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Originally Posted by PaulyJames200x
Took a look at some more videos on youtube. Some realtors are advertising panaroma towers for like 550k for a 2 bedroom and about 1500 square feet. Mentioned that each square feet there is $0.69 so you multiply that by the square feet for HOA. So that panoroma tower would be a bit over $1000 in HOA's a month. But besides that, what are the other costs you have to pay? There is insurance as someone else mentioned but how much is that a month? Also there is property taxes as well right so how much is that total on average a month?
The thing is with how much renting costs now... heard average 1 bedroom in las vegas is $1500 a month now? That doesn't seem that bad if you have 500k cash in the bank? If you have 500k in cash and pay it up front, you have a nice 2 bedroom at panoroma but with hoa fees and insurance and property taxes... is this amount over $1500? I mean having to pay 500k and then your monthly fees equal rent is insane. Also someone mentioned how these condo prices rarely go up in value much like houses because of the hoa fees right? Does seem nice though that you have security and are in a luxury hotel basically.
Are there any other high rise condos in vegas that are decent but without the very high hoa fees? I know there are some that are off strip. Recall someone mentioned how some like the Martin is double the hoa of another condo. There seem to be some studio condos at palms and mgm signature that are advertised and those seem to be like 600 square foot or less so those hoa fees are like $650 and less a month? Those do look like your exact hotel rooms you go to when you rent in a regular hotel but it does seem nice. Anyone here has experience on those? I mean if you buy it for 250k, and say your monthly fees are say $900 a month with hoa and everything, that doesn't seem that bad? Recalled allure condos has like of advertising as well but that is in a very bad location?
Also anyone have experience of meridian condos? Seems to be a mid rise and people mention it is like a gem because it is right behind the strip. So basically staying there, you don't even need a car to get around and go to wynn or bellagio?
Also any reason why someone doesn't get a roommate and rent at one of these condos as oppose to say rent at an extended stay like siegal suites or holiday royale or extended stay deluxe since even these extended stay places are charging at least minimum $1200 a month now? It is probably more like $1500?
Your HOA is not going to be equal to the rent that you would have paid, it might be as little as half.
Then your 500K doesn’t disappear as you have the equity, the condo could go up in price. Of course it could also go down. You also will never have someone telling you to get out and then you need to move.
HOA fees are hefty, but property taxes are lower. At least when compared to NJ.