U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 12-09-2009, 04:11 PM
 
Location: NW Las Vegas - Lone Mountain
15,758 posts, read 19,193,132 times
Reputation: 2661
owner Occupancy in Newport Lofts is low. Under 10%. See...

http://www.donohueteam.com/Realtor/Condos/HighRise.htm

That data is about a month old. I will update it before christmas as that market is changing fast. It should be quite good on the owner occupancy however. It is using the tax address as the source for owner occupancy.
Quick reply to this message

 
Old 12-09-2009, 04:33 PM
 
Location: North Las Vegas
1,504 posts, read 2,122,540 times
Reputation: 628
Quote:
Originally Posted by PanchoLasVegas View Post
Thanks for the info, although I do have an agent already. I hope I didn't imply otherwise. It seems Newport has really improved in the past few months. The owner occupancy rate seems pretty strong too. How did you get those figures? Is that public record somewhere? Assuming the HOA accounts look healthy I'm probably going after one. Another poster called olecapt seemed to have a lot of opinions on condos in recent months. If you're out there olecapt I'd be intereted in your current thoughts...
No problem,
When you make your offer and it get's accepted there will be a HOA demand and it you will get the information regarding reserves,if there is any lawsuits possibly minutes from the meetings and once you get that you have 5 days to cancel. The HOA was turned over to the owners last month when they hit 70% sold.

Trust your realtor that's why you have one.
Quick reply to this message
 
Old 12-09-2009, 07:38 PM
 
4 posts, read 11,898 times
Reputation: 10
Quote:
Originally Posted by olecapt View Post
owner Occupancy in Newport Lofts is low. Under 10%. See...

http://www.donohueteam.com/Realtor/Condos/HighRise.htm

That data is about a month old. I will update it before christmas as that market is changing fast. It should be quite good on the owner occupancy however. It is using the tax address as the source for owner occupancy.
Thanks for the data. Under 10% is scary low, but I suppose some of those are second/third homes so maybe that explains why the tax address wouldn't be at Newport? Or maybe I'm trying to paint a rosier picture to make myslf feel more comfortable. I'm definitely looking forward to seeing the updated figures in the next couple weeks!
Quick reply to this message
 
Old 12-11-2009, 09:29 AM
 
Location: Nebuchadnezzar
968 posts, read 1,101,208 times
Reputation: 331
Quote:
Originally Posted by PanchoLasVegas View Post
but I suppose some of those are second/third homes so maybe that explains why the tax address wouldn't be at Newport?

Very true.
Quick reply to this message
 
Old 01-08-2010, 02:25 PM
 
1 posts, read 3,046 times
Reputation: 10
Default Newport Lofts question

Love the units and am okay with the location (but not thrilled). Bought one at the August auction, but still haven't closed (long story). They're now telling me that the smaller units (911 sf) that didn't sell it auction are now getting offers at over their $160k asking price. Yet, I see foreclosures/short sales on larger units going for the low 100's. This doesn't add up. Plus, I agreed to a price of 125k on my 1065 sf unit. If these units are selling for that much more now, why aren't they anxious to cancel my deal and sell it to someone else for more? I really love the units there, but can anyone tell me what's wrong with this picture?

Thanks!
Quick reply to this message
 
Old 01-25-2010, 04:45 PM
 
1 posts, read 2,891 times
Reputation: 10
I am living in VA and me and a bunch of buddies are looking at the Platinum hotel 1 bedroom to buy in Vegas due to the cheaper prices. I noticed that someone on this board said there is a double HOA fee of $1200. For when would that be... How can I just pay $600? Also if someone can explain how platinum works if I buy the condo there, that would be great. For example, do they rent out the rooms? Can I rent them out? Do they clean rooms daily. Does it cost extra? Can we go there anytime we want?

Honestly, our main goal in buying this place would be to go to Vegas whenever we wanted, kind of make it a bachelors pad. To us, owning a condo for use whenever and maybe making a little cash on the side per month in renting is what we are looking for. We are not looking to make a profit that is for sure, but if we have to pay $1200 in fees a month, doesnt really even seem to be worth it.

Thanks for the help,

Dustin
Quick reply to this message
 
Old 01-25-2010, 09:42 PM
 
Location: Nebuchadnezzar
968 posts, read 1,101,208 times
Reputation: 331
Quote:
Originally Posted by Karpdust View Post
I am living in VA and me and a bunch of buddies are looking at the Platinum hotel 1 bedroom to buy in Vegas due to the cheaper prices. I noticed that someone on this board said there is a double HOA fee of $1200. For when would that be... How can I just pay $600? Also if someone can explain how platinum works if I buy the condo there, that would be great. For example, do they rent out the rooms? Can I rent them out? Do they clean rooms daily. Does it cost extra? Can we go there anytime we want?

Honestly, our main goal in buying this place would be to go to Vegas whenever we wanted, kind of make it a bachelors pad. To us, owning a condo for use whenever and maybe making a little cash on the side per month in renting is what we are looking for. We are not looking to make a profit that is for sure, but if we have to pay $1200 in fees a month, doesnt really even seem to be worth it.

Thanks for the help,

Dustin
The following numbers are off the top of my head and may have changed over the past several months. Platinum's HOA feels are actually not too high ie about $65 to $172 depending on size of unit. The signficant cost are the CAM (common area maintenence fee) which I believe runs in the $550 (1 bd) up to $1400 (2 bd). You can have a daily cleaning service of $25/d or departure cleaning of $50. You do not have to participate in the rental program but are obligated to pay for the HOA and the CAM feels. Some people use other sites such as VRBO to rent out their units. If you participate in the rental program, the split is 50%-50% with the house (compared to 60% owner split at the Signature). For more up to date and accurate information, contact Deborah Grigas at the Platinum who is in charge of the investor owner relations.
I like the Platinum (more than my wife did). It has a good location, non-smoking, non-gaming, and nice atmosphere.

Last edited by Swigchow; 01-25-2010 at 11:05 PM..
Quick reply to this message
 
Old 02-07-2010, 06:42 PM
 
4 posts, read 6,662 times
Reputation: 12
Here are some interesting numbers from Union Gaming reported in the Las Vegas Sun (scroll to bottom of article)- would seem to call into question previous postings about Newport Lofts being 90% sold out. Either way, would seem a good number of units primed to come back on market.

CityCenter condos may outperform market - Las Vegas Sun

High-rise condo stats, by Union Gaming
• Allure — 190 of 427 units unsold; 40 in default; 10 bank owned.
• Juhl — 309 of 344 unsold.
• Newport Lofts — 23 of 168 unsold; 51 in default, 12 bank owned.
• One Queensridge Place — 85 of 219 unsold; 8 in default.
• Panorama Tower 3 — 334 of 372 unsold.
• Sky Las Vegas — 79 of 405 unsold; 50 in default; 5 bank owned.
• Streamline Tower — 248 of 275 unsold.
• Turnberry Towers West — 255 of 318 unsold.
• MGM Signature 3 — 84 of 576 unsold; 105 in default; 17 bank owned.
• Palms Place — 204 of 599 unsold.
• Trump International — 977 of 1,282 unsold.
Quick reply to this message
 
Old 02-08-2010, 03:25 PM
 
Location: Nebuchadnezzar
968 posts, read 1,101,208 times
Reputation: 331
It is certainly not 90% sold out. There is still about 20 or so developer owned units, not including other foreclosures. Newport Lofts is probably a little ahead of other high-rise condo's in that it seems to have essentially turned over.

Quote:
Originally Posted by lvprofessor View Post
Here are some interesting numbers from Union Gaming reported in the Las Vegas Sun (scroll to bottom of article)- would seem to call into question previous postings about Newport Lofts being 90% sold out. Either way, would seem a good number of units primed to come back on market.

CityCenter condos may outperform market - Las Vegas Sun

High-rise condo stats, by Union Gaming
• Allure — 190 of 427 units unsold; 40 in default; 10 bank owned.
• Juhl — 309 of 344 unsold.
• Newport Lofts — 23 of 168 unsold; 51 in default, 12 bank owned.
• One Queensridge Place — 85 of 219 unsold; 8 in default.
• Panorama Tower 3 — 334 of 372 unsold.
• Sky Las Vegas — 79 of 405 unsold; 50 in default; 5 bank owned.
• Streamline Tower — 248 of 275 unsold.
• Turnberry Towers West — 255 of 318 unsold.
• MGM Signature 3 — 84 of 576 unsold; 105 in default; 17 bank owned.
• Palms Place — 204 of 599 unsold.
• Trump International — 977 of 1,282 unsold.
Quick reply to this message
 
Old 02-08-2010, 03:53 PM
 
Location: North Las Vegas
1,504 posts, read 2,122,540 times
Reputation: 628
Quote:
Originally Posted by Karpdust View Post
I am living in VA and me and a bunch of buddies are looking at the Platinum hotel 1 bedroom to buy in Vegas due to the cheaper prices. I noticed that someone on this board said there is a double HOA fee of $1200. For when would that be... How can I just pay $600? Also if someone can explain how platinum works if I buy the condo there, that would be great. For example, do they rent out the rooms? Can I rent them out? Do they clean rooms daily. Does it cost extra? Can we go there anytime we want?

Honestly, our main goal in buying this place would be to go to Vegas whenever we wanted, kind of make it a bachelors pad. To us, owning a condo for use whenever and maybe making a little cash on the side per month in renting is what we are looking for. We are not looking to make a profit that is for sure, but if we have to pay $1200 in fees a month, doesnt really even seem to be worth it.

Thanks for the help,

Dustin
If your looking to make money off the rental of a condotel don't waist your time. Condotels were initially built to help the developer pay for building the towers and then continue making money off the owners that put the condo's in the rental programs.
Anyone thinking of purchasing a condotel will find this article most interesting.
Las Vegas condo hotels remain a tough sell — just ask Trump
http://www.lasvegassun.com/news/2009/nov/20/las-vegas-condo-hotels-remain-tough-sell-just-ask-/
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
Similar Threads

All times are GMT -6.

© 2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top