*** Las Vegas & Henderson Homes and Condos ***

Selling Investors Condo Properties? Watch those Lending Guidelines!

Manhattan Las Vegas is a great condo project on the south strip - about 3 miles south of Mandalay Bay. Most unit sold during the 2005 heydey at around $ 350-$00k for a 2 bedroom unit, brand new. The complex is guard gated and has a great gym, lovely grounds, and is really conveniently located with plenty of new shopping, especially the new Turnberry Towne Center Mall.

VIEW ALL MANHATTAN RESALES HERE

Now that we have a flurry of foreclosures, mainly due to the fact that these properties got caught in the cycle where there were no more investors to flip to, there are a slew of foreclosures at less than $200k for the same units that were priced at twice that brand new, when purchased at preconstruction fpricing rom the devloper!

Plus, these condos rent quite well, in an average of 30-60 days at prices of $1 psf or more. The investors are plentiful - Gobbling up the repos like candy. Today, I noticed that 2 of these very attractive repos were reduced $30k each and the listing agent had a note in the comments - "CASH ONLY - BOM".

I called his office to ask what was up with the cash only deal on a $ 169k property and he said that due to the level of investors being over 35% -( it is now up to 38%) no lender will touch the property. His last deal fell apart after the lender requested the condo cert.

So as attractive as these condos are, with cash buyers the only game in town, I expect prices will decline some more. Lesson learned: Ask what the investor/owner occupied ratio is and do not show buyers who need a loan any of those properties.

If there are any lenders out there who know differently, please CONTACT ME: 702 376-5220

The Stark Team Specializes in Luxury Real Estate in Las Vegas and Henderson NV, focusing on homes and condos in Anthem Country Club, Green Valley, Seven Hills, Inspirada, Summerlin, Lake Las Vegas, and the High Rise Condos on and Off the Strip, TRUMP TOWER Vegas Condos, SKY Las Vegas on the Strip, Turnberry Place and Turnberry Towers, Panorama Towers, Las Vegas Lofts, Retirement Communities in Sun City Anthem, Summerlin Real Estate, and Foreclosures in Las Vegas and in Henderson NV.