Las Vegas Condos for less than $30,000

[garyyeung]

I have found many 1 or 2 bedroom condos for less than $30,000 in good areas of Las Vegas.



Some have low maintenance fees (under $150/month) and property taxes are low (under $800/month). An investor paying all cash would get at least $150 to $250 positive cash flow. Then, wait for them to double or triple over 5 to 10 years. All with any leverage. No risk of interest rates going up!



These condos are great deals.

 

[terri]

$800/mo in property tax?!

 

[Lucy]

My opinion is that Vegas is an armpit city as far as real estate goes much like Florida. Speculators from all over the world were buying up entire floors on spec to flip driving prices to unwarranted prices but the reality is that the majority of the revenues and attractions are for the Casinos/shows and visitors do not want to own their location they want to stay in the beautiful Hotels. In other words, overbuilt with no damand equals a bad equation.

 

[bizaro86]

[quote user=Lucy]My opinion is that Vegas is an armpit city as far as real estate goes much like Florida. Speculators from all over the world were buying up entire floors on spec to flip driving prices to unwarranted prices but the reality is that the majority of the revenues and attractions are for the Casinos/shows and visitors do not want to own their location they want to stay in the beautiful Hotels. In other words, overbuilt with no damand equals a bad equation.



I don't really disagree with your characterization of Las Vegas, except to note that if you're buying a condo there, you wouldn't try to rent it to tourists going to the strip. As you say, the casinos subsidize the hotels attached, so selling accomodation only to tourists in Vegas is a bad business. Buying a cheap condo there would put you in the business of renting full-time accomodation to the employees at those casinos and other businesses in the Las Vegas area. (In a past business I dealt with a distributor who was headquartered and had a large facility just outside of town, so there are other businesses there.)



Regards,



Michael

 

[garyyeung]

CORRECTION - property tax $800/year

 

[Thomas Beyer]

[quote user=bizaro86]Buying a cheap condo there would put you in the business of renting full-time accomodation to the employees at those casinos and other businesses in the Las Vegas area.


That could make sense at the right price.



However, with fairly high supply and thus, high vacancies, much tenant fluctuation should be expected. but again, at the right price it may make sense.

 

[bizaro86]

[quote user=ThomasBeyer]That could make sense at the right price.



However, with fairly high supply and thus, high vacancies, much tenant fluctuation should be expected. but again, at the right price it may make sense.


For sure. I'm not advocating buying real estate in Las Vegas, and haven't (and don't plan on) doing so myself.



I was more pointing out that low hotel room rates on the strip aren't necessarily correlated with rental demand for condos in residential areas. After all, it takes just as much time to clean a hotel room rented for $59 as it takes to clean one rented for $159/night, so the number of staff required is more closely correlated to the occupancy of a given hotel than the average room rate.



Regards,



Michael