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Old 08-16-2009, 10:48 PM
 
Location: Alberta
41 posts, read 117,717 times
Reputation: 27

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I know the general rule is to stay away from condo conversions, but I've heard not too bad things about his place. The zip is 89128.
Does anyone have any insight or opinions about this place?
Thanks!!
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Old 08-16-2009, 11:16 PM
 
Location: Nebuchadnezzar
968 posts, read 2,062,738 times
Reputation: 348
I've not heard of the rule of avoiding condo conversions. I dont know Pacific Hills but there seems to be some good value there. A recent foreclosure unit #203 sold 6/25/09 $75,000 which previously sold on 1/30/07 for $259,400.
Check to see if 1512 Truett #103 is still available. It's an REO listed at $77,260 which previously sold on 1/2/07 at $277,400. Good luck.
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Old 08-17-2009, 12:12 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by Swigchow View Post
I've not heard of the rule of avoiding condo conversions. I dont know Pacific Hills but there seems to be some good value there. A recent foreclosure unit #203 sold 6/25/09 $75,000 which previously sold on 1/30/07 for $259,400.
Check to see if 1512 Truett #103 is still available. It's an REO listed at $77,260 which previously sold on 1/2/07 at $277,400. Good luck.
Don't give credence to the idiocy of 2006/2007. Adagio has been a hard sell for a long time.

The good news is that there are few for sale and the developer appears to have less than 10 units left.

The bad news is that it is a 1996 apartment complex that has been at best dolled up...

About 40% owner occupied. That to me is death on selling one to an owner occupant.

Reasonable gamble as a rental. Problem will likely be systems not suited to the condo route...and lots of complaints about noise and such. Note though it is a rather spacious layout and lacks the apparent tighness of many complexes. It is however relatively old and starting into the high maintenance times.
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Old 08-17-2009, 09:52 AM
 
Location: Nebuchadnezzar
968 posts, read 2,062,738 times
Reputation: 348
Absolutely, that is where local knowledge is critical. I only have numbers ie prior sale price, comps, and ppsft.
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