[redroset]

It seems from the posts that this is not the best time to buy in most peoples opinion. How do you feel about renting for a period of time to see if the market improves and if so would you recommend renting in any of the downtown or south strip condos or any suggestions in other areas. Thanks

[007 license to sell]

Originally Posted by Wade C

I would love to ask a question. I am new to concdo buying. May I ask what i would be looking at in HOA fees in general. I have seen severl Condos listed on the East Side of Flamingo street and was thinking about checking some out. what would be a reasonable HOA fee and What is this 2 x HOA fee. I did not understand that .

Highrise condos run alot higher than a midrise, Highrise condos can range from 44 cents a foot up to $1.25 a foot. And that all depends on the amenities they have like, concierge,valet, security, elevators, gyms, pools,
meeting rooms, if they have a limo or a shuttle.

Midrises are all over the map depending on what the amenities are, they don't usually have as many amenities as a highrise, however with the foreclosures the HOA's prices are changing due to the number of owners aren't paying in dues when they're in foreclosure and banks won't pay the hoa's until the property is sold. Which puts the HOA in a bind having money to maintain the common area's and buildings pools ect.

This is everywhere though whether it's a condo complex or single family dwellings. I suggest that you pick an HOA amount that your willing to pay and look for properties that will work in your price range,but keept in mind that because of the foreclosures HOA's can change what they charge.
So when you go to purchase the seller has to give you a sellers packet from the HOA that shows what the HOA has in reserves and if there is any judgements against the HOA and if the HOA is going into bankruptcy which does happen.

I hope this is helpful

[007 license to sell]

Originally Posted by redroset

It seems from the posts that this is not the best time to buy in most peoples opinion. How do you feel about renting for a period of time to see if the market improves and if so would you recommend renting in any of the downtown or south strip condos or any suggestions in other areas. Thanks

There is folks that are renting and using that time to watch the market and then jump in. There is also folks going forward understanding this is a great time to buy, and that whatever they purchase is still going to depreciate and they are willing to hang on to the property for 5 years or more. You don't want to purchase after the market improves the best buys is always when it's bad you want to purchase when prices are low,

Where you rent is all a matter of where you want to live, I suggest renting in a building your interested in purchasing in to get a feel if you like the property or not. Most highrise properties will only do a 6 month minimum and make sure that your landlord isn't in foreclosure or thinking about foreclosrue. Here is a website to moniter this.
www.rentalforeclosure.com

I hope this helps

[PanchoLasVegas]

Has anyone's opinions on Newport changed in the past 3 months? I'm really interested in buying there, but I see a lot of negative posts on this site RE: HOA fees/possible failures, high cost/poor value, etc.

[007 license to sell]

Originally Posted by PanchoLasVegas

Has anyone's opinions on Newport changed in the past 3 months? I'm really interested in buying there, but I see a lot of negative posts on this site RE: HOA fees/possible failures, high cost/poor value, etc.

If you want to live there and you like it what is the problem? If you plan on flipping it that's another story, there are about 17 new units left in that highrise and the prices are very good. As far as failures it looks like the property has gotten through the most part of any foreclosures and short sales and REO's I just checked the MLS and zero resale's came up.

The area does make it hard to sell but investors and other buyers purchased in there recently and like it. It is a nice property with great amenities , close to downtown and not far to the strip.
The last time I check which was a month ago the HOA was still 42cents a sq/ft.

The main thing is you need to go check it out yourself if you haven't already and make that call. Highrises are likely not to be built for years to come now so owning a condo in one could be a good thing. No one has a crystal ball so until this economy straightens out here anything purchased is a possible crap shoot now days.

Best of luck

[PanchoLasVegas]

Thanks, I appreciate the feedback. I have looked at multiple units there and I'm definitely not looking to flip it. I expect to own it for 5 years minimum. A search on the City of LV site produced a very interesting map of that area showing many huge high-rise developments that are apparently approved, but I can't imagine how they'd get funding in the near future. Do you have any idea how I can obtain current owner occupancy information for Newport? Or can the info provided by the Seller's agents on-site be trusted? They are in sales...

[007 license to sell]

Originally Posted by PanchoLasVegas

Thanks, I appreciate the feedback. I have looked at multiple units there and I'm definitely not looking to flip it. I expect to own it for 5 years minimum. A search on the City of LV site produced a very interesting map of that area showing many huge high-rise developments that are apparently approved, but I can't imagine how they'd get funding in the near future. Do you have any idea how I can obtain current owner occupancy information for Newport? Or can the info provided by the Seller's agents on-site be trusted? They are in sales...

You have to remember that when you use the same agent that either works for the developer or a seller of any kind that is like using the same divorce attorney in your own divorce.

Your better off getting your own buyers agent,that way you know that their obligation is only to you. Newport has sold about 6 of the 17 new units that were remaining. There is roughly 60 to 65% owner occupancy, and they are 90% sold out. FYI the HOA for a studio is $467.5 a month and the 1bd are $570.00 a month I just called and check on the HOA prices again.

If you want new they have changed their hours and days they are open, theyb aren't open everyday anymore.
If you would like to look at them you can DM me and I can set up an appointment for you.

[PanchoLasVegas]

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...

[airics]

i'm sorry, i can't imagine paying those hoa fees..

[Swigchow]

Originally Posted by PanchoLasVegas

Do you have any idea how I can obtain current owner occupancy information for Newport? Or can the info provided by the Seller's agents on-site be trusted? They are in sales...

Possibly through Prescott Companies which manages the HOA.