Originally Posted by
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.