You can get some wonderful deals on a Las Vegas Condominum right now if you know how to research the Las Vegas Condo market. It’s no secret, we have a lot of inventory of Condos throughout the Las Vegas area but great deals go fast.
The good news is if you are purchasing a Las Vegas Condominium as an investment, is it will generate a cash positive transaction, as we have a strong demand right now for condo rentals. But, be prepared on the slow increase appreciation, it may take 1-3 years to start to see a significant upside in your purchase price.
Ignore the national media’s analysis (to a certain extent) about the Las Vegas Condominium market. Based on recent consumer trends analysis, over one third of all condos are purchased in urban areas like Las Vegas. Our market may have hit a speed bump in this economy but it will come roaring back – growth has always been hallmark of the Las Vegas economy.
We have so much to offer consumers and investors here in Las Vegas, it’s an easy decision to buy a Las Vegas condo as a second home for investment and/or staying in part of the year due to the numerous am entities our city has to offer including: weather, affordability, shopping, entertainment, medical facilities and our nationally ranked educational system.
Las Vegas Condominium Investment Strategy
1) You are in most cases better off purchasing a Las Vegas Condominium for investment that is not brand spanking new. Although, the tradeoff can be getting a great deal on a brand new condo versus buying one with an established facility and association. The challenge with a new facility can be the huge amount of debt the developer is carrying for unsold units, which you could get stuck with if the developer goes bankrupt.
2) If you are buying a Las Vegas Condominium that is “distressed:” i.e. foreclosure or short sale (when the seller owes the bank more than what the property is worth) it’s imperative that you understand if the property is carrying any old debt – unpaid homeowners fees could amount to a significant amount of money as an example.
3) Take a hard look at the Condo Association – you may even want to research Board Minutes for a year or two out to see what kind of issues the Association was/is dealing with. Nevada law requires Associations with over $150K in annual revenue to be audited; review their current and past “receivables”to see how much is still owed in homeowners fees each year. If you see an increase from year to year this is not a positive, it means the Association is having some problems – move on to the next one!
4) If you are investing in a Las Vegas Condominium and plan on renting it out you need to read the Condo Association’s bylaws carefully to understand what restrictions there are if any; or, if you are working with a knowledgeable realtor like us we can use this criteria (renting out the condo) as a first pass filter and will only show you Las Vega Condominium developments that meet this criteria.
5) Avoid unfinished Las Vegas Condominium projects as a general rule – some developers are having a difficult time in this chaotic market getting their projects completed (funding is the big hold up). So, look for a condo facility that is either completely finished or well established. As pointed out earlier, you may get a stunning deal on a brand new condo in an uncompleted development, but risk comes with the potential upside.
7) Look carefully at what type of amenities and upgrades the Las Vegas Condominium development has in place. In the end, you are paying for these amenities via your condominium dues (fees) as the owner and they may not add anything to the bottom line when you resell.
If you follow this outline above when purchasing a Las Vegas Condominium you should be able to find a great deal. If you need immediate assistance please visit our corporate web site Las Vegas Relocation or call 877.360.2030 and ask for one of our Las Vegas Condominium experts.
