Community Discussions
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Is it worth buying a condo now?
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Hello, I’ve saved almost $20K for downpayment (with help from parents) and am calculating that I’d pay less than $1100/month for a $200K property/mortgage(vs $1500+ rent). I’ve found 2 & 3 bedroom condos in poorer areas of Vegas (near the strip where I work) for under $200K, but acceptable to me since my costs would be much lower than renting, and I’d own the place vs paying someone else’s mortgage. I may even rent out one of the rooms to lower my costs even more, so its possible for me to pay only like $700/month. My only issue is whether I should wait for property values to go down more. On another hand I hear that interest rates will continue to increase, therefore I may end up paying more if I wait too long. Thank you for any opinions.
Top Comment: when you say "a poorer area is acceptable to me" you need to look at this differently than if it was an apartment. remember that at some point in the future you may need to or want to sell this condo. will this poorer area be acceptable to someone else? how long will you need to wait to sell until you find someone to buy? property values are declining, yes. but not as fast as they rose and not as fast as interest rates. dont forget other programs that may be available (like if you are a first time buyer) which will reduce your down payment or give you more favorable terms.
Condominium Recommendations For Buyers
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Ideals:
- < 20 minutes to the Arts District
Built after 2000
Under $375,000 list for 1Bds
Less than $450/mo. condo fee (all-in would be ideal)
Garage parking
Contract scope change starting in February will require I spend increased time in Vegas versus my normal 70/30 cadence out-of-state / in-state.
I am considering buying a residence instead of continuing 4-month term leases.
Given my lifestyle and use case a house is overkill and since townhomes and Co-Ops are not really a "a thing" in this region I would probably elect to go condo.
However, condos are the red-headed step child of the real estate industry. Buy in the wrong community and you could end up with a lead anchor around your neck and the property being a white elephant!
Bad reserves, special assessments, sky rocketing annual fee increases because of bad budgeting, cruddy management, etc.
Anyone have recommendation or even better yet, recommendations to AVOID at any cost?
Top Comment:
Sounds like you should just talk to a real estate agent.
Buying a condo <200k?
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I make six figures as a single person, was curious if it's a good idea to buy a Vegas condo all cash or at least enough for a down payment? I would like to own a home outright so my living expenses are limited to HOA, taxes, car, food...
Top Comment:
Have you checked the listings in Las Vegas for sub 200k condos?? Not many to choose from that are either not very old or in sketchy areas.
Expect a decent area with a condo in good condition to start at about 240k to be honest.
Any recs on condos/townhomes?
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I was saving up for a house but that looks impossible now. I started looking into some condos but being a 22f, I'm a little worried about safety. So many places have reviews about car theft and break ins. I have around 30k saved for a down payment and make around 60k annually gross. My preferred budget is around 150-250k. I have 0 debt but I am trying to avoid being house poor. Any recommendations or advice?
Top Comment: If you're 22, +30k, no debt and make 60k a year, you're ahead of the curve. Keep your money and keep stacking until interest rates come down and you can buy a single family home. Get a nice apartment and enjoy your life right now, you will buy a home just don't rush it, you've got a great hand right now. Plenty of high end rentals you can enjoy in the meantime. Oh yea, and don't get pregnant.
Where to buy condo?
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What neighborhoods would be good to buy a 1 bedroom condo not too out in the suburbs? 40 yr old, doesn’t want much nightlife, just quiet safe place. Probably no more that $300,000. Work will be near S Maryland Pkwy and Desert Inn. Thanks!
Top Comment: DO NOT live near where you work. Any place near Maryland Pkwy is a bad neighborhood. Imo (I've lived here sixty years) the best part of town is the Southwest. The Desert Inn Arterial can take you to Rainbow Blvd and beyond. Rainbow's about 10 miles west of Maryland Pkwy. Good luck!
Looking to buy a condo
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Looking to buy a condo off the strip, to enjoy a few months a year, mostly for the shows and weather. What area(s) should we look, and what areas should we stay away from?
Top Comment: We bought a vacation condo in the Summerlin-adjacent area a few years ago... Basically walking distance to Boca Park & Tivoli Village. Absolutely love it there because you’re close to pretty much anything & everything food, shopping, entertainment and when we do feel like going to the strip it’s only a 20min drive. We met our Realtor u/TonyTheTiger891 here on Reddit and I cannot recommend him enough... We were out of state buyers and had to buy sight unseen due to market conditions, he was so thorough & on top of everything start to finish.
Why are condos kind of expensive?
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Compared to say Phoenix, Dallas, or Chicago, Vegas condos are more expensive and less nice. What gives?
Top Comment:
Vegas doesn't even build condos anymore.
Go on Zillow/Redfin, search "1-bedroom condos built after 2010". There's literally one complex in Summerlin, that's it.
It's such a missed opportunity. Vegas was a potential top destination for affluent WFH young professionals post-COVID given the no state income tax, amenities/entertainment options, and warm weather. But when those buyers looked at Vegas, their options were townhomes out in Cadence and Inspirada. Not appealing to people in their 20s/30s.
Is a 1 bdrm, 1 bath condo at 239K a bad investment?
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I currently live in Las Vegas, NV. My rent is around $1,200 - but that will be going up to $1,400-$1,500 in August.
I’ve never owned a home, so I started looking into it, especially since my rent will increase.
I qualified for a loan, and the property is at 239K, which is in the West side of Las Vegas, NV (all condos around this area are around this price of higher.)
I plan on living here in Las Vegas for 3-4 more years, but I’m worried that paying around $2K a month vs $1.5K might put me in a difficult position. The HOA is $230 a month and it includes water, sewer, trash, amenities.
However, like I mentioned, it’s a very good area. I’d appreciate any advice.
Top Comment: Be careful with condos. If, let's say, the roof needs repair, the HOA may come to you for more money. I live in the Pacific Northwest. This situation happened to someone I know in my city. She ended up having to pay a huge chunk to help pay for a roof. Also, as the HOA increases, (which they always do), this will cut into your condo appreciation. Typically, it is said that home owners should stay in their investment/homes for at least 5 years to make it worth it. Otherwise, you may as well just rent.
What apartment complex do you truly enjoy living at?
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Hey! I’m moving to Las Vegas in about 5 weeks. Was originally going to buy a condo but decided to rent first due to the low rent prices and just to figure out where I want to buy (plus it seems condos sit on the market for a very long time in Vegas right now anyway)
Some complexes I visited on my last trip there were the reflections at the lakes (seemed pretty nice during the day but during our night visit seemed kinda odd) and La Serena in Henderson which was lovely but a little high priced. I like the Henderson, Skye canyon and desert shores areas the most. Anything where I can walk my dog for miles around safely is ideal (yes I know how hot the summers get).
Where do you rent now that you just have nothing but great things to say about?
Thank you!
Top Comment: Low rent prices? Shelter cove was my favorite. Studio with jacuzzi tub. I was paying low 700 for it. Washer and dryer in unit. 550sqft. And then it kept going up by 120 bucks a year. Lasted 3 years until they were asking 1.1k for a studio. 2016-2019ish so fuck you when you say rent is cheap.
Deal Review: 1br condo in Las Vegas
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Price: $230,000
Move in condition
Mortgage: 7%
Monthly HOA fees: $210
Monthly home insurance: $20
Monthly mortgage payment including property tax (approx): $1100
Monthly rent: $1200 - $1300 in current market
I know that it's cash flow neutral / negative. But I feel like Las Vegas is growing and locking some of my money in a rental property will help prevent me from doing stupid things, which I have a history of doing (e.g. buying individual stocks and losing money on them).
I have 1 other property that I bought for $210,000 and rent out and is also just cash flow neutral, but it has appreciated ~$20k each since 2023.
What do you think I should do? If I think long term I feel like I'm bound to be cash flow positive + make money from appreciation
Top Comment: This is a terrible investment.