[todzilla]

I am from out of state and am looking at buying a condo in Las Vegas for investment/recreation since it looks like you can get such great deals now. My plan would be to buy something very inexpensive to use as a vacation place to come down to a few times a year and also let friends and family use as well. I do not plan on renting it out. I would ideally like to be close to the strip (0-5) miles away since I will not have a vehicle and will mostly be using cabs. I don't need or want anything high end but I do want to be somewhere where I feel safe.

The developments I have looked at close to the the strip that have units in my price range ($50,000) available are Newport Cove, Las Brisas and Century Gardens. Can anyone tell me anything about these delelopments?

I have also looked at units farther away from the strip mostly in the West and Northwest areas. The developments are Pirates Cove, Canyon Lake, Catalina Shores at South Shore, Broadstone at Desert Shores, Highgate and Lagna Shores. Does anyone know anything about these developments?

Anyone know of any other developments the could recommend perferably close to the strip that have units in my price range?

Thanks for your help!

[mediman]

Be very careful of the condo complexes nowadays. Those with cheap units are full of previous investorsrenting out units to section 8 folks. Drugs and crime run rampant in those complexes.

[nwlv]

Avoid the conversions. Start in a good zipcode. Most locals rarely go to the strip (Except to work). Every side of town has some good regional casino action. I bought from out of the area. I'm pleasantly surprised by how nice everything is. I used a lot of satellite photos, public records, and zip code demographics when screening places. Got some great advice in here, too.

[todzilla]

Thanks for the advice but why would conversion properties present any problems?

[nwlv]

Many were converted at the height of the boom, so people are in at much higher prices resulting in more foreclosures, which is troubling to the HOA. Many unsettled lawsuits from unsettled conversion defects. Litigation would probably be a killer for a decent loan.

[PinkString]

Many of the condo conversions are reverting back to apts. So I don't know what happens to people that got stuck buying one. Unless they just own it forever while renters are all around them.

Go for condos that were built as new construction. Take Terrasini condos for one: They are just a few years old and built soundly. Close to everything and in a good area, 215 northern beltway/Decatur.
Many for sale. They are nice and spacious, open floor plan types. With garages. You don't get garages in many conversions. Just a carport.

[nwlv]

I'm on Lake Mead Blvd., and I would recommend staying West of 95.

[todzilla]

Thank you all for your advice. I really appreciate it. I am looking at some conversion properties. However, most of the conversion properties I am looking at have foreclosure rates similar to non-conversion properties although a couple don't. The foreclosure rate will be a huge factor for me in deciding where to buy.

I would hope that the condo associations would make available to potential buyers information concerning foreclosure rates, litigation involving the association, upcoming assessments, liens against the unit, etc. I know they are required to provide this information where I come from. (I am a real estate attorney that represents condo associations so I do know something about condos and condo law.)

I do realize that most locals do not frequent the strip much. I lived in Las Vegas for a short time about 20 years ago so I know a little about the city although it has changed greatly since I was there. However, I don't plan on being a local. I plan on only visting a few times a year. Also, I do want to visit the strip regularly. That is why I want to only be 15-20 minutes away.

Thank you Pinkstring for the info. The Terrasini condos look great. However, from what I can see they are 25 miles away from the strip. Also, a garage would be great but as I said I don't plan on having a car but plan on using cabs so a garage is nice but not necessary.

Does anyone have an info on the orginal developments I am looking at? I am especially interested in Canyon Lake. I think they are now called The Residences at Canyon Gate. Although they appear to be a conversion property, it looks like they are located inside a country club, have a low rate of foreclosure and are only 20 mintues from the strip. Any have any info on these untis?

Thanks again!

[flyingtigers]

Originally Posted by todzilla

I am especially interested in Canyon Lake. I think they are now called The Residences at Canyon Gate. Although they appear to be a conversion property, it looks like they are located inside a country club, have a low rate of foreclosure and are only 20 mintues from the strip. Any have any info on these untis?

Thanks again!

Look at this thread from about a week ago. Canyon Lake

All I can say is do not buy at Canyon Lake sight unseen. The pictures are great....when you get in there you'll see the "feel" is different. I bought elsewhere....4.7 miles to the strip, one bedroom under $55K....PM if you'd like more details. You are exactly in the position I was a year ago.

[todzilla]

Thanks flyingtigers! That is ectactly the type of info I was looking for. I'd never buy anything sight unseen. I will be in Vegas in a few weeks and will be looking at places while I'm there.

Anyone esle have any info?