I need info on ownership of an MGM Signature condo.

Asked by Mark, San Jose, CA Wed Apr 9, 2008

How much are HOA fees and how often are they reevaluated? Are owners subjected to living restrictions (max days per year, pre-notification requirements for personal visits, etc)? If the unit is in the rental program, how are the proceeds split between owner and management? Are there other fees (franchise, etc) associated with the rental program? Will owners be on the hook for future capital expenditures (furniture/fixture replacement) as they become necessary?

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3
Roberta LaRo…, , Las Vegas, NV
Wed Apr 9, 2008
BEST ANSWER
Hi Mark,

For your question about usage at Signature and some other general information, you may want to look here...

http://mgm-signature.com/

From the units I've seen, the HOA fees can vary, starting around $340 a month for a residence not in their rental program. I believe the units in the rental program start at $350 and go up from there, depending on the terms.

Rental splits can also vary, from 60% / 40% (MGM) to 50% / 50%. Annual maintenance fees were around $10 sf, and furniture replacement had been around 3% - 5% of gross rental fees, but need to verify all of that. You would need the information for a specific unit and the contract available or if it's transferable, to be certain.

I hope that gives you a general idea, nothing very exact, but at least a ball park. Anything else, get in touch.
0 votes
Jadima007, Home Buyer, Chino, CA
Mon Jun 15, 2009
BUYERS BEWARE.
OWNER OF UNITS AT MGM RESIDENCES SHOULD KNOW THAT THE BUILDINGS, LAND, COMMON AREAS AND THE PARKING SLOTS ARE OWN BY MGM CORPORATION AND NOT BY THE HOMEOWNERS ASSOCIATION.
THIS MEANS THAT IF MGM HOTEL CORP. PULLS OUT AT THE RENTAL PROGRAM, THE UNIT OWNERS WILL HAVE TO PAY FOR OR BUY A SLOT TO PARK THEIR CARS.
IN THIS CASE, THE VALUE OF THE UNIT WILL FURTHER GO DOWN.
0 votes
Len McGuirk, , Las Vegas, NV
Wed Apr 9, 2008
Why don't you just call MGM Signature and ask them these questions?

If you need an agent to represent you in the sale of one of these condos, then I would be happy to help you. I would then go and find all these things out for you.
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