Home Buying in Henderson>Question Details

Rohit Pradhan, Home Buyer in 06033

IS the Lake Las Vegas area good area to purchase a condo for investment? IS it a good area to rent?

Asked by Rohit Pradhan, 06033 Wed Feb 4, 2009

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Rohit Pradhan -

As a real estate agent, I specialize in the Lake Las Vegas area. I live there and know the area about as well as possible. Lake Las Vegas' sub-market is inextricably tied to, but very different from, the overall Las Vegas valley real estate market.

I will not portend that "right now is the best time to buy." Obviously, I do not have a crystal ball, and the "bottom" of the market is about as elusive as the abominable snowman. What I do know is that properties in Lake Las Vegas are selling. Nearly 2 dozen homes have gone under contract within the past 2 weeks alone, given MLS data and new home community data. My professional opinion is that many properties are selling - at least in part - due to the fact that prices are at or below the replacement cost of such properties. If you were to purchase a small plot of land and build a town home, for example, you would pay at least current list prices. Many investors use this as an indicator of good pricing. Therefore, you are seeing a few, select investors stake in the area due to its incredible pricing.

Whether it is the "right time" for you to purchase, is subjective. You need to weigh the total costs of ownership with current rental rates, which you can find plainly and easily on my site, cited below. I do agree with Mike that HOA rates can be cost-prohibitive, depending upon your goals. All homes in Lake Las Vegas are subject to a monthly master plan fee of appx. $105 as well as a development assessment (LID/SID) of $100-$200 per month (unless you purchase a resale where a previous owner has paid the entire assessment). Some communities have really high association dues for their specific neighborhood ($600-$700 per month), but you can be sure you get a lot for your money. On the other hand, there are neighborhoods with association dues near $100 per month for maintenance and insurance on common area landscaping and gates.
I am happy to go over your situation and let you know a bottom line, if that would help. You can also research Lake Las Vegas condo prices plainly and easily at my site as I indicated is cited below.

Whatever you decide, good luck to you!

Sincerely,

Linne Karstensson
Owner, OwnLakeLasVegas.com
Direct: (702) 525-9492
Email: Linne@OwnLLV.com

Lake Las Vegas' most comprehensive real estate and community web site:
http://www.OwnLakeLasVegas.com

View Lake Las Vegas homes, condos, foreclosures, lakefront homes, golf course homes, and more!
1 vote Thank Flag Link Wed Feb 11, 2009
Hi Rohit,

The price is right out at Lake Las Vegas for the individual units, however there are two issues to take under consideration when thinking about rental investments there. One is that the HOA dues are quite high in relation to the current list prices. The other is that obtaining financing at a LLV Condo right now is virtually non-existent due to the litigation going on with all of the bankruptcy procedures and such. There are great opportunities for those making a cash purchase, but I would look elsewhere if thinking about using some kind of financing.

Depending on what you are looking for, there are Single Family Homes that might be a better fit for you. It really is like a candy store for investors right now. If you have any other questions, please feel free to contact me anytime.

Best wishes,

Mike Dobranski, REALTOR®
Keller Williams Realty
Las Vegas / Henderson, NV

702-370-3521
Mike@PrimeRealEstateLasVegas.com
http://www.PrimeRealEstateLasVegas.com
0 votes Thank Flag Link Wed Feb 4, 2009
Lake Las Vegas is so beautiful.. Investment is a great idea in this area. I will let you know how much condos are renting for in there.. I am currently in a meeting and will get back to you in a minute. Penny
0 votes Thank Flag Link Wed Feb 4, 2009
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