[poorjetfan]

i don't know---the realtor handling the unit gave me a heads up---i can say the asking price is spot on---#2105 sold for 296k at the auction last fall---#2104 had zero upgrades completed to the unit, but its clean and ready to go

[Swigchow]

Originally Posted by poorjetfan

just wanted to put it out there---penthouse unit facing the strip is about to hit the MLS at a short sale price of $295k

Wow, but mostly sad. That sold for $1.14 mil 3 years ago.

[cilcap]

can someone tell me about Boca Raton las vagas condos.

[cilcap]

Im looking to buy a condo at Boca raton las vagas, if someone has some info about this condo it would help, also the area it is in. thanks

[007 license to sell]

Originally Posted by cilcap

Im looking to buy a condo at Boca raton las vagas, if someone has some info about this condo it would help, also the area it is in. thanks

Boca Raton has serious issues, the builder has had monetary problems and the developers bank has been trying to find an investor to buy the roughly remaining 581 units that never sold. The only ones that are selling are the same 175 condos that had previously sold over and over again.
What makes this a bad investment is the HOA's are high considering the property isn't being kept up or finished like it was suppose to be. The HOA's are volatile and re subject to increases due to the problem with the developer and foreclosures and short sales in that project. I have also found that some of the investors that have newly purchased in there aren't paying their hoa's either. There is allot of people that lease in that property as well so that causes the property value to go down.
If a person purchases in Boca Raton you run the risk of the remaining building condos being sold to an investor and being turned into a apartment building, which means it could be very difficult to sell in the future.
There have been buyers that have purchased in there and like it, and hoping that when things turn around that they will be fine. If you have money to gamble with then go for it. Right now Vegas with the economy the way it is you should not plan on selling for at least 5 yrs.
There are better properties to look at that don't have those kind of issues. Just because something is cheap doesn't always means it's a good buy. Good luck in your search.

[logline]

Originally Posted by 007 license to sell

Boca Raton ...has been trying to find an investor to buy the roughly remaining 581 units that never sold. The only ones that are selling are the same 175 condos that had previously sold over and over again.
What makes this a bad investment is the HOA's are high considering the property isn't being kept up or finished like it was suppose to be.

Actually I just bought in Boca Raton and should take this opportunity to clarify these erroneous statements which seem to be passed around like bad hors d'oeuvres.

Just under half of the units built have been sold. If you're trying to count total units originally planned (buildings 1&2 which were never built) then I could see your point, but that is not the case. A simple call to the front desk will confirm this.

Also, to say that the property is not being kept up is totally false. In fact, it kept up better than any other complex I've lived in. Sure the HOAs are high, but the place is fantastic. Steam room, limo service, 2 gyms, pool, water (softened I might add), luxurious movie theater, concierge service, locker rooms, massage room, nice landscaped grounds, friendly (and sufficiently strict) security guards ...all of the above are top notch and well-maintained. But again, a simple walk of the grounds would have confirmed this too.

007 seems to have a negative view of the place as you can tell from previous posts, but despite her advice, I investigated further and definitely found the place worth investing in at these prices... even if the worst case scenario she proposed were to come true. Good luck.

[olecapt]

I will agree that Boca Raton is quite well maintained and the security is first rate. It is also clear there are around 376 units and a little less than half are privately owned.

It does however have a large down size.

First the HOA fees are very high. You can do mainline strip places for those kind of fees and walk to wherever.

Second over half the units remain unsold and are likely to go to some form of revenue producing other than condo. So you end up likely in an apartment complesx.

Third the developer still controls the HOA. So the present owners will have a very hard time getting a fair deal when whatever it is happens. Will an apartment development be willing to maintain the existing amenities? At $600 plus a month I doubt it.

Fourth the place is simply a cash transaction. That says they will end up more difficult to sell.

Fifth virtually all not owner occupied. That says it is not well suited to anyone who wants to live there. Transient places can be difficult even if well run..

Sixth it is best suited to a condo-hotel...but that is probably difficult to impossible.

Seventh what happens to the rest of the property? Great site for a girlie club or a large pub...or any number of other things that might prove less than desirable.

[logline]

First off, I only pay HOA fees of $353/month, but I'm just a 1BR/1BA unit so the bigger units will be more (but $600??? That sounds high). Also, it's not just an all cash place, Olecapt. Read up further in this very thread... buyers CAN get financing to buy at Boca Raton.

As for all the other doomsday prognostications, it's all hypothetical and I've analyzed every one of those outcomes and they didn't dissuade me. $100/ft for this quality is hard to beat.

[olecapt]

Originally Posted by logline

First off, I only pay HOA fees of $353/month, but I'm just a 1BR/1BA unit so the bigger units will be more (but $600??? That sounds high). Also, it's not just an all cash place, Olecapt. Read up further in this very thread... buyers CAN get financing to buy at Boca Raton.

As for all the other doomsday prognostications, it's all hypothetical and I've analyzed every one of those outcomes and they didn't dissuade me. $100/ft for this quality is hard to beat.

They generally run more than $100...and there have been no recent sales except for cash in the resale market. I can't speak to developer sales...That says even if you do a developer deal to get in you have to sell for cash to get out.

Max HOA is $691.

The other items represent facts not prognostications. They can have all sorts of outcomes...that creates risk and uncertainty. I personally would not touch one at present pricing.

I would also point out that there are none actively for sale at the moment and activity recently looks pretty slow so a lot of people agree with you...

[poorjetfan]

since its a busy nite on the string: i was told that a strip view #2004 will be hitting the MLS at 115k here at newport very shortly---a foreclosure, not a short sale