As you can see there is a lot of sensitivity (oversensitivity) as to what a Real Estate agent can and cannot say about a community. This stems from Fair Housing and discrimination laws, wherein we agree not to "steer" or otherwise disparage a community based on certain factors. Specifically, the Federal Fair Housing Act generally prohibits discrimination in housing because of race, color, national origin, religion, familial status, gender, and disability. The Fair Housing Act ensures that all persons receive equal housing opportunity. As long as I am not shading my comments based on any of those factors, I can give you my opinion without fear of penalty.
So let me say, to be candid with you, I am concerned about the community as well. I never have understood why the HOA fees are so exorbitant. I believe it is because the association also manages the units in a rental pool. In other words, if you wanted to get rental income from daily and weekly rentals, the association will manage it for you for a portion of the rent. This requires that they have more staff. It also means unlike other associations, this one is definitely a for profit deal and you are pretty much at their mercy. Usually, within a condominium community there are amenities and those amenities cost money to maintain. I am not impressed with the amenities of the community you asked about. Additionally, the units, nor their location impress me either. You need to look at crime stats, to see if you feel the area is safe enough for you. Originally, at the peak of the feeding frenzy, these units sold for as much as $586,997. In March a unit in there sold for only $18,700, and most recently (June 1, 2011) 2 units sold for $40,500. Personally, I don't get it. Someone needs to show me why these went for over a half a million dollars other than stupid greed, and also explain why the association fee continues to be so ridiculously high given the complete lack of amenities and poor quality of the finish of the units themselves. Remember, this is a condominium conversion from an apartment building.
You are correct about the cash requirement. Typically, when there is litigation in a community, it is nearly impossible to get financing. I am showing that the association itself is in litigation, so it would appear that you would need to pay cash for a unit in there.
So, with all of the deals out there, may I ask, what was it about these units that interested you so?
Best of luck, and thanks for reading.
The fees cover the water, maintenance, insurance and trash. if you're looking to live there full time, you need to know that all the common areas belong to the vacation rental company including the parking areas, pool, spa and club house. Technically if you don't rent your unit out, they have the right to not allow you to use those facilities. I don't know if the pool police actually come and kick you out, but they could.
Also, the neighbor may be renting their unit out by the night, so you may have people constantly going in and out.
Just make sure you understand the nature of that particular community.
as all of us agents have answered and given you descent info's based on the questions you had/have,
I'd recommend to have contacted me or whoever you'd feel comfortable with from us agents, in order to get a better 'picture' & 'feeling' while communicating live in person . . to provide you the whole answer package in order to assist you and guide you into the right direction! (again, just a recommendation, if it's convenient . .).
Again, below is my contact info and I'd be glad to assist you with all your questions, concerns, wishes, etc . .
DENNY HEBIBOVICH - REALTOR
REALTY ONE GROUP, INC.
6475 S. RAINBOW BLVD.
LAS VEGAS, NV 89118
Feel free to call me directly so that I can assist you better in your home search. Louis Gosioco(702)372-9727
Cash rocks the house... Always has, always will. I'm not sure what your concerns are but Ihave many sites on my website that can assist you in checking out different issues.
Penny O'Brien with Simply Vegas
Also you can call the HOA Management Company to ask them questions about the property and assesments but some of this information is restricted and you will have to pay for a copy of the HOA Rules and Regulations if you want to see it before putting in an Offer To Purchase. After you are in contract, the seller is required to pay for this but unless you are willing to go under contract; they are not willing to provide packet for free in most HOAs.