â€œâ€˜We are going to get hit with another wave of listings that may, in turn, drive down the market further than where it is today,â€™ Dugan says.â€
â€œOne market that investors are no longer pursuing is condominiums, especially the condo-hotel market, Dugan says. â€˜That market is gone,â€™ he says. â€˜It used to be a nice market, but not anymore. Financing has dried up.â€™â€
â€œUnits at the MGM Signature, for example, have fallen 60 percent to 70 percent in value for anyone who purchased them in 2006 and 2007, he says. Residential condominiums have fallen 40 percent to 50 percent in value in the last two years and that market is still falling with no end in sight, he adds.â€
The condos in my neighborhood are pretty close to what you describe. Go to realtor.com and search the 89142 zip code - then take a look at the units on Juniper Hills Blvd. I've lived here for 5 years now and I consider it as safe as anyplace else in Vegas, with average, working class residents made up of both owners and renters. Most of my neighbors have been here as long as my wife & I have. I believe some of the units in this zip code rent for around $750-$850. The HOA fee here is $166/mo. There are currently 18 units for sale in this HOA ranging in price from $39K (!) to $110K ... a pretty wide range for condos that are all in the same complex! Mine's in great shape, but I can't afford to sell for anywhere near what some of the bank-owned's are priced at. Chances are, the price reflects the condition - but I keep hearing about these incredible deals that are all over Vegas right now. Sellers are, as Gene stated below, becoming more desperate by the day. Why, they're even willing to promote neighboring foreclosures just to get them off the market! :) Good Luck!
In my experince yes condos are a good investment many folks are downsizing and looking to rent condos in areas close to the strip.
Las Vegas is a wonderful place to live and work. There are many Communities that fit your investment needs. I work with many clients that work at the Venetian Hotel and other Hotels around Town some clients look to rent some wish to own property.
I have a condo that I will be listing in the spring with great renters in place.
In fact yesterday the owner and I met with the renters to let them know that the condo will be up for sale in the spring. They showed a desire to stay.
Perfect investor situation with good renters in place that pay on time and take care of the condo.
I would like the opportunity to send you information on investment properties around town along with community information.
Best of Luck to you
Helene M Moore email: firstname.lastname@example.org
Web site: http://www.MooreVegasHouses.com
First, condominiums are shared ownership. Because you are in "partners" with others, and, as to new properties usually the developer, this can be either a good thing or a bad thing. A distressed condominium association is generally not a good thing, in my opinion. You will not have the ability or access to the funds to change the nature of the overall property. Be that said, a going strong condominium may be an excellent investment. Some of the most expensive valuable and prized real estate in the US are shared cooperatives in Manhattan.
Second, the rental market is sophisticated because it is occupied by multifamily companies managing massive apartments. They offer move in specials and all sorts of tricks that really dont fit the individual owner landlord. They also have experience in everything from evictions, tentant evaluations, deaths on the proeprty, fair housing, maintenance and all the other many issues a landlord faces.
My suggestion is find a property in one of the best neighborhoods to take advantage of this downturn. You can rent homes as well as condos.
With the rental market being flooded the problem may be finding a renter willing to pay the $800 monhly fee. Our advice is to get the facts you require from the people working directly within that portion of the industry.
Get in touch with several Rental Management Companies for their feedback on rentability in he Las Vegas area.
John A. Brassner, REALTOR, MBA