Angela Schra…, Real Estate Pro in Fort Lauderdale, FL

Anyone know anything about the Vdara Hotel/Condo in Las Vegas?

Asked by Angela Schrager, Fort Lauderdale, FL Tue May 27, 2008

What are your thoughts about this from an investment perspective? Personally, I think that this is the developer passing on all the risk to the individual investor and it's a bad investment to make. Do you agree?

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Answers

1
From purely an investment standpoint, I don't think any of the hotel/condo or "condotels" are the best thing one can do with their money. However, for someone who will use the property for occasional personal use, and enjoy the unit and all the amenities, I think it makes sense. It's quite an impressive project and I really think you've got to look at the rental aspect of these properties as subsidizing your vacation residence...just my opinion ;)
0 votes Thank Flag Link Fri Jun 20, 2008
My personal opinion is that it is a horrible investment.

You HOA fees are upwards of $450.00 every month. You are competing on the room rentals with every other major casino on the strip. If the property goes vacant you are still responsible for the HOA dues. In my experience the general types of tenants that you find in the hi rise living scenario can easily pickup and move elsewhere as their liabilities are limited. Secondly your competition is less than 5 feet away across the hall.

Now in all fairness I personally own thirty properties in Las Vegas and manage a few hundred. I can comfortably comment on the returns of singe family homes and commercial properties.

What makes hi rise calculations so difficult is the HOA. It is a variable you have no control over.

I hope my answer helps.

Should you need anything else feel free to contact me at your leisure.

Respectfully,

Becky Cordova
702-612-1584
becky@canamrealestateservices.com
Flag Fri Feb 13, 2015
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