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

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

Condo Repos Close to the LAS VEGAS STRIP

Manhattan Las Vegas South Strip Condos has some great priced bank repos in the $250k and less range. Given that this complex is located just a few miles south of Mandalay Bay, and that the $200k-$250k price will get a 2 bedroom unit, these properties may begin to make sense to the investors who have been waiting in the wings for a good deal.

CLICK HERE TO VIEW ALL MANHATTAN SOUTH STRIP CONDO RESALES

The timing may be right as CITYCENTER by MGM gets ready to begin hiring employees for ARIA - its 4000 room centerpiece hotel, WYNN begins to hire for Encore, and the Fontainebleau across from SKY is slated to be opened in 2009 as well.  Exciting times for Vegas.  More Jobs! More shopping! More to see and do in the city that reinvents itself nearly every decade!

Given the rising prices of gasoline and the traffic on our freeways ( yes, we still have about 5000+ people moving here each month), the south strip location is amazingly convenient. Further south along Las Vegas Boulevard. Tony Marnell, is building the M Resort.  This boutique Resort Hotel will be a great place for locals and tourists and will create even more jobs.

Having been a Vegas resident since 1972, I envision the south strip corridor as some of the best real estate for upside appreciation potential. There still is quite a bit of dirt - expensive dirt - poised for future growth. The south strip could be the new UPTOWN, (you can tell I am an ex-New-Yorker).

Food for thought and a bit of optimism in these troubling economic times. The developer of Manhattan is now pre-selling his southwest MANHATTAN-WEST Community and has started an interesting blog - FROTHING DEVELOPER - that makes for a good read and also helps to present a gleam of sunshine for the Las Vegas real estate market in the midst of the press bashing we receive daily.

Pricing on the south strip Manhattan condo project is quite a bit less than its sister project and closer into the strip, due to lower land acqisition and construction costs. If you are looking for a really nice, almost new, 2 bedroom bank owned repo condo close to the strip, CONTACT THE STARK TEAM and ask for our MANHATTAN repo list.

702 376-5220