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Old 09-20-2009, 07:38 AM   #1
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Why are LV HOA fees so high?

I thought I was looking at a typo the first time I saw that HOA fees for some condos were $800/month. Then i saw it again, and again.

Who the f is HOA, what do you get for paying those fees? If you rent a place at Panorama for $1500/month, and the owner is paying $800/month in HOA fees, some money in property taxes and insurance, it seems like they're making pretty close to $0, maybe even losing money.

wtf is going on?
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Old 09-20-2009, 12:17 PM   #2
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Re: Why are LV HOA fees so high?

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Originally Posted by sinner View Post
I thought I was looking at a typo the first time I saw that HOA fees for some condos were $800/month. Then i saw it again, and again.

Who the f is HOA, what do you get for paying those fees? If you rent a place at Panorama for $1500/month, and the owner is paying $800/month in HOA fees, some money in property taxes and insurance, it seems like they're making pretty close to $0, maybe even losing money.

wtf is going on?
well basically when you live somewhere such as a condo, there are services that everyone gets to share. things such as a swimming pool, upkeep of the grounds, etc, are taken care of by the homeowner's association. the homeowner's association gets its money from HOA fees.

when you live somewhere like panorama, there is a lot that needs to be paid for...security guards, pool, window washers, fitness center, etc, so HOA fees are higher. you are definitely right that someone who owns a unit and is renting it out right now is probably breaking even at best.
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Old 09-20-2009, 12:54 PM   #3
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Re: Why are LV HOA fees so high?

I understand the HOA fees and they seem reasonable to me, if you want a pool security etc they have to be payed for, what i dont understand is why there is a property tax.
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Old 09-20-2009, 01:13 PM   #4
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Re: Why are LV HOA fees so high?

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I understand the HOA fees and they seem reasonable to me, if you want a pool security etc they have to be payed for, what i dont understand is why there is a property tax.
There's a property tax because there's a government who likes collecting taxes.

As for the HOA, yes they are necessary but $800 a month for a condo's HOA is f'ing absurd. I pay less than half that where I live in LA and have utilities, pool, gym, spa, 24-hour security, etc.
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Old 09-20-2009, 02:50 PM   #5
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Re: Why are LV HOA fees so high?

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There's a property tax because there's a government who likes collecting taxes.

As for the HOA, yes they are necessary but $800 a month for a condo's HOA is f'ing absurd. I pay less than half that where I live in LA and have utilities, pool, gym, spa, 24-hour security, etc.
You may want to check if there has been an assessment - which is an additional fee levied by the HOA for communual property damage, etc.

I have had these assessments in ACity and in LV as well.

But $800/month sounds wrong.
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Old 09-20-2009, 04:01 PM   #6
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Re: Why are LV HOA fees so high?

My HOA in washington state is like 240 and a pretty sick place with pool, fitness center, etc. $800 is insane.
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Old 09-20-2009, 05:38 PM   #7
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Re: Why are LV HOA fees so high?

You can't compare unless your place originally cost a half million dollars.
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Old 09-20-2009, 06:48 PM   #8
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Re: Why are LV HOA fees so high?

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You can't compare unless your place originally cost a half million dollars.
350k
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Old 09-20-2009, 06:52 PM   #9
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Re: Why are LV HOA fees so high?

the security at Panorama is pretty amazing and worth alot.
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Old 09-20-2009, 07:18 PM   #10
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Re: Why are LV HOA fees so high?

As beautiful as all of those massive high rise condos are in Vegas I can't help but think they're going to be turned into low income housing at some point. There are far far far too many residential units available for the Vegas economy to support.

Anyone thinking of investing in a high rise condo better do their homework and be ready to be in it for the long haul.

Also, $800 a month for association fees? Wow! Just wow!... That alone is such a huge deterrent for anyone to buy. Especially when there are so many houses available around Vegas at great prices.
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Old 09-21-2009, 09:04 AM   #11
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Re: Why are LV HOA fees so high?

For example:
http://patsold.com/4575%20Dean%20Mar...for%20SALE.htm
price: 425k.
MONTHLY HOA fees: $951/month. wtf? WTF?


another example:
http://patsold.com/4525%20Dean%20Martin%201212.htm
price: 380k
MONTLY HOA fees: $813/month. again, WTF?
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Old 09-21-2009, 11:16 AM   #12
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Re: Why are LV HOA fees so high?

a) not sure why you would expect to rent a recently purchased condo for more than it costs to own it (though this depends on city)
b) vacancy
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Old 09-21-2009, 02:56 PM   #13
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Re: Why are LV HOA fees so high?

A lot of these HOA are higher than a mortgage on a nice house in Vegas
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Old 09-21-2009, 07:51 PM   #14
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Re: Why are LV HOA fees so high?

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A lot of these HOA are higher than a mortgage on a nice house in Vegas
it's probably impossible to have your apartment robbed at Panorama if you lock the door.

it is probable that your house in Vegas will be robbed.
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Old 09-21-2009, 09:06 PM   #15
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Re: Why are LV HOA fees so high?

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it's probably impossible to have your apartment robbed at Panorama if you lock the door.

it is probable that your house in Vegas will be robbed.
Silly question but - how true is this?
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