Regarding buying in Vegas

I heard that banks are not required to pay real estate taxes on forclosed homes but buyer must pay all back taxes and this is a non-negotiable standard.

I also wonder what is going on in condo communities in regard to dues. If the dues are say $150/month based upon costs of those things provided by the association and 50% of the dues are not being paid what is going to be happening in the future?

For the tax issue e-mail Robin Camacho who writes the LVA Real-estate Blog.

Before buying a condo in any city during boom or or bust years take a good look at the association budget. Is there a healthy reserve fund, what are the delinquency rates, are they doing the long term maintenance such as pool resurfacing or putting it off causing a big unplanned assessment. Remember you are going into a long term partnership with people you don't know so investigate.

In Nevada real-estate professionals will tell you that buyers do not need their own lawyer. You are signing several contracts for perhaps hundreds of thousands of dollars for up to thirty years. These contracts are written by lawyers looking out for sellers, agents and banks. You need someone at the table looking out for your interest alone. It's a couple of hundred bucks well spent.

Many people moving to Las Vegas and other cities are finding it cheaper and easier to rent from a condo or house owner, if the pool isn't kept up just move and you don't have to worry about association politics.

One last thing. I am six foot tall, when you are picking out a sofa for the TV room, I need room between the arms to comfortably crash for a few days. Good Luck!

OK but no pets!

Yeah, easy to ask Robin.
Frankly, I don't know of anybody getting out of paying their monthly HOA dues. lol
Maybe their Collection agency is Bubba & Luigi? I dunno, but, the bigger places seem to
be on top of it.
Also appears to me, The nice places seem to still have all their amenities going,
in spite of I'm sure, SOME people not paying......but the majority.........seems fine.

RE prices in Vegas will continue downward. They have a huge inventory and the jobs have not returned as of yet. Always wondered when we visited who the hell was living and affording to live in the million plus houses that seem to be the norm! We have now found out that most could not.

If housing continues in the shitter than so does condo prices.

We would like to be Vegas snowbirds. Condo's are affordable enough but "ownership by committee" scares the bejesus our of me.

There are already rumors floating around the ultimate solution to Vegas' housing problem with be to bulldoze vacant homes. If I were to look in Vegas for a house I would be sure to stick with the well established neighborhoods that have been around for decades. Otherwise you could end up being the sole house on your street that doesn't get leveled.

It's not really ownership by committee, per se. You own your place in fee simple. The common areas are jointly held, and that association, through its dues and management/board, typically does the maintenance of the private interior roads, any gates/guard shacks, building exteriors and roofs, pools and rec areas, etc.

You will find similar arrangements in many newer SFR developments as well, though you most likely have maintenance responsibility for every aspect of your lot and dwelling. But the community could be gated, with private roads, have a pool, tennis and a clubhouse, etc. You'll have an association and dues there, as well.

At the bottom line, "condo" as a style of ownership is nothing more than a way for developers to coerce higher densities out of cities and counties while providing both home "ownership" (it's not an apartment) and shared amenities (it is like an apartment), and ostensibly lower prices. But as in any RE investment you have to look at overlapping debt and taxation, including of the private kind, for the total cost.

That's a great idea. Are you looking for a vacation home for you and Flo? I am still holding out hope that you will land that someday.

KSeitz, have you spoken directly with anyone who has recently purchased a home in Vegas?