Vegas People........Need Advice!!!!!!

[Marigold HD]

Recently I was thinking of buying a place at Panorama Towers in Vegas.....That was 6-8 months ago.

Have prices come down even more??

Are there better condos that you guys would recomend that could produce a good investment return in 7-10 years??? I was kind of thinking of a hot spot near a casino.

I live far away from Vegas, so is it worth it???

Any info is appreciated.

[DrunkHorseplayer]

Stay away from Las Vegas if you're looking to make a profit on houses or condos.

[warriorfan707]

Stay away from Vegas period

[Marigold HD]

Stay away from Las Vegas if you're looking to make a profit on houses or condos.

Wow, interesting...I'm not looking to live there.. maybe just rent out and buy for future investment

[Marigold HD]

Stay away from Vegas period

Is it bad to invest in Vegas warriorfan???

What happened with your situation?? How did it go??

[warriorfan707]

Is it bad to invest in Vegas warriorfan???

What happened with your situation?? How did it go??

Lots of fun but also lots of heartbreak

[Marigold HD]

Anyone else live in Vegas??

[fsuox]

I think vegas has been hit hard so may be a good price but will be a while before you see a good return

[crustyme]

i dont think thats a good idea.

nevada has had the nation's highest foreclosure rate for 48 straight months.

you wont see a return for 5-10 years. bush fuked the real estate market up real bad, just like everything else.

[C-Gold]

Bush made people buy shit they couldn't afford?

[RealSlimShady]

First of all, you wont be able to get any bank financing at Panorama Towers so you'd have to pay in full. A lot of investors are buying REO and short sale units at that development. Strip side units at $200-220 per square foot is considered a good price currently. Mountain side view, maybe $70/sq ft less.

[crustyme]

bush paid downpayments and closing costs for the poor. banks lost billions because of it.

not to mention all the deregulating which allowed banks to take on massive amounts of subprime loans.

[RealSlimShady]

Marigold, check blockshopper.com to see how much the units have been closing at. They seem lower than 6-8 months ago, but stabilizing or even creeping up in the last 2-3 months.

[VegasInsider]

Live here, not worth investing in real estate out here. Go on Craigs List and search houses/apartments for rent in Las Vegas....you'll have endless choices from shitholes to lavish. Your profit margin in Florida would be much better.

[ronald]

Against All odds

[Marigold HD]

I know things will turn around in Vegas. Seems like alot of nay-says so far. Thanks for the info

[Ralphie Halves]

I live in Vegas, and two of my best friends live in Panorama. Since the Harmon extention is finally complete, things are back on the upswing. A lot relies on the success of citycenter and cosmo with that place, but they're getting closer and closer to break-even.

[forevergrindin]

Interesting... learn something new everyday

[VegasInsider]

Cosmo is gonna be the real deal...place has a great feel to it!

[DeluxeLiner]

Cosmo is pretty swanky...cool place... But fellas!!! NO sportsbook there yet WTF

[RudyRuetigger]

add another for staying away from vegas and for somewhere on the east coast

[Ian]

I've been in Vegas since '04. IMO, a smart investor with a good store of capital could make a killing in the local real estate market right now. Companies are hiring again and tourism is up, but housing prices are still depressed and the foreclosure rate is still high. I suspect a lot of millionaires will be made over the next 5 years or so speculating on the Vegas housing market.

That said, I don't think all real estate investments out here are worthwhile, and I think some of the worst ones involve high rise condos like Panorama. A big problem with the high rises is that the HOA fees are off the charts. After you buy the place you still have to cough up the equivalent of a mortgage payment every month in fees. The HOA fees are somewhat more reasonable (or less unreasonable) at places with higher occupancy rates like Turnberry, but with higher occupancy rates you're generally looking at either older buildings or buildings with a high enough demand that you'll have trouble finding a deal. So even if you're just looking for a place to sublet and then flip in 4-5 years, your outlay in cash is going to be much higher than it seems at first. Also, as RealSlimShady pointed out, getting financing for these places is supposed to be incredibly difficult.

This is all just my opinion, and I could very well be wrong, but I think the money to be made is in mid to upper range houses that are located in neither the far outskirts of town nor one of the many Vegas ghettos.

[stikymess]

Recently I was thinking of buying a place at Panorama Towers in Vegas.....That was 6-8 months ago. Have prices come down even more?? Are there better condos that you guys would recomend that could produce a good investment return in 7-10 years??? I was kind of thinking of a hot spot near a casino. I live far away from Vegas, so is it worth it??? Any info is appreciated.

All/some of the high rises have "home owner dues" and it can be extreme expensive so you may want to consider that as well. I know getting a closet (studio type 520 sq ft.) in MGM comes with Home Owner Dues around 560.00 a month. So research well before you pull the trigger.

[stikymess]

I've been in Vegas since '04. IMO, a smart investor with a good store of capital could make a killing in the local real estate market right now. Companies are hiring again and tourism is up, but housing prices are still depressed and the foreclosure rate is still high. I suspect a lot of millionaires will be made over the next 5 years or so speculating on the Vegas housing market. That said, I don't think all real estate investments out here are worthwhile, and I think some of the worst ones involve high rise condos like Panorama. A big problem with the high rises is that the HOA fees are off the charts. After you buy the place you still have to cough up the equivalent of a mortgage payment every month in fees. The HOA fees are somewhat more reasonable (or less unreasonable) at places with higher occupancy rates like Turnberry, but with higher occupancy rates you're generally looking at either older buildings or buildings with a high enough demand that you'll have trouble finding a deal. So even if you're just looking for a place to sublet and then flip in 4-5 years, your outlay in cash is going to be much higher than it seems at first. Also, as RealSlimShady pointed out, getting financing for these places is supposed to be incredibly difficult. This is all just my opinion, and I could very well be wrong, but I think the money to be made is in mid to upper range houses that are located in neither the far outskirts of town nor one of the many Vegas ghettos.

Nice post Ian Same thought just 4 minutes later. LOL

[Tomato]

The HOA fees are somewhat more reasonable (or less unreasonable) at places with higher occupancy rates like Turnberry

Are you talking about Turnberry Towers or Turnberry Place?

Turnberry Place has significantly higher HOA fees and with a much lower percentage of owners actually occupying those condos.

Turnberry Towers are relatively similar to Panorama, Tomato would give Panorama the edge due to location.

Interesting to see how much this goes for (2BR with strip view on 7th floor in Panorama).

http://www.auction.com/Nevada/residential-auction-asset/1234974-1067-4575-Dean-Martin-Dr-711-LAS-VEGAS-NV-89103.html

http://www.redfin.com/NV/Las-Vegas/4575-Dean-Martin-Dr-89103/unit-711/home/29791298

[Dirty Sanchez]

There is no money to be made on real estate in Vegas for a very long time. If you're looking to go and live there for a very long time you can get a very nice place at a decent price.

[Ralphie Halves]

All/some of the high rises have "home owner dues" and it can be extreme expensive so you may want to consider that as well. I know getting a closet (studio type 520 sq ft.) in MGM comes with Home Owner Dues around 560.00 a month. So research well before you pull the trigger.

Yep, Panorama is around $600 HOAs. We like to make fun of them for that, then go swim in their pool for free.

[RealSlimShady]

Turnberry Towers are relatively similar to Panorama, Tomato would give Panorama the edge due to location.

Tomato, of these 4 developments, which do you think has the best potential?

- Turnberry Towers
- Sky Las Vegas
- Panorama Towers
- Panorama North

[Ian]

Are you talking about Turnberry Towers or Turnberry Place?

Sorry, I was referring to Turnberry Towers by the Hilton. Turnberry Place is more expensive, probably due to the fact that it's located right on the strip.

[pavyracer]

Market has been destroyed in Vegas. You will lose money the moment you buy.

[MonkeyF0cker]

Why not just buy a decent house for a third of the price? The Panorama north tower was finished a couple of years ago and you'd be lucky to see three lights on in the entire high rise when you drive past it at night.

[Tomato]

Sorry, I was referring to Turnberry Towers by the Hilton. Turnberry Place is more expensive, probably due to the fact that it's located right on the strip.

Turnberry Place isn't on the strip, you might be thinking of Sky.

It's significantly more expensive because of the Stirling Club, every unit has at least a $1000/mo HOA fee.

[MonkeyF0cker]

Allure has some cheaper units actually. Not sure what their fees are though.

[Tomato]

Tomato, of these 4 developments, which do you think has the best potential?

- Turnberry Towers
- Sky Las Vegas
- Panorama Towers
- Panorama North

Tomato doesn't like the word "potential" because that would mean room for improvement.

Panorama Towers are the best of the options, but they are overpriced still and you wouldn't be buying at a good time.

http://www.donohueteam.com/Realtor/Condos/HighRise.htm

[Tomato]

Allure has some cheaper units actually. Not sure what their fees are though.

Allure $0.54/sq ft
Sky $0.52/sq ft
Turnberry Towers $0.56-$0.65/sq ft
Panorama Towers $0.57-$0.63/sq ft
Turnberry Place $0.75/sq ft

Not 100% accurate, just averages taking the listed HOA fees in multiple MLS listings.

Condo/Hotels like the Platinum, MGM Signature, Trump, Palms Place, PH Towers are outrageous.