Las Vegas guide and MSE thread 2011

Froggitt

wdyw wrote: »

They have been selling (or trying) to sell the city centre condos for years. Somewhere on the net you will find the stats on what they had managed to sell at the time of opening and it doesn't make pleasant reading for MGM - certainly one of the hotels had sold about 10% of what they were hoping for. Current prices are (generally) a fraction of what they were on offer for during the construction phase.

They start at about $350K now. Any idea what they were originally or whether its like timeshares ie the resale market is half the original cost, and where that resale market is?

So (thinking out loud), cost = $350K, $100 a night, 300 nights = $30K p.a. I guess theres a service charge and renewals charge and booking commission charge out of that......and I wonder how the prioritise whos condos get let out for a particular booking.....

Froggitt

Hmmmm again this makes it more of a proposition

Trump tower has reduced their prices more than 50% on brand new units and there are also resale deals available too! To get the latest pricing for fully furnished luxury suites starting in the high $160s

ferf1223

March

Froggitt wrote: »

So (thinking out loud), cost = $350K, $100 a night, 300 nights = $30K p.a. I guess theres a service charge and renewals charge and booking commission charge out of that......and I wonder how the prioritise whos condos get let out for a particular booking.....

I'm sure I've read that the maintenance fees are pretty significant - I'm sure I read an article awhile ago (that may have been well outdated) suggesting that the maintenance fees at Signature were something like $1000/month...and their out of the owner's control in general, so you don't necessarily know how much they will be (that would scare the bejesus out of me)....then the management fees if you go that route...would we have to pay US property taxes? I'm not sure...

To us, it would only be viable if we were looking for something long term where we could buy cheap and maybe break even over several years, and have the option to sell for a big profit down the road...sort of a Vegas pension fund. But too much uncertainty for us.

duchy

May

Thing is if you're in Vegas that often -with comps etc you're unlikely to be paying anything like $100 a night.
Pretty much what Trump goes for on priceline/hotwire though-so the numbers are "right"

I'd personally see more value in buying a holiday home in the nearby towns

Froggitt

And Ive seen Signature resales as low as $115k.....probably ground floor for that though!!! Hmmmmm

Cand

October

A pad in the Signature is my dream... We've just booked to go back for 11 nights in Sept/Oct I'm counting down the days already!

Froggitt

Not such a gravy train........

Company shall be paid 35.00 percent (%) of net rental revenue for only the nights the property is occupied.

A FOREIGN OWNER WHO HIRES COMPANY TO MANAGEHIS/HER RENTAL UNIT IN THE UNITED STATES SHOULD
EXPECT TO HAVE 30% OF THE OWNERS GROSS RENTAL RECEIPTS HELD AND REMIT THIS THIRTY PERCENT WITHHOLDING TAX TO THE I.R.S

Owner shall at Owner’s expense furnish and maintain the property in a first-class condition with

complete furniture, fixtures, and equipment. Determination of first-class condition shall be within the sole discretion of the Company. All furnishing specs and replacement costs are subject to compliance with the building requirements and standards

pebblesmax

November / December

We've looked into buying one of these condos in Platinum, Signature and Panorama Towers. The HOA fees are around $500-600 per month for a Studio, and the Platinum has a clause that compels you to allow them to rent the property out for at least one month each year. That is not what we would want at all!

The HOA fees were set when the selling price was much higher, and haven't been changed in line with the drop in property values.

Froggitt

Anyone see anything wrong with this projection......

Purchase $150,000
Per night $100
Commission $65
After IRS $46
300 nights $13,650
Replacements $3,000
Return 7.1%

Froggitt

Im basing it on the LSI contract. Theres also utility bills and insurance. Are the soaps etc and housekeeping included in the 35% they take per night?