[barryhussein]

This is a conversion in 89128. Any thoughts or comments would be appreciated. There are several for around 50K. I will say that when I called the Managment Company, the lady who answered was about as informative as a retard doing the shopping carts at Albertsons.

[Las Vegas Mommy]

it was converted to Condos by Pacifica Companies and the HOA is Cannon Management.
Project finished in 10/05.
Granite counter tops, new cabinets, tile flooring.....ect. Units are a pretty good size.

[olecapt]

Same economics as the one at the other end...except this one is less desirable and the other one has other problems.

Either can potentially crash under the weight of defaulting owners.

You may find that a common trait of any condo where a reasonable unit can be found for $50K...that simply goes with severe financial problems and a potientially crashing HOA.

Note in any of these you get a good look at that before you buy.

[Tiger Beer]

Originally Posted by olecapt

Same economics as the one at the other end...except this one is less desirable and the other one has other problems.

Either can potentially crash under the weight of defaulting owners.

You may find that a common trait of any condo where a reasonable unit can be found for $50K...that simply goes with severe financial problems and a potientially crashing HOA.

Note in any of these you get a good look at that before you buy.

I'm attempting to educate myself on housing in general.

What does that mean 'potentially crash under the weight of defaulting owners'? To me, this message sounds like if you bought a 50K condo, even if you have the money for it or whatever else, you are opening yourself up to some inside risk somewhere?

Just educating myself here, what does that mean exactly?

[lvkewlkid]

Originally Posted by barryhussein

This is a conversion in 89128. Any thoughts or comments would be appreciated. There are several for around 50K. I will say that when I called the Managment Company, the lady who answered was about as informative as a retard doing the shopping carts at Albertsons.

most of the people doing the shopping carts at Albertsons are not retards, but hardworking high school students and seniors...

[kimba01]

Originally Posted by barryhussein

This is a conversion in 89128. Any thoughts or comments would be appreciated. There are several for around 50K. I will say that when I called the Managment Company, the lady who answered was about as informative as a retard doing the shopping carts at Albertsons.

Have you ever even bothered to talk to a cart person?

Pretty cold there, guy.

[acapr220]

Originally Posted by Tiger Beer

I'm attempting to educate myself on housing in general.

What does that mean 'potentially crash under the weight of defaulting owners'? To me, this message sounds like if you bought a 50K condo, even if you have the money for it or whatever else, you are opening yourself up to some inside risk somewhere?

Just educating myself here, what does that mean exactly?

I would like to see this question answered as well.....

[olecapt]

Originally Posted by acapr220

I would like to see this question answered as well.....

Condos in general and 2004 to 2006 conversions in particularly have a potential problem.

When the owners quit making the bank payment they also quit making the HOA payment. This can go on for over a year or more with no revenue to the HOA. When the bank does foreclose they are only liable for six months of HOA fees and may not pay that at the time. The banks may then go on with long term ownership while they try to sell the home without paying the HOA dues. They will pay off what they owe when it closes...but that can be a long time.

Older condos will generally have significant reserves that can be used as a last resort. But the newer conversions are not so equipped...so they may not have a lot of reserves to keep paying the required bills.

I would also not be surprised in any of these conversions for there to be defect lawsuits against the developer. A further cash eater.

If the place actually runs out of cash a general assessment is likely. If not then bankruptcy. The bankruptcy court might well set a general assessment.

If such a general assessment is not paid? Now we are off into the uncharted. Can one sell off the common property in a complex? Do all those that refused to pay an assessment end up in the bankruptcy? Got me...but it is not going to be pretty.

You should get a look at all this in the buying process. You get both the financial records and the reserve statement. They should tell you pretty much whether the place is in trouble or not. Note that, if they have stayed afloat by using the reserves heavily those will have to be replaced eventually...HOA increases or special assessments.

Note also the downturn has not yet run its course so it is going to get worse before it gets better.

[Tiger Beer]

Thanks for that, Olecapt.

[barryhussein]

Hey PoleCat, Is this six month rule for CC or the State of Nevada, and when did this take effect?
Cheers.