this one...
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Old 01-16-2009, 12:01 PM
 
Location: Beautiful Upstate NY!
12,244 posts, read 15,950,002 times
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I think neither could be considered an investment in the current economy.
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Old 01-16-2009, 12:10 PM
 
Location: Here and there, you decide.
9,317 posts, read 13,862,487 times
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think about this... you buy a condo for 50k (im looking at them in the 30s so lets average).. if you paid cash.. in the bank, a cd will give you a 3% return if you are lucky... $1500 a year.. you can rent the condo at 800 = 9600 minus expenses and hoa ($3K??), you are still ahead of the bank... get it..

Vegas is unlike anywhere else... Rentals are still moving well.. think about where all the foreclosed people are going to live...
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Old 01-16-2009, 12:23 PM
 
54 posts, read 93,755 times
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I like it because I am hoping having the metro substation so close will deter the bad people coming in therefore keeping the value up.
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Old 01-16-2009, 12:25 PM
 
54 posts, read 93,755 times
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There are 180 units there and 10 foreclosures isn't that many in my "uneducated" opinion.
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Old 01-16-2009, 12:40 PM
 
595 posts, read 1,512,350 times
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Quote:
Originally Posted by jlady View Post
I like it because I am hoping having the metro substation so close will deter the bad people coming in therefore keeping the value up.
Maybe Richard Jewell will move next door.
http://lasvegas.blockshopper.com/con...elopments/1441 31,500 on 12-30. I don't know how much the different phases vary.
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Old 01-16-2009, 02:40 PM
 
Location: NW Las Vegas - Lone Mountain
15,758 posts, read 19,193,132 times
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Barry's reference is an auction. And it is not possible to tell what kind of shape.

However they are clearly going REPO at less than $50 psf. A good buy would be $45 or even $43 psf. So no more than 50K for 1100SF. And at $50 it should be in very nice shape.

Place has a bad case of the foreclousre blues.

Appear to be renting at about 750 to 850. Three months of inventory.
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Old 01-16-2009, 03:34 PM
 
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I guess I should have said the location is on eldora, the last unit sold for 99,315 in dec 08. That location is the newest and nicest of all the Rock Springs.
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Old 01-16-2009, 05:10 PM
 
Location: NW Las Vegas - Lone Mountain
15,758 posts, read 19,193,132 times
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Quote:
Originally Posted by jlady View Post
I guess I should have said the location is on eldora, the last unit sold for 99,315 in dec 08. That location is the newest and nicest of all the Rock Springs.

Sorry jlady...that is a trustee sale price. It is what the owner owed on his mortgage...not what the place would sell for.

Currently on Eldora there is one pending sale listed at 59K. I would think it sold around $50K.
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