11-16-2008, 11:21 AM
595 posts, read
2,308,011 times
Reputation: 180
Quote:
Originally Posted by
olecapt
I would think you will find that condo conversions have a set of problems. If you check back you will find the pre conversion value was likely less than the present sale price.
Not always Capt., For example, I looked at The Enclaves at 8455 W. Sahara. It is a conversion. The developer paid about 24 million for 190 units. That's about 125,000 each. The 2/2s sold for 215K, and the 1/1s sold for 160K.
I could have bought one last week for 55K. These are 18 years old.
11-16-2008, 11:50 AM
10 posts, read
62,725 times
Reputation: 25
Quote:
Originally Posted by
olecapt
I know of one condo conversion worth the trouble if you can get the price into the 50K/60K range.
What is the name of this condo conversion?
Thank you.
11-16-2008, 12:00 PM
169 posts, read
1,084,398 times
Reputation: 144
really, I didnt know that.............learn something new everyday!
11-16-2008, 12:02 PM
Location: NW Las Vegas - Lone Mountain
15,756 posts, read
38,197,261 times
Reputation: 2661
Quote:
Originally Posted by
barryhussein
Not always Capt., For example, I looked at The Enclaves at 8455 W. Sahara. It is a conversion. The developer paid about 24 million for 190 units. That's about 125,000 each. The 2/2s sold for 215K, and the 1/1s sold for 160K.
There are exceptions to all rules. When did the developer buy them? You may well find out he was splitting the conversion with the prior owner particulary if the deal was after 2003.
Yeah...checked...that transfer occured after the units were subdivided into condos. The value as an apartment is available but only by going to the asserssors office and in 1994.
11-17-2008, 01:34 PM
33 posts, read
116,217 times
Reputation: 20
I have known people that lived in there as apartments and others that have lived there after they were converted to condos. It was crappy then and it is crappy now. You can spend a little more and get a way better property from what I have seen. Keep looking. Message me if you need professional help, I will send you the contact info for a guy I know that is really up on that area.
11-17-2008, 11:40 PM
Location: South San Francisco
322 posts, read
1,270,607 times
Reputation: 153
yeah - so what happens if an HOA does go bankrupt? This goes for condos, condo conversions, and regular old McMansion Farms.....
11-18-2008, 08:10 AM
Location: NW Las Vegas - Lone Mountain
15,756 posts, read
38,197,261 times
Reputation: 2661
Quote:
Originally Posted by
Yeti
yeah - so what happens if an HOA does go bankrupt? This goes for condos, condo conversions, and regular old McMansion Farms.....
I would think that those able would bail out the HOA in the immediate but that all units would pay in the end. Once in Bankruptcy I expect the judge would simply require that the HOA be funded. Even if in foreclosure the lien on the property would likely have priority and get paid before the mortgage holder.
Then again the mortgage holder may have priority...though I suspect a bankruptcy court may be able to override that. Lawyer country - getting past my knowledge level.
People buy in HOA communities because there is no real choice. Everything built in Henderson or City of Las Vegas for some years is HOA. I don't think it is practically possible to subdivide without an HOA any more. Any subdivision requires landscaped edges and they require an HOA. Simply a fall out of the present development process.
11-18-2008, 12:29 PM
Location: Home!
9,376 posts, read
11,944,570 times
Reputation: 9282
Yeah it is in the Albertsons strip mall. Corner of Eastern and Horizon Ridge. I was thinking it was closer than what lvkewlkid said. Maybe it is new?
11-18-2008, 05:13 PM
11 posts, read
36,259 times
Reputation: 14
I asked a Realtor named Robert Adams Moderator cut: No recommendations with under ten posts about condo conversions and a point he made, that I found interesting, was that condo conversions sometimes have lenders that will not lend on condo conversions. That would make it more difficult for people to buy them when you want to sell it.
Last edited by 2goldens; 12-14-2008 at 06:03 AM ..
Reason: Followed this post from SLFH account
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House heating fuel used in apartments - Utility gas (%)
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House heating fuel used in apartments - Coal or coke (%)
House heating fuel used in apartments - Wood (%)
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Armed forces status - In Armed Forces (%)
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Blood Pressure & Cholesterol - Has high blood pressure (%)
Blood Pressure & Cholesterol - Checking blood pressure at home (%)
Blood Pressure & Cholesterol - Frequently checking blood cholesterol (%)
Blood Pressure & Cholesterol - Has high cholesterol level (%)
Consumer Behavior - Money monthly spent on food at supermarket/grocery store
Consumer Behavior - Money monthly spent on food at other stores
Consumer Behavior - Money monthly spent on eating out
Consumer Behavior - Money monthly spent on carryout/delivered foods
Consumer Behavior - Income spent on food at supermarket/grocery store (%)
Consumer Behavior - Income spent on food at other stores (%)
Consumer Behavior - Income spent on eating out (%)
Consumer Behavior - Income spent on carryout/delivered foods (%)
Current Health Status - General health condition (%)
Current Health Status - Blood donors (%)
Current Health Status - Has blood ever tested for HIV virus (%)
Current Health Status - Left-handed people (%)
Dermatology - People using sunscreen (%)
Diabetes - Diabetics (%)
Diabetes - Had a blood test for high blood sugar (%)
Diabetes - People taking insulin (%)
Diet Behavior & Nutrition - Diet health (%)
Diet Behavior & Nutrition - Milk product consumption (# of products/month)
Diet Behavior & Nutrition - Meals not home prepared (#/week)
Diet Behavior & Nutrition - Meals from fast food or pizza place (#/week)
Diet Behavior & Nutrition - Ready-to-eat foods (#/month)
Diet Behavior & Nutrition - Frozen meals/pizza (#/month)
Drug Use - People that ever used marijuana or hashish (%)
Drug Use - Ever used hard drugs (%)
Drug Use - Ever used any form of cocaine (%)
Drug Use - Ever used heroin (%)
Drug Use - Ever used methamphetamine (%)
Health Insurance - People covered by health insurance (%)
Kidney Conditions-Urology - Avg. # of times urinating at night
Medical Conditions - People with asthma (%)
Medical Conditions - People with anemia (%)
Medical Conditions - People with psoriasis (%)
Medical Conditions - People with overweight (%)
Medical Conditions - Elderly people having difficulties in thinking or remembering (%)
Medical Conditions - People who ever received blood transfusion (%)
Medical Conditions - People having trouble seeing even with glass/contacts (%)
Medical Conditions - People with arthritis (%)
Medical Conditions - People with gout (%)
Medical Conditions - People with congestive heart failure (%)
Medical Conditions - People with coronary heart disease (%)
Medical Conditions - People with angina pectoris (%)
Medical Conditions - People who ever had heart attack (%)
Medical Conditions - People who ever had stroke (%)
Medical Conditions - People with emphysema (%)
Medical Conditions - People with thyroid problem (%)
Medical Conditions - People with chronic bronchitis (%)
Medical Conditions - People with any liver condition (%)
Medical Conditions - People who ever had cancer or malignancy (%)
Mental Health - People who have little interest in doing things (%)
Mental Health - People feeling down, depressed, or hopeless (%)
Mental Health - People who have trouble sleeping or sleeping too much (%)
Mental Health - People feeling tired or having little energy (%)
Mental Health - People with poor appetite or overeating (%)
Mental Health - People feeling bad about themself (%)
Mental Health - People who have trouble concentrating on things (%)
Mental Health - People moving or speaking slowly or too fast (%)
Mental Health - People having thoughts they would be better off dead (%)
Oral Health - Average years since last visit a dentist
Oral Health - People embarrassed because of mouth (%)
Oral Health - People with gum disease (%)
Oral Health - General health of teeth and gums (%)
Oral Health - Average days a week using dental floss/device
Oral Health - Average days a week using mouthwash for dental problem
Oral Health - Average number of teeth
Pesticide Use - Households using pesticides to control insects (%)
Pesticide Use - Households using pesticides to kill weeds (%)
Physical Activity - People doing vigorous-intensity work activities (%)
Physical Activity - People doing moderate-intensity work activities (%)
Physical Activity - People walking or bicycling (%)
Physical Activity - People doing vigorous-intensity recreational activities (%)
Physical Activity - People doing moderate-intensity recreational activities (%)
Physical Activity - Average hours a day doing sedentary activities
Physical Activity - Average hours a day watching TV or videos
Physical Activity - Average hours a day using computer
Physical Functioning - People having limitations keeping them from working (%)
Physical Functioning - People limited in amount of work they can do (%)
Physical Functioning - People that need special equipment to walk (%)
Physical Functioning - People experiencing confusion/memory problems (%)
Physical Functioning - People requiring special healthcare equipment (%)
Prescription Medications - Average number of prescription medicines taking
Preventive Aspirin Use - Adults 40+ taking low-dose aspirin (%)
Reproductive Health - Vaginal deliveries (%)
Reproductive Health - Cesarean deliveries (%)
Reproductive Health - Deliveries resulted in a live birth (%)
Reproductive Health - Pregnancies resulted in a delivery (%)
Reproductive Health - Women breastfeeding newborns (%)
Reproductive Health - Women that had a hysterectomy (%)
Reproductive Health - Women that had both ovaries removed (%)
Reproductive Health - Women that have ever taken birth control pills (%)
Reproductive Health - Women taking birth control pills (%)
Reproductive Health - Women that have ever used Depo-Provera or injectables (%)
Reproductive Health - Women that have ever used female hormones (%)
Sexual Behavior - People 18+ that ever had sex (vaginal, anal, or oral) (%)
Sexual Behavior - Males 18+ that ever had vaginal sex with a woman (%)
Sexual Behavior - Males 18+ that ever performed oral sex on a woman (%)
Sexual Behavior - Males 18+ that ever had anal sex with a woman (%)
Sexual Behavior - Males 18+ that ever had any sex with a man (%)
Sexual Behavior - Females 18+ that ever had vaginal sex with a man (%)
Sexual Behavior - Females 18+ that ever performed oral sex on a man (%)
Sexual Behavior - Females 18+ that ever had anal sex with a man (%)
Sexual Behavior - Females 18+ that ever had any kind of sex with a woman (%)
Sexual Behavior - Average age people first had sex
Sexual Behavior - Average number of female sex partners in lifetime (males 18+)
Sexual Behavior - Average number of female vaginal sex partners in lifetime (males 18+)
Sexual Behavior - Average age people first performed oral sex on a woman (18+)
Sexual Behavior - Average number of woman performed oral sex on in lifetime (18+)
Sexual Behavior - Average number of male sex partners in lifetime (males 18+)
Sexual Behavior - Average number of male anal sex partners in lifetime (males 18+)
Sexual Behavior - Average age people first performed oral sex on a man (18+)
Sexual Behavior - Average number of male oral sex partners in lifetime (18+)
Sexual Behavior - People using protection when performing oral sex (%)
Sexual Behavior - Average number of times people have vaginal or anal sex a year
Sexual Behavior - People having sex without condom (%)
Sexual Behavior - Average number of male sex partners in lifetime (females 18+)
Sexual Behavior - Average number of male vaginal sex partners in lifetime (females 18+)
Sexual Behavior - Average number of female sex partners in lifetime (females 18+)
Sexual Behavior - Circumcised males 18+ (%)
Sleep Disorders - Average hours sleeping at night
Sleep Disorders - People that has trouble sleeping (%)
Smoking-Cigarette Use - People smoking cigarettes (%)
Taste & Smell - People 40+ having problems with smell (%)
Taste & Smell - People 40+ having problems with taste (%)
Taste & Smell - People 40+ that ever had wisdom teeth removed (%)
Taste & Smell - People 40+ that ever had tonsils teeth removed (%)
Taste & Smell - People 40+ that ever had a loss of consciousness because of a head injury (%)
Taste & Smell - People 40+ that ever had a broken nose or other serious injury to face or skull (%)
Taste & Smell - People 40+ that ever had two or more sinus infections (%)
Weight - Average height (inches)
Weight - Average weight (pounds)
Weight - Average BMI
Weight - People that are obese (%)
Weight - People that ever were obese (%)
Weight - People trying to lose weight (%)
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