Two Plus Two Publishing LLC
Two Plus Two Publishing LLC
 

Go Back   Two Plus Two Poker Forums > >

Notices

Las Vegas Lifestyle Discussion of all things Las Vegas. Ask questions about hotels/shows/etc., coordinate meetups with other 2+2ers and post Las Vegas trip reports.

Reply
 
Thread Tools Display Modes
Old 08-12-2020, 03:19 AM   #1926
Sooga
veteran
 
Sooga's Avatar
 
Join Date: Sep 2002
Location: guitarding it up
Posts: 3,232
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by pig4bill View Post
The MGM Signature at $1600 per month is a lot more than a dollar per square foot.

There's no way all of the crap you mention would cost $1600 a month on a house.

Hence why I said "I don't know what you get for that money."

Is there a fancy state-of-the-art gym? Fancy indoor, heated pools? Concierge? 24/7 security? Daily housekeeping? I don't know. I'm not saying I would pay $1600 to have that stuff, but if those things are included, it would be hard to get those sorts of things in a house.

Or hell, maybe it's even simpler than that - perhaps some people just want a place on the strip (or a block away, anyway), and are willing to pay $1600/mo to do so. In that case, the existence of single-family homes at the same price is irrelevant - you can't buy one of those on the strip.

Last edited by Sooga; 08-12-2020 at 03:36 AM.
Sooga is offline   Reply With Quote
Old 08-12-2020, 08:27 AM   #1927
DC2LV
veteran
 
Join Date: May 2012
Location: Miami Beach
Posts: 2,735
Re: Coronavirus & Vegas, and now Real Estate

This is a strange debate. There is no one right answer for whether someone should buy a condo or a house. In addition to the financial implications, a lot will depend on what type of lifestyle you want.

When my wife and I first moved to LV in 2010, I wanted to live in a high-rise on the Strip and she wanted a house in a regular neighborhood. Before committing ourselves, we decided to spend some time at MGM Signature to see if she could get adjusted to condo living. Ironically, at the end of our experiment, she was fine with MGM, but I thought it was too small a unit for full-time living. We ended up with a 2500 sq. ft. single family house 10 minutes off the Strip in Spanish Trail. In addition to its location only 5 miles from the Strip, we picked Spanish Trail because the HOA handles all exterior maintenance issues, including cutting the grass, pruning trees, painting your house, and even repairing or replacing your roof when necessary.

We've since moved to South Florida and now own both a SFH in the City of Miami as well as an oceanfront condo in a boutique high-rise condo on Miami Beach. We split our time between the two residences and have the best of both worlds. The condo HOA is roughly $1/sq. ft., which is about average down here for a so-called luxury building. That fee pays for amenities such as a gym, pool, spa, valet, cable tv, Internet, and 24hr reception desk, as well as infrastructure such as HVAC and elevators. It also pays for utilities such as water and trash, as well as property insurance including hurricane coverage. (And let me tell you, homeowners insurance is not cheap down here; I'm paying over $500/month on my SFH just for the insurance premium. And yes, that's $500/month, not a year.)

If (or more likely, when) we move back to LV, I'm pretty sure we'll end up in a high-rise on or near the Strip regardless of what the financial implications are. After all, the Strip would be the raison d'Ítre for our move back to LV.
DC2LV is offline   Reply With Quote
Old 08-12-2020, 12:27 PM   #1928
Gzesh
Pooh-Bah
 
Join Date: May 2011
Location: UTG
Posts: 4,821
Re: Coronavirus & Vegas, and now Real Estate

I thought the thread retro e-branding is hilarious, from Riots to Real Estate.

Orwell would be proud.
Gzesh is offline   Reply With Quote
Old 08-12-2020, 12:54 PM   #1929
GentlemanJack
adept
 
Join Date: Sep 2015
Posts: 906
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by DefNotRsigley View Post
I've been at the Martin for three years and no one cares I exist.
That is one of the buildings I have my eye on. When things get low enough in the next few years I'm going to most likely pounce on a condo in that building.

Quote:
Originally Posted by DefNotRsigley View Post
You also can't live full time at MGM
Do you mean that as a matter of HOA rules or as a something that you could not do. AFAIK there is nothing stopping you from making the MGM your primary residence.

Quote:
Originally Posted by pig4bill View Post
The MGM Signature at $1600 per month is a lot more than a dollar per square foot.

There's no way all of the crap you mention would cost $1600 a month on a house.
Indeed, the HOA fees are pretty indefensible. No point in trying to make it pencil out but for some people, the convenience is worth it. The also vary quite a bit so it pays to shop around based on HOA fees. Most HOA fees have a long history behind them (e.g. how 2 buildings right next to each other ended up with drastically different fees), and it speaks volumes about how well the buildings are managed.
GentlemanJack is offline   Reply With Quote
Old 08-12-2020, 09:23 PM   #1930
Trixie2
journeyman
 
Join Date: Jan 2017
Location: Vegas Baby
Posts: 247
Re: Coronavirus & Vegas, and now Real Estate

We have owned single family homes in neighborhoods with a HOA. We lined it out, had our attorney send them the revised = lined out version and gave them the choice to sign.

In all 4 cases the HOA signed and we were the only ones without a fee.

Condos on the other hand, never gonna swallow that pill and sign away their fees.
Trixie2 is offline   Reply With Quote
Old 08-12-2020, 10:02 PM   #1931
Gzesh
Pooh-Bah
 
Join Date: May 2011
Location: UTG
Posts: 4,821
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by Trixie2 View Post
We have owned single family homes in neighborhoods with a HOA. We lined it out, had our attorney send them the revised = lined out version and gave them the choice to sign.

In all 4 cases the HOA signed and we were the only ones without a fee.

Condos on the other hand, never gonna swallow that pill and sign away their fees.
Really ? Are you sure the HOA agreed or did just your seller agree ?

Sounds too simple and a breach by the HOA of their agreement with the other owners in the development.

Pretty cool if it worked.... for you.
Gzesh is offline   Reply With Quote
Old 08-12-2020, 11:05 PM   #1932
Trixie2
journeyman
 
Join Date: Jan 2017
Location: Vegas Baby
Posts: 247
Re: Coronavirus & Vegas, and now Real Estate

We required all to be signed by a majority of the HOA board members or the company administering before we would agree to the purchase.

It wasn't hard to do in the states we bought in FL, SC, MD, and CA. I think the most we paid for a lawyer to draft it and deal with it was $500.

None of the HOA's had any language in their bylaws or agreements stating they could not do it. That is the key. They seem to be written with the thought process that this is what we will do, period. But with no language legally binding the HOA to do it.

There are so many poorly drafted docs in so many types of businesses. You see it in so many areas of business. Companies draft policies and don't consult with an attorney because "they know their business." Then when the crap hits the fan they sit there with there mouth agape when their insurance carrier and lawyer show them the cost to defend and the cost to settle. They settle for far less than the defense would cost.

If only they would have worked with the attorney and paid $2,000 - $4,000...

Last edited by Trixie2; 08-12-2020 at 11:14 PM.
Trixie2 is offline   Reply With Quote
Old 08-13-2020, 05:16 AM   #1933
pig4bill
Carpal \'Tunnel
 
Join Date: Dec 2005
Posts: 30,164
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by DC2LV View Post
We ended up with a 2500 sq. ft. single family house 10 minutes off the Strip in Spanish Trail. In addition to its location only 5 miles from the Strip, we picked Spanish Trail because the HOA handles all exterior maintenance issues, including cutting the grass, pruning trees, painting your house, and even repairing or replacing your roof when necessary.
How much was the HOA at Spanish Trail?

Quote:
Originally Posted by Trixie2 View Post
We have owned single family homes in neighborhoods with a HOA. We lined it out, had our attorney send them the revised = lined out version and gave them the choice to sign.

In all 4 cases the HOA signed and we were the only ones without a fee.

Condos on the other hand, never gonna swallow that pill and sign away their fees.
In my hometown the HOA's are part of the covenants, basically part of the title. I kind of doubt you could get yourself excluded. It would be nice if I could because I'm never going to use the clubhouse or pool or gym. I'm sure they would still say I'd be getting the benefits of the gated roads and they would want me to abide by all their ridiculous rules.
pig4bill is offline   Reply With Quote
Old 08-13-2020, 05:57 AM   #1934
br3nt00
veteran
 
br3nt00's Avatar
 
Join Date: Jan 2009
Posts: 3,330
Re: Coronavirus & Vegas, and now Real Estate

Trixie so you're saying you can buy a house in an HOA but not pay the HOA? What if they said no to your redlines? What did you redline out - the benefits too? I didn't know of this possibility.

Sent from my Pixel 3a XL using Tapatalk
br3nt00 is offline   Reply With Quote
Old 08-13-2020, 09:46 AM   #1935
DC2LV
veteran
 
Join Date: May 2012
Location: Miami Beach
Posts: 2,735
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by pig4bill View Post
How much was the HOA at Spanish Trail?
I don't remember exactly, but it was close to $500. There were actually two HOA fees; one for Spanish Trail itself (referred to as the master association) and one for the sub-association within Spanish Trail where you actually lived. The fees were something like $235 & $245, or $245 and $255, per month.


Quote:
Originally Posted by Trixie2 View Post
We have owned single family homes in neighborhoods with a HOA. We lined it out, had our attorney send them the revised = lined out version and gave them the choice to sign.

In all 4 cases the HOA signed and we were the only ones without a fee.

Condos on the other hand, never gonna swallow that pill and sign away their fees.
Of course not. Do you understand why that would not be possible?
DC2LV is offline   Reply With Quote
Old 08-13-2020, 11:24 AM   #1936
michelle227
veteran
 
Join Date: Jul 2007
Location: Austin, Texas
Posts: 2,164
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by GentlemanJack View Post
Do you mean that as a matter of HOA rules or as a something that you could not do. AFAIK there is nothing stopping you from making the MGM your primary residence.
It would be extremely difficult for the real estate agents to be selling MGM stuff as a full-time residence if people could not actually LIVE there full-time. And they would have to be doing something different than Trump and Palms (looked at both of those properties when I was doing the shopping last fall for a prospective property near the Strip). Never made it to the MGM due to time constraints, but they were clearly being marketed as a full-time residence albeit one that would also have an option to place into a rental pool if you were to leave for a while...
michelle227 is offline   Reply With Quote
Old 08-13-2020, 02:39 PM   #1937
pig4bill
Carpal \'Tunnel
 
Join Date: Dec 2005
Posts: 30,164
Re: Coronavirus & Vegas, and now Real Estate

I've stayed in a studio at Signature. It wouldn't be maximum comfortable full time because the fridge is mini and so is the rest of the kitchen, but it's not like one would be suffering there. The worst part about it imo, is it's valet parking only. If you want to get something out of your car the valet has to bring it out.

That being said, if I lived in Vegas full time, I wouldn't want to be on the Strip. The majority of my time would NOT be spent in Strip casinos.
pig4bill is offline   Reply With Quote
Old 08-13-2020, 04:09 PM   #1938
Trixie2
journeyman
 
Join Date: Jan 2017
Location: Vegas Baby
Posts: 247
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by br3nt00 View Post
Trixie so you're saying you can buy a house in an HOA but not pay the HOA? What if they said no to your redlines? What did you redline out - the benefits too? I didn't know of this possibility.

Sent from my Pixel 3a XL using Tapatalk
If they would have said no we would have bought elsewhere.

Yes we relined use of their pool and fitness center. None were in gated communities.
Trixie2 is offline   Reply With Quote
Old 08-13-2020, 04:11 PM   #1939
Trixie2
journeyman
 
Join Date: Jan 2017
Location: Vegas Baby
Posts: 247
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by DC2LV View Post

Of course not. Do you understand why that would not be possible?

Uh, yes. What a strange question...
Trixie2 is offline   Reply With Quote
Old Yesterday, 08:22 AM   #1940
DC2LV
veteran
 
Join Date: May 2012
Location: Miami Beach
Posts: 2,735
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by Trixie2 View Post
Condos on the other hand, never gonna swallow that pill and sign away their fees.
Quote:
Originally Posted by DC2LV View Post
Of course not. Do you understand why that would not be possible?
Quote:
Originally Posted by Trixie2 View Post
Uh, yes. What a strange question...

Uh, then why compose a statement that implies that they have a choice?
DC2LV is offline   Reply With Quote
Old Yesterday, 02:16 PM   #1941
Gzesh
Pooh-Bah
 
Join Date: May 2011
Location: UTG
Posts: 4,821
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by pig4bill View Post
I've stayed in a studio at Signature. It wouldn't be maximum comfortable full time because the fridge is mini and so is the rest of the kitchen, but it's not like one would be suffering there. The worst part about it imo, is it's valet parking only. If you want to get something out of your car the valet has to bring it out.

That being said, if I lived in Vegas full time, I wouldn't want to be on the Strip. The majority of my time would NOT be spent in Strip casinos.
I think that the 20 minutes or so it takes to get to the Strip from the East or West to the Strip is time well traded for NOT living on the Strip. This is especially so at night. Even on weekends, you will be driving East- West, not up and down the Strip with tourist traffic.

(I can't speak to the horror of driving south, down from Summerlin, and then on the 15 to reach the Strip.
Gzesh is offline   Reply With Quote
Old Yesterday, 05:34 PM   #1942
Delta9
newbie
 
Join Date: Mar 2019
Posts: 26
Re: Coronavirus & Vegas, and now Real Estate

LV poker rooms have been opened for a little over 9 weeks now. Has anyone heard any stories or rumors of COVID cases that traced back to a poker room yet?
Delta9 is offline   Reply With Quote
Old Yesterday, 05:36 PM   #1943
IQofTwoPlusTwo
grinder
 
Join Date: Dec 2018
Posts: 419
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by Delta9 View Post
LV poker rooms have been opened for a little over 9 weeks now. Has anyone heard any stories or rumors of COVID cases that traced back to a poker room yet?
Since there isn't any 'tracing' being performed, no.
IQofTwoPlusTwo is offline   Reply With Quote
Old Today, 06:49 AM   #1944
cstevens
adept
 
Join Date: Sep 2009
Posts: 927
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by DC2LV View Post
I don't remember exactly, but it was close to $500. There were actually two HOA fees; one for Spanish Trail itself (referred to as the master association) and one for the sub-association within Spanish Trail where you actually lived. The fees were something like $235 & $245, or $245 and $255, per month.




Of course not. Do you understand why that would not be possible?
How did you like living in Spanish Trail? I've been thinking of purchasing a SFR there as an investment to later move into in a couple years. I've heard some stories of scorpion infested homes in Spanish Trail but others have told me no such thing.

I do like the close proximity to the strip while at the same time feeling like a time warp once you go through the gates. I do like the quietness and open feel.
cstevens is offline   Reply With Quote
Old Today, 07:45 AM   #1945
desire
centurion
 
Join Date: Apr 2011
Posts: 152
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by that_pope View Post
My guess is wait until the fallout from all the rent freezes and evictions happen. I would assume some people who bought houses as rentals (AirBnB, VRBO) aren't looking too hot either and I would expect the market to shift drastically in the next 6 months.
I'm amazed that real estate in Vegas is increasing in value. One would think with the closing of Vegas pretty much, job loss (56M Americans lost their jobs), and the collapsing rental markets, 2 of 3 home owners not making housing payments, that real estate would decrease in value.

I am trying to purchase a home there, have been actively searching since Sept, 2019, and am blown away that prices, despite all the economic impacts of the pandemic, are still rising.

Any insight into Vegas housing in the next 6-12 months would be most appreciated.
desire is offline   Reply With Quote
Old Today, 08:45 AM   #1946
fuxxnuts
adept
 
fuxxnuts's Avatar
 
Join Date: Jan 2011
Posts: 906
Re: Coronavirus & Vegas, and now Real Estate

dont buy unless you feel like going through foreclosure.
fuxxnuts is offline   Reply With Quote
Old Today, 08:47 AM   #1947
GentlemanJack
adept
 
Join Date: Sep 2015
Posts: 906
Re: Coronavirus & Vegas, and now Real Estate

Quote:
Originally Posted by desire View Post
Any insight into Vegas housing in the next 6-12 months would be most appreciated.
The insight is simple: don't do anything for 12 months. If the picture is the same in 12 months, then buy. But things are very likely to change over that time period.

It is indeed perplexing that prices still seem to be going up and the builders out here show zero signs of slowing down (or lowering prices).

But everything that is happening right now is very, very early in the macroeconomic cycle. Some of these effects take time to catch up and in 12 months we should (!!!) be talking about a completely different market.
GentlemanJack is offline   Reply With Quote

Reply
      

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Forum Jump


All times are GMT -4. The time now is 09:55 AM.


Powered by vBulletin®
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Copyright © 2008-2017, Two Plus Two Interactive
 
 
Poker Players - Streaming Live Online