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!
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