Streamline Tower

The Streamline Tower downtown (the big codno complex next door to El Cortez) is reportedly now worth about 30 million. It was originally a 200 million dollar property. Apparently they have not been able to sell the condo units and the new mgmt is now going to try selling many of the units as apartments or hotel units.

Just for fun I poked around on Zillow and saw some of the one bedroom condos going for about $100K in there. Assumming mgmt takes care of the place (thats a BIG asumption) I'd say thats a pretty decent price for the quality and location of those units. I know prices are going down but how much lower can those units go for? $75K ? Hard to believe but who knows?.

I'm not pulling the trigger but it certainly made me raise an eyebrow to the thought of having my own getaway in my favorite part of the city.

That is interesting. Did you happen to see what the condo fee's are?

If they are selling them that cheap I'd be worried that I'd end up with neighbors like, um, me.

I did see a couple of listings for units if you didn't already see them:
https://www.lasvegascondomania.com/info/displayCondo.php?mls=1103244
https://www.lasvegascondomania.com/info/displayCondo.php?mls=1099793

As Tsu says, be sure to check out those monthly HOA fees.

When I stayed at the condos at the Palms Hotel, I was told the monthly HOA fee was $1,500.

Government reports yesterday showed that Vegas housing is at it's lowest price levels since 2000! Does make anything vegas appear cheap BUT how long before they see a recovery?

You may be stuck with a condo that has 1/2 or less occupancy and you will not get much for services rendered if they have that low of sell volume.

Offer 75k PJ who the hell knows, people are desperate now and vegas seems to be about the top of list on desperate!

Yes, . . . yes it is.

DonDiego nosed around a few months ago and discovered units in the Streamline and also the Metropolis (behind Wynn's places) which do seem like nice locations and near-steals compared to a few years ago. (Previously it had been only in his dreams that poor old DonDiego resided immediately adjacent to the El Cortez Hotel and Casino - Las Vegas Like It Used To Be.)

But management maintaining the place is a real question; one has to wonder if the value of their property just fell from $200-million to $30-million, how solvent is this operation.
And if occupancy is low, the per-occupant cost for monthly services could be large, indeed, and it could grow too !

And DonDiego still counsels patience; almost none of the causes of the precipitous real-estate collapse a few years back has actually been corrected. Prices have a mite further to fall. But if one simply must purchase one must be very, very certain of any-and-all possible obligations of the individual condominium owner to the project.

DonDiego says: "Good Luck !"

Why buy when you can rent? I saw rentals for $1000 per month on some web site!

This wouldn't be a bad place to stay with some friends for one week if we could get a $300 - $400 price!

I suggest that maybe don diego and PJ go in togother on the purchase of a condo. THAT would be an interesting partnership and some great reading.Maybe even start a blog or something.Hmmmmmmm,cant think of a snappy name for such a partnership right now,but i'm sure an appropriate one could be come up with.
One thing's for sure,I'd love to be a fly on the wall there after a night of drinking.

I'd love to be a drunk on the sofa there during a night of drinking.