[mcclurejones]

I frequently travel to Vegas (3-4 times a year), and usually get a large and expensive hotel room in the heart of the strip for a week or so. I've never owned a condo before and I know next to nothing about real estate as an investment. For personal reasons, I'd love a place at the Veer or the Cosmopolitan. I assume that, using a management company, I would attempt to have renters in it often enough to pay for the mortgage. Long term, I don't care if I can sell it at a profit. I just want a place to call home which I can use each time I come to Vegas and not have to "waste" money on luxury hotel rooms. What's the likelihood that I can have my dream vacation condo and be confident that it doesn't become a money pit? And where do I find someone who can guide me through the process, who will have my interests at heart?

[Vegas Joe]

Originally Posted by mcclurejones

I frequently travel to Vegas (3-4 times a year), and usually get a large and expensive hotel room in the heart of the strip for a week or so. I've never owned a condo before and I know next to nothing about real estate as an investment. For personal reasons, I'd love a place at the Veer or the Cosmopolitan. I assume that, using a management company, I would attempt to have renters in it often enough to pay for the mortgage. Long term, I don't care if I can sell it at a profit. I just want a place to call home which I can use each time I come to Vegas and not have to "waste" money on luxury hotel rooms. What's the likelihood that I can have my dream vacation condo and be confident that it doesn't become a money pit? And where do I find someone who can guide me through the process, who will have my interests at heart?

Nobody has your interest at heart. Only your money. Especially here.

[olecapt]

Originally Posted by mcclurejones

I frequently travel to Vegas (3-4 times a year), and usually get a large and expensive hotel room in the heart of the strip for a week or so. I've never owned a condo before and I know next to nothing about real estate as an investment. For personal reasons, I'd love a place at the Veer or the Cosmopolitan. I assume that, using a management company, I would attempt to have renters in it often enough to pay for the mortgage. Long term, I don't care if I can sell it at a profit. I just want a place to call home which I can use each time I come to Vegas and not have to "waste" money on luxury hotel rooms. What's the likelihood that I can have my dream vacation condo and be confident that it doesn't become a money pit? And where do I find someone who can guide me through the process, who will have my interests at heart?

There are two kinds of condos on the strip...regular condos and condo-hotels. In general if you wish to use it you probably need a condo-hotel. Straight condos are generally leased for long periods.

In general few of these condos are mortgagable. It is pretty much a cash purchase. There are a few exceptions...but very few.

Cosmo and Veer are not avaiable in any quantity. At the moment there is one for sale in Cosmo for 1.6 million. None in Veer. I don't expect you will see any large number as most are being leased or worked into the hotel.

There are of course others...Allure, Sky, Panorama, The Martin. Financing will be a problem in all.

[mcclurejones]

Originally Posted by olecapt

There are two kinds of condos on the strip...regular condos and condo-hotels. In general if you wish to use it you probably need a condo-hotel. Straight condos are generally leased for long periods.

In general few of these condos are mortgagable. It is pretty much a cash purchase. There are a few exceptions...but very few.

Cosmo and Veer are not avaiable in any quantity. At the moment there is one for sale in Cosmo for 1.6 million. None in Veer. I don't expect you will see any large number as most are being leased or worked into the hotel.

There are of course others...Allure, Sky, Panorama, The Martin. Financing will be a problem in all.

Is the reason that they are not mortgagable because lenders consider them high risk with a low resale value in case of default? That tells me that I won't be able to resell mine.

Why isn't Veer opening up more condos? Is it because the market is so poor that they're just sitting on them until they can get a better price for them in the future?

You're right, I'd like a hotel-condo--some place that when I'm not using, the hotel or a management company can rent out. Last time I was in Vegas with family, we looked at the MGM Signature. They have such condos. I just didn't like the location.

[macgeek]

Two things you can't get rid of,
Herpes and Condos.

Jonathan

[mcclurejones]

Originally Posted by macgeek

Two things you can't get rid of,
Herpes and Condos.

Jonathan

Sounds like in Las Vegas, those two things may come as a package deal.

[MSchu]

Investment... no.

[olecapt]

Originally Posted by mcclurejones

Is the reason that they are not mortgagable because lenders consider them high risk with a low resale value in case of default? That tells me that I won't be able to resell mine.

Mostly a question of owner occupied versus renters. FHA has guidelines that these places can't meet. Once in a while you find a Fannie May or Freddie Mac that comes with financing. You may also be able to find private money with high down and high interest rate.

Why isn't Veer opening up more condos? Is it because the market is so poor that they're just sitting on them until they can get a better price for them in the future?

Can't sell them so waiting for an upturn. Leasing in the interim. It will be a long while.

You're right, I'd like a hotel-condo--some place that when I'm not using, the hotel or a management company can rent out. Last time I was in Vegas with family, we looked at the MGM Signature. They have such condos. I just didn't like the location.

Platinum, Trump, Palm, Signature. The only one I think rational is the Signature. The Platinum might work but is off the strip.

[Grofica]

Originally Posted by olecapt

Platinum, Trump, Palm, Signature. The only one I think rational is the Signature. The Platinum might work but is off the strip.

I am sorry but platinum looks like a clean motel 6 at best. That place is so... ick.

Trump is beautiful Signature has a really nice lobby and the rooms are nice... the PALM IS AMAZING!!!!!!!!!!!!!

I LOVE THE PALM.... i actually found a studio condo that i loved in there for a price i loved but uhmmm cant change stuff in a condo hotel and i would want my things... my furniture, my colors etc... yeah I LOVE THE PALM. and the HOA fees were pretty reasonable...

did i mention i love the palm?????

[macgeek]

I really do NOT understand the logic of a 'condo hotel' you pay up front say $250,000 for a hunk of air, that is your hotel room (at $50-100 a night, if you just got a hotel room) as long as you like or if you live there 365 days a year, then in 7 years you have a ROI.

Otherwise if your not there, the hotel 'rents' out 'your' place and they give you $x ?

Oh in exchange, you can't customize it, or put any of your things in it, so when you come into town, its exactly like a hotel room, except you can say "But I payed $250,000 up front for the priv"

maybe i am just unaware of how things work

Jonathan