IrvineRealtor - 14 October 2009 03:10 PM

acpme - 14 October 2009 03:00 PM

those who are interested in vegas condos, if it’s for a 2nd home, i’m just curious how often/long you’d expect to be there?  i ask because 5-star accomodations there are relatively dirt cheap.  even if condos were free, you could easily spend every other wkend at the wynn for less than the cost of maintaining the property.

Many expect to “live” there 6 months + 1 day out of the year.

Also, room rates aren’t static. Getting a room in the Wynn or Encore during CES or MAGIC at the rates being charged today will be impossible. If you own the condo, you don’t face being bumped out of your room reservation.

acpme - 14 October 2009 03:00 PM

those who are interested in vegas condos, if it’s for a 2nd home, i’m just curious how often/long you’d expect to be there?  i ask because 5-star accomodations there are relatively dirt cheap.  even if condos were free, you could easily spend every other wkend at the wynn for less than the cost of maintaining the property.

Good luck getting those great deals during convention periods and holiday weekends/new years.  If you buy a newer property your cost of maintaining it are very low.  Most homes in Vegas (including in the nice areas) are currently at or below rental parity.  You could always buy a property with the intention of having it be your vacation/second home and then decide to have it be your rental.  That way, all the trips you take out to Vegas can be deducted the costs of your trip (food, room, airfare/mileage, etc) against the property. 

i guess it depends on your interests.  if you’re just looking for a vacation home with warm weather, easy access from CA, tons of golf, and tons of entertainment, i can see why vegas is a good option.  i love vegas but i like being on the strip so the idea of paying money to NOT be in the thick of things is unappealing.

the state residency i forgot about so i can see how that might make financial sense in the right situation.  last trip i was sitting at a table with a guy who was retired and bought a condo at the turnberry place.  nice bldg… and he was only about 40~45 yo so he probably retired early with a buttload of cash.  i can only imagine what kind of pad he had… he said he pays $4k/mo in assoc fees!

acpme,

It changes when you live there. There is so much more to Las Vegas than just the Strip that when you get used to living there, you no longer want to spend time on the Strip itself.

For example, 25 minutes from the Stratosphere lies:

Nude - 14 October 2009 10:59 PM

acpme,

It changes when you live there. There is so much more to Las Vegas than just the Strip that when you get used to living there, you no longer want to spend time on the Strip itself.

For example, 25 minutes from the Stratosphere lies:

You are completely right.  I lived in Vegas for 2 years out in Summerlin (the Vegas version of Irvine).  You could go snowboarding at Mt. Charleston, golf almost anywhere, go to Lake Meade to fish/waterski, hiking at Red Rock, etc.

acpme - 14 October 2009 09:33 PM

i guess it depends on your interests.  if you’re just looking for a vacation home with warm weather, easy access from CA, tons of golf, and tons of entertainment, i can see why vegas is a good option.  i love vegas but i like being on the strip so the idea of paying money to NOT be in the thick of things is unappealing.

the state residency i forgot about so i can see how that might make financial sense in the right situation.  last trip i was sitting at a table with a guy who was retired and bought a condo at the turnberry place.  nice bldg… and he was only about 40~45 yo so he probably retired early with a buttload of cash.  i can only imagine what kind of pad he had… he said he pays $4k/mo in assoc fees!

Nice areas like Summerlin and Anthem are like 15 minutes from the Strip so you can live in Irvine like areas in Vegas that are a hop, skip, and a jump away from the Strip.  Unless he has like a two story unit that takes up the entire two floors, he isn’t paying $4k in HOA.  The HOA for most of those Turnberry towers for most of the regular units about $500/mo.