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Old 08-16-2009, 01:59 AM
 
Location: Nebuchadnezzar
968 posts, read 1,815,791 times
Reputation: 346

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As an out of stater looking to invest in Las Vegas real estate, i'm requesting opinions. My interest would probably be towards condo's (low maintenence) and in the city (just easier). I have purchased one, and am looking for one or two more.
Some factors are the high HOA feels (compared to home), questionable rental market, and oversupply with more on the way, but the prices seems very enticing.
Furthermore, what is a "strip view" worth?
Any thoughts would be much appreciated.
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Old 08-16-2009, 06:16 AM
 
Location: Rockport Texas from El Paso
2,601 posts, read 7,511,980 times
Reputation: 1578
Its probably not a matter of what to buy - but when. Single houses may be near the bottom but if you read the posts and threads on current las vegas market, condos and high rises have a long way to fall.

There is a thread on here Best Article on High Rises- and that was from the LV Review Journal.

There is an auction Aug 27 on Newport Condos and some of the units are absolute. There's a thread on that as well.

PMI the nation's largest mortgage insurer says the LV market has a 99% chance of further declines into 2011.

I may buy a high-rise but I monitor the units and watch the prices continuing to go down - a few more units each week.

My best advice is to pick a few complexes you like and study them. Wait and learn the market and you can better judge when they will bottom.

If you need to buy something NOW the Colorado Front Range and parts of Texas are a way better bet. Both areas are continuing to grow - Las Vegas isn't.
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Old 08-16-2009, 09:07 AM
 
9,857 posts, read 7,012,573 times
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Also with all the unemployment you have to consider the extremely low rents and vacancies for periods of time you will have over the next five years.
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Old 08-16-2009, 11:09 AM
 
Location: Here and there, you decide.
11,997 posts, read 23,489,943 times
Reputation: 4170
you said that you bought one already.. did you rent it out yet.. if it has been successful, then sure go ahead and buy another (but expect pricing to still fall)... if not, wait and see what happens on the first one.
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Old 08-16-2009, 12:16 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 33,364,977 times
Reputation: 2661
Hmmm. Strange. Just checked. Condo pricing has been up month over month for the last three month on average and last four months on median.

I would think it might flatten but I don't see anything driving condos down. Looks to me like condos are now stablilizing at there 2000/2001 value.

I am also skeptical that condos will show great appreciation over the next ten years. Maybe the townhouses...but I would go with the SFRs and THs that have been really blasted by the foreclosure mess. They will eventually come back to some parity with the rest of town and that will make them the best bet for appreciaton.

None of ths applies to high rises or strip properties. Those are for the real gamblers. I think at least some are high end time shares.
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Old 08-16-2009, 12:56 PM
 
Location: Nebuchadnezzar
968 posts, read 1,815,791 times
Reputation: 346
I just closed on a MGM Signature unit. I will place it into the rental pool but have to go through a number of hoops to get it there. You read about all the fees and stuff, but dont realize it until you have to start paying it. From scanning other threads, most expect rental rates and oocupancy to drop. Will i be revenue negative, i dunno, but will update in a few months. Did i hit bottom, i dunno as well, and i am never good at predicting, but i suspect my downside at this point is much less than my upside.

Was the Signature my first choice, it was not(but it was my wife's 1st choice). I came down specifically to look at Meridian, but was outbid six times. It seems the place is covered by Canadians and prices have escalated there over the past two months. I have looked at Platinum, Panorama, newport Lofts, Soho, and Juhl as well. I have also been in multiple bid situations at the Signature and Newport. Does this suggest nearing a bottom, again i dont know.

The Signature and the Platinum would be bets that tourism will rebound. The others are dependent on the local economy (rental market) rebounding which certainly is related to tourism but not entirely.

These are my thoughts as an outsider, thus i really appreciate all your opinions.
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Old 08-16-2009, 01:14 PM
 
Location: Here and there, you decide.
11,997 posts, read 23,489,943 times
Reputation: 4170
i hope you have success at the mgm, but if you think that you are going to make money at the renting side of it, imo i think you made a mistake
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Old 08-16-2009, 01:25 PM
 
8,137 posts, read 11,866,008 times
Reputation: 17740
Quote:
Originally Posted by Swigchow View Post
have also been in multiple bid situations at the Signature and Newport.
I'd be interested in hearing more about your experiences at Signature. Now that foreclosure units have dropped below $130k, I've been considering paying cash for a unit if I can be reasonably assured that the rental income will at least cover the recurring monthly expenses/fees of $700 -$1,000 with no mortgage. One thing that concerns me though is what will happen to the HOA fees (which already have been raised this year from $400/month to $545 on studio units) if the original owners prevail in their lawsuit against MGM.
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Old 08-17-2009, 09:49 AM
 
Location: Nebuchadnezzar
968 posts, read 1,815,791 times
Reputation: 346
Ok, here are the numbers.

HOA share components $499.92/m - this is for tower C
HOA management $3.26/m
DTI Fee $20.00/m
Transient Rental Fee $200.00/m - only if in rental program
Maintenence Fee $7.00 - per occupied night only
Management Fee 10% - per transient rental/nigh
Group Management Fee 3% - per transient rental/nigh

the first three are mandatory whether you are in the rental program or not. Apparently some owners opt out to rent on their own ie VRBO. I'll let you do the math. But I can guarantee you that those who paid 600+k are getting killed.
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Old 08-17-2009, 09:57 AM
 
Location: Nebuchadnezzar
968 posts, read 1,815,791 times
Reputation: 346
What does reputation (on the upper right corner of the posts) mean? How do I improve my reputation, which seems fairly lowly?
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