newport lofts (foreclosure, rental, HOA fees)

redroset · 07-03-2009, 05:21 PM

can anyone who lives at Newport lofts or has knowledge of the condos comment on living there.

olecapt · 07-03-2009, 10:04 PM

Quote:

Originally Posted by redroset

can anyone who lives at Newport lofts or has knowledge of the condos comment on living there.

Want to live there or buy an investment?

In either case don't.

I know a bit about Newport and Soho...but little is good.

The first problem is that they are mostly empty. So understand that going in. Soho is about 50%. Newport can't get to 20% on a good day.

Second is they are having trouble making their nut on the HOA fee. That means the fee may increase forever if you move there.

Third it is possible that the HOA will end up in bankruptcy. Nobody knows how that will play out. It will not be good for the owners.

What else would you like to know?

lasvegas2010 · 07-03-2009, 11:54 PM

What alternatives would you recommend Olecapt? Thanks

redroset · 07-05-2009, 06:45 PM

Can anyone comment on Boca Raton or Platinum condos. Thanks

ocean2026 · 07-05-2009, 07:10 PM

Olecapt is correct on Soho etc. He's wrong though on saying this is the bottom, for many reasons explained elsewhere.

I happen to know much about Platinum having visited many of the units in June.

There are about 50 on the market or in foreclosure- that's out of 255 units. Prices are coming down but they need to drop more to make it reasonable. They have 3 sizes one about 750 sq, 940sq foot and the 2 bedrooms (not many). Views include mountains and the strip but in some units - lots of power utility lines.

The rooms are nice - the staff excellent! There is a double HOA fee if you are not in the hotel pool - it would amount to about $1200 per month. You can not self park - pay the valet only - a bad rule.

I had access to some of the hotel condo income statements which are not public. Many are operating at NEGATIVE Cash flow, depending on the month.

Conclusion - A really great place to stay -quiet - two pools - nice staff and good location - east of the strip on Flamingo.
A really poor investment until units hit the $75k or under.

olecapt · 07-05-2009, 10:32 PM

Quote:

Originally Posted by ocean2026

Olecapt is correct on Soho etc. He's wrong though on saying this is the bottom, for many reasons explained elsewhere.

I happen to know much about Platinum having visited many of the units in June.

There are about 50 on the market or in foreclosure- that's out of 255 units. Prices are coming down but they need to drop more to make it reasonable. They have 3 sizes one about 750 sq, 940sq foot and the 2 bedrooms (not many). Views include mountains and the strip but in some units - lots of power utility lines.

The rooms are nice - the staff excellent! There is a double HOA fee if you are not in the hotel pool - it would amount to about $1200 per month. You can not self park - pay the valet only - a bad rule.

I had access to some of the hotel condo income statements which are not public. Many are operating at NEGATIVE Cash flow, depending on the month.

Conclusion - A really great place to stay -quiet - two pools - nice staff and good location - east of the strip on Flamingo.
A really poor investment until units hit the $75k or under.

Let us not confuse the readers. Olecapt seldom offers opinions on strip or tourist related properties. He has some but it is not what he does. He believes local who buy in that domain have lost their minds. Even Turnberry is for the addled tourists...locals don't live there. And I think an exodus of locals from One Queensridge may be underway...and that was far and away the best of breed.

Olecapt believes we are in a bottom...but that has nothing to do with strip or related properties. Condohotels are a version of timeshares. Olecapt would buy only an aged time share that had changed hands three times or more.

Olecapt has a similar view on condohotels. They will be a reasonable buy after the place has turned over three times.

Manhattan and Park Place and Soho and Newport are a little different. They are someplace between strip properties and local dwellings. One would hope that they eventually settle into something rational. But watch the HOA numbers. You may need a really low price to live with the HOA fees.

redroset · 07-10-2009, 12:32 PM

If you were going to buy a condo-either Newport Lofts, boca Raton, Platinum, Meridian, Juhl which would it be? If none of these appeal to you, could you suggest something not too far from the strip or downtown. Thanks

ocean2026 · 07-10-2009, 02:21 PM

On this I would go with Olecapt even though we dispute that this is the bottom. I like Platinum but that's because I am most familiar with it- but its way over-priced and remember that double HOA fee- near $1200. Many don't like downtown but I am not bothered by it - I drove by newport and soho, but those too are overpriced. Merdian is near Platinum - meridian is more apt style Platinum is more hotel style. I am ignorant about Juhl and Boca.

The only real advice I could give you is WAIT .. they will be cheaper

Jonotastic · 07-10-2009, 04:24 PM

I just called Platinum based on this thread...I spoke with Debbie according to her you can't stay in the unit for more than 28 consecutive nights even if you opt out of the rental program.

Ocean: May I ask why you think Newport and Soho are overpriced...for the same price at Platinum you can get much more square footage at either. I will be in Vegas next month to look at properties. I don't have much time there, so I'm trying to narrow them down.

ocean2026 · 07-10-2009, 07:35 PM

jono - I think most of vegas is still overpriced- if you check my posts on Current Market you will see I support my arguments with plenty of data. PMI the biggest mortgage insurer says there is a 99% chance LV will decline into 2011. Jobs are being lost- less people are coming - I could go on and on. All of those lofts - have plenty of unsold units- the price will continue to decline. Downtown is still somewhat of a hard sell.