Just wondering how the condos are selling in other areas. Seems to be an abundance of condos in Vegas waiting for buyers. Lots of 1bd, 1bth for 20,000+. 2bd, 2bth 28,000+ Seems like most investors are looking for flips and foreclosures of SFH.
How’s the market folks in your area?
Condos have never been good in my area, and there aren’t a lot of them. Even when the market was good, they were a tough sell.
The HOA can cause trouble, and now with so many foreclosures, some of the condo associations are doing special assessments, trying to get the few remaining homeowners to pay all the expenses that aren’t being paid on so many empty condos.
HOAs can definately be trouble and they really do eat into cash flow. Even if something happens that you are not responsible for you end up paying the costs for it.
I am surprised though that there would be an abundance of condos around 20k in vegas. I would think they would go quickly at those prices just based on long term speculation that prices will rise again. When I was looking some months back it seemed the cheap stuff was selling (and with multiple offers).
Everything is down in vegas unfortunately.
I usually don’t due condos due to the fees associated with being there. Additionally, if the condo association decides on certain matters, they can make decisions that could adversely affect your investment and you care completely at their mercy.
Dennis
Thanks guys…I haven’t done anything with condos and was just curious about the market.
These are not condos down along the strip, many look like conversions.
I think those near the military base sell ok but the rest of the city not so well.
I know someone who sold several near the airport to various airlines for staff to use on layovers but that’s about it.