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Considering buying a condo in Vegas area..

Discussion in 'Living in Sin (City that is)' started by Drewm1972, Sep 30, 2017.

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  1. Drewm1972

    Drewm1972 VIP Whale

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    @bubbakitty i do hear lot about Az area I been to Biltmore resort and visited surrounding area long time ago and it was very nice but as I recall it was much hotter than Vegas. Only thing it’s not fun nearly as Vegas lol and I figure it would be much easier to resell if it was in Vegas. If we did make move to it will be Vegas most likely.
     
  2. mickyblueeyes

    mickyblueeyes High-Roller

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    My wife and I are in the same boat...looked in 2008-2009 at a few homes and didn't pull the trigger. Friends of ours own in the Signature @ MGM and put it in the rental pool when they aren't there and claim to make an ok return/ at least to cover the overhead and a bit extra. We looked at Panorama and it was nice but the HOA fees were around $700 a month. There are some new condos by outlets on south strip which we will check out next visit. Stay away from North Las Vegas is what we have been warned time an time again. Summerlin and Henderson are other areas of interest.
     
  3. Drewm1972

    Drewm1972 VIP Whale

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    Crazy thing the “nut case mass shooter Vegas” apparently from Mesquite! Unreal. I’m watching the news and just can’t belive what happened.
     
  4. ken2v

    ken2v This Space For Rent

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    We've spent a good bit of time in what I playfully call Mistake, NV. Nothing wrong with putting down some roots there. And the proximity to the Utah highlights is a plus-plus.
     
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  5. TomTWI

    TomTWI Custom Title

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    We did purchase a condo in 2011 we use it twice a year for a month at a time. We live in a safe area that is about 4 miles west of LAS. I don't go to the strip much but I can get to South Point in 12 minutes or Gold Coast, Silverton,Palms and Orleans about the same. 2/2 condo in 2011 were going for about 55-65k in what I would call a working class condo community.

    My monthly costs are manageable and we don't rent it out. (We do let family use it) Our costs are HOA $170/Mo Taxes $600/Yr Elec around $20/Mo when we aren't there. Pest $20 couple times a year. Over all it's been a good investment with prices more than doubling since we purchased.

    TomTWI
     
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  6. TomTWI

    TomTWI Custom Title

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    I should add that existing condos, if decent, are selling very quickly usually over asking price. A 3/2 was just listed here and had four offers the first day. There aren't any others available in this complex.

    TomTWI
     
  7. eliza

    eliza VIP Whale

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    AirVMB?

    I totally thought Signature were time shares where you bought "weeks". Are they actually owned condos where you can put them in the rental pool as you desire as long as your meet minimum rental standards (furnishings, amenities, etc)?

    I do have a friend that moved to Vegas years ago for her husband's work. They live in Summerlin and love it. But they aren't into gambling, drinking, people-watching or basically anything that usually forms the backbone of a Vegas vacation.

    Would you ever consider renting to "strangers" or say people you met online? Asking for a "friend".
     
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  8. Sonya

    Sonya Queen of VMB

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    Since you aren't there often, do you have a service or someone who keeps an eye on it for you?
     
  9. Drewm1972

    Drewm1972 VIP Whale

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    If we were to buy a condo we would probably use property mgmt company .... I like sound of what @TomTWI about his condo it sounds like something we will be interest it. We will probably take our time look into it.
     
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  10. TomTWI

    TomTWI Custom Title

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    No we don't, our complex has on site management and I've left a key with him. The manager is willing to let people in or receive packages etc when we are not there. We've also made friends here that keep an eye out for us.

    We don't rent it out because my wife is so fussy about everything.

    TomTWI

    Edit: Another reason we don't rent it out is because HOA rules prohibit short term rentals. (Although it's done all the time)
     
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  11. Drewm1972

    Drewm1972 VIP Whale

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    Yeah regards to short term rental I see that a lot in Vegas people coming to visit few months etc whatever the reason I see those type cases and even tho HOA prohibits it people do it lots of time. If you don’t mind asking what’s the price range for your current condo?
     
  12. TomTWI

    TomTWI Custom Title

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    Very hard to say a two bedroom was listed a month ago at $95k. It had offers in a day or two and has not closed yet so I'm not sure of sale price. The only other recent listing is a 3 bed for $136 and had multiple offers. The average closing price for 2 bed this year is $121 according to my half assed tracking system.

    Hope this gives you an idea. PM if you have more specific questions.

    TomTWI
     
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  13. Drewm1972

    Drewm1972 VIP Whale

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    Those are great info thank you... it does help and gives good perspective of condo pricing which falls into price range we are looking for. I will keep all theses in mind. Thanks again sir.
     
  14. Sonya

    Sonya Queen of VMB

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    Thanks for that. I was curious to give me something to dream about regarding my vacation place I'm buying when I hit the big jackpot. ;) My parents have some friends who have a vacation place in Montana and they had to hire someone to take care of it when they aren't there. Winterizing, pest control, etc.
     
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  15. Drewm1972

    Drewm1972 VIP Whale

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    Or when you “sell” VMB website to google for $100 milllion dollars ;):clap: ...... okay $250 million and executive position w google as president of North America operation :nworthy:
     
  16. Sonya

    Sonya Queen of VMB

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    Yeah, they are all lining up at the door to buy my website. :haha: I'm going to keep my hopes on the lottery.
     
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  17. Zander1

    Zander1 Tourist

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    We are renting a condo in the Rhodes Ranch area off Warm Springs. Gated community, feel very safe. Pretty sure you could buy a two BR 2 bath in your price range. We go to Sun Coast, Red Rock, Orleans in about 15 minutes and the Strip in about 20. This is our second year. Nice pool and gym.
     
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  18. mickyblueeyes

    mickyblueeyes High-Roller

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    They bought theirs outright and can put in rental pool but I think they VRBO theirs or Air bnb style.
     
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  19. Blue pacific

    Blue pacific Low-Roller

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    The real estate website ‘’Redfin’’gives a great perspective on the housing market, just search the area you like and
    All the active listings pop up...pictures included. You can look at the History of what the property sold for, leased for if applicable.
    The interior pics are great....good luck in finding a condo....my opinion for the future...once interest rates go up, prices will go down, but buying now while
    Rates are low makes it a wash. And if you wait too long, your health may go down the tubes and you won’t be able to enjoy all that vegas offers,
    If you can afford it, just do it, buy the condo and enjoy
     
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  20. TomTWI

    TomTWI Custom Title

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    Since 2011 prices have more than doubled***. I don't expect prices to go down anytime soon. I do expect the rate of increase to level off to something more reasonable, something like 3-4%. If capital gains tax rates go down it could put more properties on the market as investors seek to cash in. Right now there is a shortage of quality properties usually there are multiple offers in 1-2 days in our complex. I think rents are going up but I'm not tracking that.

    TomTWI

    *** According to my half assed tracking system of our condo complex in Rhodes Ranch area of Vegas.
     
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