Do you think that condo hotels are still a good investment in Lake Las Vegas (Montelago Village) ?

Asked by Dany, Lake Las Vegas, Henderson, NV Sun Nov 8, 2009

What is the occupancy rate in general these days ? Is there a difference (in the occupancy rate) between a studio and a one bedroom and between the Viera Condos and Luna di Lusso ? Thanks !

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6
Linne DePasq…, Agent, Henderson, NV
Sun Nov 8, 2009
BEST ANSWER
Hello Dany -

The condos in the MonteLago Village at Lake Las Vegas are still an exceptional value - depending upon the purchase price and your goals. I have clients who have purchased studios, 1-BRs, 2-BR swings, and 3-BR casitas in recent months (7 units in total since 1 August 2009), and each unit met each purchaser's unique set of needs. Depending upon your goals and investment aggression, you will likely find some units that meet or exceed your expectations. Keep in mind that any unit in either project - Viera or Luna Di Lusso - require cash; financing for condotels is non-existent right now. However, a few of my clients have been able to secure home equity lines of credit as early as 14 days after purchase for as much as 70% of purchase price - not too shabby.

Hands down, the best cash-flow investment in the area is a 1-BR with a lake view. With a very limited number of these units constructed, the demand for such units remains very high. I have one set of clients who close on a unit of this type in August 2009. For the month of October, their unit was rented for 18 days at an average of $150-200/night. The owners pocket 50% of this, for a gross profit of $1,350. The total HOAs for a unit of this type/size run appx. $750/mo. In general, occupancy is currently about 65-75% across the resort. I have been told by multiple Resort employees that the most requested unit is a 1-BR, followed by a 2-BR, then a 3-BR, followed by the studios (since the studios compete directly with the Ritz-Carlton and Loews Lake Las Vegas resorts.

In nearly all cases, a lake view unit will be better than one without. That being said, it is really tough to go wrong on a unit under $50,000 that originally sold for $350,000+ (even without a lake view). The fact is that at current prices on bank-owned units, you are probably looking at +/- breaking even in the short term. You would be looking at consistent positive cash-flow in about 12-24 months, according to most qualified prognosticators. Further, once financing is available on condotels once again (it will happen...the only question is when), you could easily see a 50-100% jump in property values. If you've not seen the Resort and condos in-person, I highly recommend it. The well-priced units are exceptional values.

For your convenience, I've included links to all listings currently available in the MonteLago Village at Lake Las Vegas, below.

1) Link to Current Listings in MonteLago Village at Lake Las Vegas - No unapproved-price short sales: http://las.mlxchange.com/Pub/EmailView.asp?r=539532807&s…

2) Link to Current Listings in MonteLago Village at Lake Las Vegas - Unapproved-price short sales: http://las.mlxchange.com/Pub/EmailView.asp?r=1721887255&…

Hope this helps and good luck!

Sincerely,

Linne Karstensson
Owner, OwnLakeLasVegas.com
Direct: (702) 525-9492
Email: Linne@OwnLakeLasVegas.com
Web: http://www.OwnLakeLasVegas.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!
3 votes
Linne DePasq…, Agent, Henderson, NV
Tue Nov 10, 2009
Hi Dany,

Just wanted to post an article about how Lake Las Vegas' tourism is beating all odds for the industry. This is part of why many experts believe that Lake Las Vegas' worst has already been seen. Enjoy!

Link to article: http://www.lasvegassun.com/news/2009/jul/17/lake-las-vegas-t…

Sincerely,

Linne Karstensson
Owner, OwnLakeLasVegas.com
Direct: (702) 525-9492
Email: Linne@OwnLakeLasVegas.com
Web: http://www.OwnLakeLasVegas.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!
2 votes
Paul Arroyo, Agent, Las Vegas, NV
Mon Dec 21, 2009
Hi Dany,

I was just out there showing Viera, very nice Condo/Hotel. Let me know if i can show you some.

Paul Arroyo
Merit Realty
702-768-2931
Web Reference:  http://www.vegashomes247.com
0 votes
Ashleyinvegas, , Las Vegas, NV
Mon Nov 9, 2009
ABSOLUTLEY!! THEY ARE THE BEST DEALS YOU WILL EVER GET THERE!!
Currently the beltway is being built to service that area. Once complete - this will be a 15 min drive to McCarren international airport - not to mention about same driving distance to the Las Vegas Strip.
If anyone ever wanted to own in Lake Las Vegas, the time is NOW to buy - especially with the tax credit extention now available to ALL buyers !!!
Please contact me if you want to buy - I am a cerified REO specialist. My company has closed over 3000 REOs since this tsunami began.
We have 27 bank clients.
Ashley Grimes
702.375.3750
info@vegaspropertyvultures.com
0 votes
Doug Bradford, , Henderson, NV
Mon Nov 9, 2009
Dany,

If you are looking for a condo...and not a condotel...you can find some great deals in Lake Las Vegas. Yes, the area is depressed right now, but what area of Las Veas isn't? I have seen beautiful 3 bedroom, 2.5 baths, upgraded units with views that are going for less that $230k...they once were over $500k+ and in some instances upwards of $700k.

Lake Las Vegas will rebound. If you are willing to wait for a few years, the condo market at LLV will once again be a financially good bet. Think long-term,not short term (4-5 yrs.) You can get some terrific bargains right now...but you must have outstanding credit (800s+), at least 20% down, and most important, patience. I am seeing a lot of cash buyers from foreign investments coming into the marketplace and snatching up homes right and left. Be prepared to submit several offers because cash talks.

If you're looking at a short sale...whether it be a straight out condo or condotel...be prepared to wait at least 5 months before you will bet final written approval. The process requires tons of patience...just a word to the wise.

Doug Bradford
Realty One Group
702-219-0645
RealtyInfoman@cox.net
0 votes
Heather Peck, Home Owner, Las Vegas, NV
Sun Nov 8, 2009
Although I love the concept of condo hotels, I think you have to take it in the context of our tourism is currently down.

Lake Las Vegas is a wonderful community, laid out lush and green, private lake, romantic Tuscan village, gaming, hotels and the location of lots of special events. When tourism returns to a somewhat normal level, I think it will be a good investment again then.

Until that time, only you can decide if it is a good investment. The prices these units can be purchased at are unheard of, and a fraction of what they once sold for.

No rental income is available. Past performance is no indication of future income. It requires a securities license to sell this as an investment (which is one thing that got a variety of developers selling condo-hotel units in trouble).

As far as what size is better, if you were going to rent one, which would you rather stay in?
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