Home Buying in Las Vegas>Question Details

Savvy07, Home Buyer in Las Vegas, NV

I am looking to buy a condo, cash. Which one will be a better choice a one bedroom or two bedrooms when it come to resale value and investment?

Asked by Savvy07, Las Vegas, NV Wed Feb 10, 2010

If the one bedroom condo was listed for 54,900, what would be the best offer to make?
And if one bedroom runs about 55K how much should I offer for two bedrooms?
What is the issue with the condos in the litigation process?

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Answers

5
Andrea Packo’s answer
Hello Savvy,

A Buyer's agent REALTOR could help you with your search. They can look at comps in the area and give you a good idea of a reasonable offer. If your offers are too high you lose money ... and if too low, the seller may not consider your offer at all. Each condo complex has it's own history of sales and issues.

If the condo is a Short Sale, whether you have cash or a loan, the process will take months. If you are willing to wait, you can usually get a pretty good deal.

For resale purposes, you want to try and find a condo in a mostly owner-occupied complex. Many condos are rented out, and the banks are now requiring a certain percentage of condos (35-51%) within a complex be occupied by the owners for certain loans (like FHA). So, if the owner percentage is high now, it stands to reason it may stay that way for when it's time for you to sell, thereby increasing the number of potential buyers at that time.

Remember there is no cost to you for a buyer's agent REALTOR. I'd be happy to show you properties and act as your buyer agent.

Andrea Packo
Representation with Integrity!
Keller Williams Realty, the Marketplace 1
702.279.7679
apacko@yahoo.com
Web Reference: http://www.andreapacko.com
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Savvy07 - we have a 2BR/2BA condo for sale for $49,500 - quiet community on the East side - not a short sale, not a foreclosure, no repairs needed and no litigation. Stable HOA. Close to the Boulder Strip Casinos & employment. Check it out: http://www.nicelasvegascondo.com

good luck!
0 votes Thank Flag Link Wed Feb 10, 2010
A 3/2 detached SFH is the most frequently transacted property, and it will have the highest amount of demand and resale value. Yet, given the choice between a 1br or 2 br condo, then I'd opt for the latter.

I'll let someone else tackle the litigation issue.
0 votes Thank Flag Link Wed Feb 10, 2010
Hello,

There are many buyers with cash out there. It really depends on what the comparables are when you're offering cash. The same answer for the 2 bedroom unit. It's all about the comps and talking to the listing agent to get information what the situation is with the bank. Some background work needed before putting an offer. As for the litigation if present, I would shy away from that situation. Litigation usually lasts for a few years and when you try to sell it, you'll cut out a lot of people who are trying to get mortgages. Lenders usually don't want to lend if the condo complex has a high amount of rental units and litigation present. If you need comps or help you're welcome to contact me.
Best regards,
Roy De Guzman
(702) 308 - 1509
Web Reference: http://www.nvroy.com
0 votes Thank Flag Link Wed Feb 10, 2010
It really depends on what the mix of units are in the particular community. Usually a bigger unit is better, as you have more choices of who will rent the unit. I would need the name of the community you're speaking about to give you an educated, specific answer. I can also tell you if there are any litigation issues, but those would not affect your ability to purchase, since you're paying cash. Again, depending on the issues, would determine how to proceed.

Feel free to contact me at any time and I wish you the best with your offers and purchase.

Sincerely,
Mark Karten
The Karten Group at Realty Executives
702-252-7836
Web Reference: http://TheKartenGroup.com
0 votes Thank Flag Link Wed Feb 10, 2010
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