[olecapt]

Originally Posted by bledsoe3

I too am curious.

Soaring Gull or more properly the Villas at Desert Shores was a reasonably successful apartment complex of the low middle sort. Relatively plan units of small size. It was however relatively open space complex with lots of grass and trees and it was a part of Desert Shores.

It was converted at the end of the bubble and was primarily sold to investors trying to get into the Vegas boom cheap.

As it initially got rented it ran into a problem. A very high percentage of difficult renters. Crime rates sky rocketed. The pools were closed over fights. The gates were repeatedly destroyed. The owner occupants panicked and got the hell out. The HOA went to armed rent a cops and at one point where screening cars at the gate. The violence got to the point that the renters started to bail en mass. At one point the complex was practically deserted. Perhaps 10% of the parking spaces were in use.

Over the last year some order has been restored. The rentals are now mostly occupied though they have gone heavily to Section 8 rentals. It is now a lucrative rental situation. They run $40 psf and under. Rent from 550 to 850 per month.


Crime is still high. Perhaps 5X Mar-a-lago...maybe a little more. I would also expect there are still some HOA problems. But it us probably stable at this point.

[mresort]

Originally Posted by olecapt

Soaring Gull or more properly the Villas at Desert Shores was a reasonably successful apartment complex of the low middle sort. Relatively plan units of small size. It was however relatively open space complex with lots of grass and trees and it was a part of Desert Shores.

It was converted at the end of the bubble and was primarily sold to investors trying to get into the Vegas boom cheap.

As it initially got rented it ran into a problem. A very high percentage of difficult renters. Crime rates sky rocketed. The pools were closed over fights. The gates were repeatedly destroyed. The owner occupants panicked and got the hell out. The HOA went to armed rent a cops and at one point where screening cars at the gate. The violence got to the point that the renters started to bail en mass. At one point the complex was practically deserted. Perhaps 10% of the parking spaces were in use.

Over the last year some order has been restored. The rentals are now mostly occupied though they have gone heavily to Section 8 rentals. It is now a lucrative rental situation. They run $40 psf and under. Rent from 550 to 850 per month.


Crime is still high. Perhaps 5X Mar-a-lago...maybe a little more. I would also expect there are still some HOA problems. But it us probably stable at this point.

Soaring Gulls is a very sad story, pretty much the same as 4200 S. Valley View.


I live in Borgata now. Yes, it is a condo conversion, but it seems that the prices hold stronger than other comparable properties. You need to pay $70K for a 2BR condo (about $70 psf), or $45K for a 1BR condo (about $65 psf). The rent is $750 for 2BR, $650 for 1BR. The pricing is becoming little bit higher now as the inventory is very low. You probably cannot get the same price anymore. I like this subdivision because it is pretty close to the strip, freeways, and many shopping centers. In half an hour I can go everywhere in the valley.

And one thing I forgot to mention. The foreclosure rate of Borgata is much lower than Soaring Gulls also.