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Old 09-08-2013, 06:01 PM
 
74 posts, read 85,790 times
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Hi everyone,
Headed to your city in the spring. Will have up to about $2,000 a month for housing. Leaning towards Panorama or the Martin on the strip. Thoughts on renting vs buying? Initial intent was to buy, but I feel like with those HOA fees one is almost better off to rent. Any thoughts from the crowd?
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Old 09-08-2013, 10:01 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
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How long do you plan on staying in Sin City?


Sent from watch
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Old 09-09-2013, 12:41 AM
 
74 posts, read 85,790 times
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3 years.
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Old 09-09-2013, 08:04 AM
 
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Think about it carefully. Living on the strip would get very old very quickly.
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Old 09-09-2013, 08:07 AM
 
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in three years, it's doubtful you will see much equity built. then you would have to go thru the sale process a second time... hardly seems worth it unless you planned on keeping past your three year stint.
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Old 09-09-2013, 08:14 AM
 
Location: North Las Vegas
1,631 posts, read 3,939,444 times
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Quote:
Originally Posted by Dogfriend15 View Post
Hi everyone,
Headed to your city in the spring. Will have up to about $2,000 a month for housing. Leaning towards Panorama or the Martin on the strip. Thoughts on renting vs buying? Initial intent was to buy, but I feel like with those HOA fees one is almost better off to rent. Any thoughts from the crowd?
If you only have $2000.00 a month for housing you would most likely have to rent if your going into a highrise. Highrise properties are very difficult to get financing on only a few HRise properties have lenders that will lend on them. With interest rates going up as well by spring you could possibly be paying even more in a house payment. Also a down payment on a hirise is much higher than a home, like 20 to 30% down payment. Only the Martin is currently Fannie Mae approved as well however you will still need the 20 or 30% down.

The Martin doesn't have much for rentals most of the units in that building are second or 3rd homes and were paid with cash only a few have financed in that building. The Martin never experienced the foreclosure or short sales issues like Panorama one and two.

So your more apt to get a rental in Panorama one and two since mostly investors own in those buildings. Just becareful, when you rent from an individual there is always a chance that the unit could go up for sale and you could end up moving sooner than planned. If you want to check out highrise living you may want to rent in either One Las Vegas or the Ogden because those are owned by the real-estate division of Starwood hotels. However neither are close to the strip.

It's too bad that this article doesn't mention the other highrise properties that are either on the strip or close to the strip besides Veer Towers. Because all of those towers have seen their condo's bought up with a frenzy as well. And prices for those condo's have gone up as well. However there are a few that the prices have stayed low due to issues.


Strip condo market makes comeback

Contact us for your highrise condo search.

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Old 09-09-2013, 07:12 PM
 
15,746 posts, read 14,347,755 times
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Note that both the Panorama and The Martin are not on the strip. They are actually on the opposite side of the the Interstate from the strip. There are other condos on the strip (think City Center.) And others closer to the strip than both complexes you mentioned.

Quote:
Originally Posted by Dogfriend15 View Post
Hi everyone,
Headed to your city in the spring. Will have up to about $2,000 a month for housing. Leaning towards Panorama or the Martin on the strip. Thoughts on renting vs buying? Initial intent was to buy, but I feel like with those HOA fees one is almost better off to rent. Any thoughts from the crowd?
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Old 09-10-2013, 07:18 AM
 
74 posts, read 85,790 times
Reputation: 101
Quote:
Originally Posted by BBMW View Post
Note that both the Panorama and The Martin are not on the strip. They are actually on the opposite side of the the Interstate from the strip. There are other condos on the strip (think City Center.) And others closer to the strip than both complexes you mentioned.
Yes, I'm aware. I guess I should have been more clear; "near the strip." I do not want to live in City Center, I fear the traffic and the hassles of getting in and out everyday.
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Old 09-10-2013, 07:20 AM
 
74 posts, read 85,790 times
Reputation: 101
Quote:
Originally Posted by 007 license to sell View Post
If you only have $2000.00 a month for housing you would most likely have to rent if your going into a highrise. Highrise properties are very difficult to get financing on only a few HRise properties have lenders that will lend on them. With interest rates going up as well by spring you could possibly be paying even more in a house payment. Also a down payment on a hirise is much higher than a home, like 20 to 30% down payment. Only the Martin is currently Fannie Mae approved as well however you will still need the 20 or 30% down.

The Martin doesn't have much for rentals most of the units in that building are second or 3rd homes and were paid with cash only a few have financed in that building. The Martin never experienced the foreclosure or short sales issues like Panorama one and two.

So your more apt to get a rental in Panorama one and two since mostly investors own in those buildings. Just becareful, when you rent from an individual there is always a chance that the unit could go up for sale and you could end up moving sooner than planned. If you want to check out highrise living you may want to rent in either One Las Vegas or the Ogden because those are owned by the real-estate division of Starwood hotels. However neither are close to the strip.

It's too bad that this article doesn't mention the other highrise properties that are either on the strip or close to the strip besides Veer Towers. Because all of those towers have seen their condo's bought up with a frenzy as well. And prices for those condo's have gone up as well. However there are a few that the prices have stayed low due to issues.


Strip condo market makes comeback

Contact us for your highrise condo search.

Thanks for the info! And yep, the $2,000 a month was after putting down a deposit of 40-50% depending on the purchase price. Great point about an owner selling or not renewing a lease, which is a legitimate concern of mine. Leaning towards renting though, and will definitely keep a close eye on Panorama.
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Old 09-10-2013, 11:52 AM
 
15,746 posts, read 14,347,755 times
Reputation: 11802
Actually, the traffic/access issues will be the same for the Panorama/Martin as it would be for City Center. CC opens onto the Harmon Corridor. So does P/M. Right now the west end of Harmon fizzles out into nothing, and you have to do through the industrial wasteland west of the 15 to get out, loop back to Dean Martin, or take Harmon out to the strip. You have to do this with P/M. You can do this with CC, but it also has it's own dedicated access to the strip.

Quote:
Originally Posted by Dogfriend15 View Post
Yes, I'm aware. I guess I should have been more clear; "near the strip." I do not want to live in City Center, I fear the traffic and the hassles of getting in and out everyday.
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