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

The STARK TEAM has taken a position to try and share our knowledge about condo conversions with buyers in an effort to let them know that the product simply is not the same as a residential condominium.

READ TODAY'S NEWS ABOUT THE MERIDIAN AT HUGHES CENTER LAS VEGAS STRIP AREA CONDO CONVERSIONS

WHY? Conversions aren't built to the same building codes as residential condos, you do not know what is or isn't in the walls, etc. I would much prefer to sell a client a condo or townhome built by a national homebuilder such as DR HORTON, TOLL, KB home, Pulte, that has a reputable NYSE company behind the product.

THE MERIDIAN at Hughes Center are condos close to the strip - within walking distance - that were sold by American Invesco (actually, a subisidiary), during what I call, THE GREAT CONDO CRAZE of 2004-2005 in the most convoluted too good to be true sales pitch, at prices from $300k to over $650k.

In a pressured sales pitch  - at seminars run in the Stardust Hotel, American Invesco was offering to pay 2 years of taxes, mortgage payments, condo fees for any buyers.  All the buyers needed to do was get the loan.  Since these were condo conversions, many units had tenants in place. The problem?  These tenants were paying $800 to $1200 per month in rent. Invesco had to pay the spread between the rent and the mortage payment for 2 years - Think they had a ton of profit built in? After 2 years - there was a ton of negative cash flow for the owners to service and Invesco came up with another scheme to quash the buyers now realizing they had made a very poor investment choice.  Invesco started to operate an illegal nightly rental program - which required the owners to spend yet more money to furnish the units through a property manager/decorator, hence shelling out more money.  The end result ? - The MERIDIAN has been one of those Las Vegas strip area condos rife with foreclosures.

Now the subject of a CONSTRUCTION DEFECT LAWSUIT and a Lis pendens that reads like a soap opera of alleged fraud and drama - and sales prices on foreclosed condos at the Meridianbeing less than $100k in some instances, buyer demand is strong. There is only 1 title company that handles escrows - and they require buyers to sign an indemnification agreement and they make any ramifications form these lawsuits an exception on the title policy.  Our team has had buyers clamoring for these condos at the reduced prices and we also disclose all the facts and the drama up front and require that buyers sign indemnification and hold harmless agreements for THE STARK TEAM and ELITE REALTY. Do buyers still want to buy in this project?  Yes! The location is fantastic. Are there significant issues? YES! Buyer Beware. We can find buyers other south strip condos that are much better constructed and are just 3 miles south of the Mnadalay Bay!

For Expert Buyer Representation for Las Vegas Strip Area Condo - CONTACT THE STARK TEAM