THe seller of this almost new condo at the Signature at MGM Grand has priced his condo at $ 450k which is $75k less than the original purchase price. This fully furnished studio is in the rental program for easy management by MGM Mirage Corp. Check out the Virtual Tour. And CONTACT US for details. There are some short sale pre-foreclosure units at the Signature at MGM but this 7th floor strip view high rise condo with a balcony has them beat.
Great info..keep up the good work and good luck with your listing at the MGM. How long do you believe until the MGM Condos begin to appreciate?
Hi Chris - How I wish I had a crystal ball. I think that once CityCenter opens & the Trump resales come on the market, that MGM Signature studios will be a hot commodity. They really give the best bang for the buck. But the one bedrooms do poorly from a revenue viewpoint in comparision to the studios, so they continue to depreciate in this very value conscious environment where everyone calculates ROI.
Harrah's has plans for a stadium behind Bally's & paris & if they build it -Signature will be the hot place to be - you can walk to the stadium - so I imagine rates wil go up & with it the properties should appreciate significantly.
For a realtor, I Love your honest take on the LV Strip market. As for CityCenter, can you rent out the straight condos in Mandrain Oriental and Harmon Hotel on a transient basis since the zoning will be for "Resort-Hotel"?
Thanks for your kind words. I was told by the powers that be at CityCenter that the residential condos at Mandarin & Harmon will have 6 month rental minimums, but I haven't sold any, so I did not get to read the public offering and condo docs to verify.
The condo with the most flexible rules is SKY, which permits 3 month minimum rentals. Turnberry Towers & Allure permit 6 month minimum rentals, and Panorama & Turnberry Place - 1 per year.
I heard Las Vegas condos will continue to lose value until at least the end of 2010. And some say by as much as 20% per year. Are there good deals out there yet or still an over valued market?
There are many good luxury condo deals out there - especially when you consider the cost of materials & commodities and land acquisition for high rises that are currently under construction or that will be built in the future.
Many resale condo units are selling at below today's preconstruction costs. We just sold a unit at Panorama Towers for less than $300 psf. to a buyer who was waiting for a really good value & I would say that is a prime example of one.
We just closed on a unit at Turnberry Towers today - in which our buyers paid $ 465k and the seller paid $ 630k preconstruction. They bought a 1450+ sq. ft. 2 bedroom located over the lagoon style pool for less than the cost of many 1 bedrooms in the tower. So - there are good values out there - you just have to be patient & find them! And when you do locate them, you have to pounce.
Our MLS shows about 5900 homes and condos in pending status - interesting stats considering all the doom and gloom in the press!
How do I get details Signature at MGM's condo assessment fees and rental management services/fees? I would also be interested in other properties I can use for a vacation property and also rent out when I'm not using it.
Please call me at 702 376-5220 for details.