[woodlandjan]

I have been researching condos and fell in love with
v at lake las vegas. These properties look affordable now
but are they really. Was told that taxes will be reaccessed
based on purchase price. Average 1% of value. Also can
any tell me if HOA dues are stable. Are they run by developer
or turned over to Homeowners

[olecapt]

Originally Posted by woodlandjan

I have been researching condos and fell in love with
v at lake las vegas. These properties look affordable now
but are they really. Was told that taxes will be reaccessed
based on purchase price. Average 1% of value. Also can
any tell me if HOA dues are stable. Are they run by developer
or turned over to Homeowners

It appears a cash only play. The majority of the place is inventory that was never sold and the bank owned.

Monthly fees are around $500. I would suspect the HOA is in big trouble.

Maybe if they get under $50 psf. But still the stability problem.

I think these are great speculations...but lousey owner occupied or used places.

[007 license to sell]

Originally Posted by woodlandjan

I have been researching condos and fell in love with
v at lake las vegas. These properties look affordable now
but are they really. Was told that taxes will be reaccessed
based on purchase price. Average 1% of value. Also can
any tell me if HOA dues are stable. Are they run by developer
or turned over to Homeowners

Lake Las Vegas is beautiful, but has some major issures going on with the major developer that owns the remaining land and runs the golf courses and Monte largo Village and casino. Below are some links for the Las Vegas Review Journal that covers some of the problems relating to Lake Las Vegas. There is different HOA's one for the community and one for Lake Las Vegas itself. Right now the way the economy is in Nevada no HOA can stay stable due to all the foreclosures.

Lake Las Vegas resort is in Bankruptcy and so are some of the developers. V is a beautiful community those properties sold intitially in the 100's of thousands, if you purchase there the title company should do a search to see if there is any litigation going on with the HOA. Also if you purchasing this to live in is one thing but because of it being 40 minutes from the strip and 20 minutes to Henderson shopping they make poor rental properties.

By Jeremy Twitchell
Mon, Mar 23, 2009 (7 p.m.)
Lake Las Vegas





Related stories

• Lake Las Vegas can abandon golf course, judge says (1-15-2009)
• Amid the decline, decadence for the feet (1-5-2009)
• Judge: Lake Las Vegas golf course should be shuttered (12-22-2008)
• Resort golf course’s fate spurs debate (12-16-2008)
• Never spoil a good party with talk of a recession (8-29-2008)
• Bridge over troubled water (5-24-2008)

While owners, attorneys, judges and creditors debate the future of the bankrupt Lake Las Vegas resort, a handful of residents are banding together to take a proactive role in the process.
The resort’s future has been cloudy since original developer Transcontinental Corp. defaulted on its loan and was foreclosed on in January 2008.
The Atalon Group subsequently acquired the development and filed for bankruptcy in July, and the Nevada District of Federal Bankruptcy Court has since been swarmed by attorneys and filings on behalf of the resort’s owners and their dozens of creditors.
Only one major decision has been made so far — the January ruling that Atalon could abandon the money-losing Falls Golf Course at the resort’s entrance on Lake Las Vegas Parkway.

I hope this information is helpful in your decision making

[eggman67]

They are closing one of the golf course up there I heard. I also heard the HOA's are having major problems. I would be leary of buying there.

[LLVResident]

V is a beautiful community. Most of the foreclosures have now sold. A few resales are popping up in near 200k. Great deals were to be had on those. They were selling for $700k and had amazing interiors and views.

The HOA dues are closer to $700.00 per month. If you see the clubhouse and vineyards you'd then understand why they are that high. The pools, cabana and lap pool and of course the view are stunning. Worth it if you lived there full-time. Most of the HOA's are donig fine as the bank has paid/brought HOA dues up to date with the foreclosed units sold. I'm certain there are some delinquincies still out there from the owners that paid full price.

Montelago Village is a separate entity from the developer the filed bankruptcy. The same goes for the Viera Condos, Luna Condos etc. They are capitalized by individual owners. ( I am one of the owners) The Viera/Luna condo owners also pay monthly dues to the village to support the maintenance and activities. The Ritz/Casino property may have been part of the developer, but I believe that interest was small and no longer part of the LLV bankruptcy.

If you read my other posts about LLV bankruptcy, it will bring you up to date. Hopefully all of the bankruptcy mess will be resolved in April 2010. What is amazing is that the media has certainly did some "yellow" news reporting on the facts about LLV, as well as most other news stories. In reading many of the comments in the various online medias, it's interesting to see how many mis-stated facts there are out there about Lake Las Vegas.

[LLVResident]

***I meant to also say that Montelago Village itself was never bankrupt or part of the Lake Las Vegas resort bankruptcy*******

[Redleg518]

We have been researching homes/condos in the Las Vegas area and have visited (last week) to look at places. Very difficult due to gated communities. We now are looking to rent for 3 to 4 months to give us a better chance to view places for sale and to get a "feel" for the neighborhood. Not easy to find affordable rentals, (we are retired). Any info on rentals would be appreciated.

David Van Gelder
dvanbonnie@wowway.com

[Redleg518]

We have been researching homes/condos in the Las Vegas area and have visited (last week) to look at places. Very difficult due to gated communities. We now are looking to rent for 3 to 4 months to give us a better chance to view places for sale and to get a "feel" for the neighborhood. Not easy to find affordable rentals, (we are retired). Any info on rentals would be appreciated.

David Van Gelder
dvanbonnie@wowway.com

previously mistyped e-mail address

[EA]

The llv area is amazing. Can't believe all the trouble over it. I stumbled on it my first couple of weeks here. I'd love to live there, but it's too far from everything. Also, **** HOAs.

[airics]

Originally Posted by Redleg518

We have been researching homes/condos in the Las Vegas area and have visited (last week) to look at places. Very difficult due to gated communities. We now are looking to rent for 3 to 4 months to give us a better chance to view places for sale and to get a "feel" for the neighborhood. Not easy to find affordable rentals, (we are retired). Any info on rentals would be appreciated.

David Van Gelder
dvanbonnie@wowway.com

previously mistyped e-mail address

for one, unless you stay at a weekly/monthly siegel suites etc, you won't find a lease for 4 months.... you will be hard pressed to find a LL to take a 6 month lease. 12 month is the norm.