Buying condo in Vegas

I’m a first time buyer… I live in southern california… I’m looking to buy a condo in vegas… I’ve been there twice… I’m looking to buy a new condo in a nice area but there are some attractive, older, big… condo’s for much less. I’m curious to opinion’s here in regards to best type of condo’s to buy… I want to hold and rent and what area’s people here like in Vegas…



i have also been investing in Las Vegas, i am in on a mixed resort conversion, that is one block off the strip. I have read many remarks that indicated that the LV boom is over, residential homes may be a bit oversaturated, but last year appreciation was 54%, i just picked up to more units where i am at, so i am confident in my return potential.

I feel that Vegas will never appreciate like it did last year… but… it’s going to continue to appreciate… the job growth there is great… so many new jobs going there… I’ve been looking near the Summerlyn area… I’m trying to buy the best condo I can in the best area I can for under $200k. I’m pretty much just looking in the west/northwest area… There are condo’s and condo conversions closer to the stirp but the area’s aren’t nearly as desirable…

For an out of state first time buyer condo in Vegas is an outstanding goal. Condos have minimal maintenance and rent easy, especially in nice areas. the biggest mistake I see investors make is they want a + cash flow from the beggining. So they will buy in low income areas where the property is cheap. the return and appreciation is low. You have to look at the big picture, your equity. I’d rather have a neg. cash flow for 2 to 3 years, sell and make 150k as apposed to buying a dumppy place and make $50 month. Its not worth the headache. If I where you, I’d buy a stelare condo for 215k, in Greenvalley Henderson or Summerlin. Those areas have good commercial industry. I know your thinking 215k is alot right now but, take it a step at a time. Don’t wait a year to figure it out or to have a bigger dow payment. Buy ASAP. In 97 I thought my 1st condo in south OC was expensive at 115k. It was hard at the time but it was my seed of all my investments to date.

thanks las vegas real estate… do you recommend condo conversions or should I stay away from them and look into just new condo’s?? so many places don’t want anymore investors… understandably… I do like summerlyn… but it seems pricey… what about right outside of it??

New construction, conversion, it doesn’t matter. As long as the price is right and it is in a nice area. All the areas surrounding Summerlin are potential winners. I especially like the fare west end of W. Sahara. Their building a new high end local casino and high-rise condo in that area.

the idea behind condo conversions (with the addition of new ammenities) , is that you can not re-produce new what a developer is converting. For instance, the current project i am investing in (the door is closed to all new investors) is going for $300 for me as a previous investor, $400 for new investors (waiting list was filled in 30 days, 180 names on back up list). New contruction right next to our project is $500-$600 sq ft…this new construction only increases our apprciated cost…that is just my finding, if you see differenlty please inform me…