patrick.net

Is there a risk the builing can be turned into apartments instead of condos?

GUAB, I posted here for exactly this type of critical input. Thanks. When Turnberry Towers EAST hit the market it was 2008 It was mostly pre-sold. From what I understand that building is mired in litigation and really difficult to buy/get financing. I imagine most of the owners are just miserable or washing their hands of it. Turnberry WEST, on the other hand, was born 2nd and for this reason (given its timing in the collapse) hardly sold. Since then, condo prices have sort of stabilized, at least in comparison to losing half their value, the owner declared bankruptcy, and an opportunistic investment group stepped in with plans to finish the building slowly as investors/clients showed interest. So, with regards to assessment, I assume you're talking about the integrity of the building? I'm guessing it's perfect, but I would need to put an offer on it and get an assessor in here to make sure, right? With regards to reserves, are you referring to how much extra cash the HOA's hold? That I don't know and will find out. Yeah, I'm just tossing around the idea, but I'm serious at the same time and want to make an informed decision. I'm also only interested if the owner (private owner not part of the investment group) needs to short sell and I get a super sweet deal on it. I checked history of short sales of comparable units on Zillow and there's only one. 4 stories down. Same floor plan. It sold for 425 a year ago. The owner then furnished it and put it on the market for 680 where it now sits, and that gave me a good belly laugh.

Killerjane, I don't know is there?

Spoke to the manager. Assessment = HOA's. Now I know! And their reserves are very good.

Monkeyswing says

BayArea: You must be in your condo for the long haul given how much cash you could now be holding had you rented. How are you feeling about your purchase?

Are you rubbing it in :-)

To tell you the truth, I needed a place to live back in 2007, found a desirable property in a desirable location close to work and decided to pull the trigger. If I had a crystal ball, obviously I would have rented and bought several years later. The combination of having that much money into a property and no equity to show for is certainly an unsettling feeling.

Many folks out there are either rich or poor due to timing unfortunately.

BayArea, if it makes you feel any better I also bought a property in 2007. Up in Fort Bragg, CA. Paid 349 and now it's worth about 220. But like you, I needed a place for my mom to live and decided to pull the trigger. Stings, but hey, my mom's got a place so it served its purpose. What I wouldn't give for a crystal ball now!

Monkeyswing, good to know I am not alone (obviously given the magnitude of this problem right?)

What also stings is that I am still paying about $750 more per month owning than I would renting today. I can't refi because I already did that once under the HARP plan and I can't short sale since my finances are fine, so that leaves srategic default. Given that I want to be a landlord, that's not exactly possible. Quite the death clench on my balls, lol

Hope that this thread gives you a pretty good idea if you should buy or rent that Vegas condo :-)

no

Oh, that sucks! At least you were able to take advantage of HARP once.

My place up in Mendo has two cabins on it so at least I'm getting some rental income from the property. Mom doesn't contribute. I'm about 800 upside down per month. Sigh.

I'm thinking I should rent for 2012 and see what goes down... This condo poses a lot of risk.

Monkeyswing says

What I wouldn't give for a crystal ball now!

50 comments (although some of them are yours) aren't crystal ball enough?

There are so many cheap houses in Vegas why dont you buy a cheap house with a lot of land so your far enough from your neighbors use the rest of the money to deck the thing out like the Taj Mahal.

much better than renting a crappy apartment, IMO.

OK, I didn't see the view.
The unmentioned reason to have an awesome view is to get chicks.
Having an impressive view is for...impressing impresionable girls. There must be some of them running around in Vegas.
Abalone! Ft Bragg!

Monkey can rent what he desires; it's way cheaper in the long run.