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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: patron_anejo_por_favor who wrote (95753)7/21/2008 8:23:25 PM
From: TH  Read Replies (2) of 110194
 
patron,

<Robert Daniels wishes he'd held off buying a 910-square-foot unit at Juhl, the mid-rise development by San Diego-based CityMark in downtown Las Vegas, for $440,000. He sees 1,600-square-foot units at nearby Newport Lofts and SoHo Lofts going for about the same price.>

Thanks, that is very interesting and is accurate with regards to some of the developments I specifically track. You can get a 1400 square in Soho for 350 now, which is down from a solid 550 a year and half ago. Units in the North strip/downtown area are still falling. I have not seen an <adjustment> in my target area of just east or west of the strip. Those seem to be holding much better after the big haircut in March/April of this year.

I also found this interesting.

<One high-rise condo has more than 100 units not paying homeowners association fees, leaving a deficit of about $8,000 a month, Hawks said.

"Some homeowners associations are on the verge of being broke," he said. "The results are disastrous and a crisis is looming. Amenities are being drastically cut from security to landscaping. The hallway carpets in some complexes are stained and smell like vomit from Vegas partiers that rented units from owners getting foreclosed on.">

I was given a real dodge about this question when I confronted a developers sale agent for a major multi-tower unit just west of the strip. The answer I was given was that the units are <sold> just not occupied, so someone must pay regardless and thus there will be no upwards adjustments in association dues. I guess all bets are off if they are in foreclosure? I'm actually not sure if the bank has to pay then. I should check that out.

I'm actually leaning away from a Vegas purchase at the present time, but I still track it.

Thanks
TH
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