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Own a Piece of the Strip With Las Vegas High Rise Condos

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There is something about this town that appeals to the senses, which become even more engaged when considering the draw of Las Vegas high rise condos. This is especially true of condominiums located along The Strip.

The road began simply enough. It was called Highway 91, and it stretched between Los Angeles and the oasis of Las Vegas. Despite its mundane beginnings, The Strip has become one of the most famous and mythic streets in the world.

The Strip's first resort opened in 1941. It was the El Rancho Vegas. A local legend says that its owners were inspired to build it when daydreaming about diving into a cool swimming pool after the arduous drive from Los Angeles. The story may be apocryphal, but owners of Vegas condos can surely relate.

They bought 66 acres of land along Las Vegas Boulevard and San Francisco Blvd., or what was to become Sahara, for about $10,000. Just one year later, developers of the Last Frontier Hotel bought their own 35 acres of land on that same road for a mere $35,000.

Accessible Property on The Strip

Until now, property prices on Las Vegas Blvd. have continued to skyrocket. Today's low real estate prices are the closest we can come to building a time machine to travel back to 1941 Vegas.

Since then, people have been clamoring to buy even the tiniest bit of land along The Strip. As the years passed, success was limited to just a few people and organizations; however, Las Vegas high rises have once again made individual property ownership along The Strip a possibility.

In fact, President of Las Vegas-based SalesTraq, Larry Murphy, predicts prices of existing homes to level out in 2011and then begin to increase gradually in 2012.

The Vegas Brand -- 70 Years Later

As we approach the 70th anniversary of El Rancho Vegas, Vegas is once again poised for development. While the town has weathered difficulties, the idea and vision of an oasis on the edge of the frontier remains.

Despite the recent economic downturn, the idea of living well never goes out of style and Las Vegas lofts and high rises are an integral part of this dream. The same vision of 1941, and even earlier, is what drives the developers behind new places such as the residences at Mandarin Hotel at City Center or Sky Las Vegas.

Whether for investors, entertainers, gamblers, or tourists, Vegas will continue to be a world-class destination. We have all heard it before, but this time it is true; this really is a buyer's market. Real estate prices are the lowest they have been in decades and it is unlikely that this opportunity will repeat itself during our lifetime.

When investing in Las Vegas high rise condos and lofts, buyers are not only becoming a part of the town's history, they are ensuring future wealth.

Gino have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me

Advice For Canadians Who Wish To Buy Property In Arizona

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Purchasing property is very much like purchasing any product or service, and for Canadians who are planning to buy in the United States, you need to be knowledgeable of U.S. real estate or have a U.S. Realtor help you. Remember, just because a property is cheaper, doesn't mean it's going to be worth it, just like when buying something only because it's on sale and yet it is of no use to you.

There are many advantages for Canadians in buying property in the U.S., particularly in Arizona. With the Canadian dollar currently being quite strong and the economy stable, it makes a lot of sense to buy now. Not to mention, house costs in the U.S. are a lot lower now than before. As suggested earlier however, avoid focusing only on the low costs. They are only one of the many other considerations to take.

First of all, will you simply invest in the prospective property or is it for your particular lifestyle? Ensure you obtain tax planning recommendations since you may be subject to taxation in both countries if you haven't established everything properly for an investment property. Next, consider where you wish to hold the property (as well as how) and think about convenience of access from your Canadian residence. How will financing be handled? Ask your Realtor if you can be eligible for financing programs that are available to Canadians in the U.S.

There are many options for those who wish to buy in the Phoenix Metropolitan area. If you're planning to retire in the U.S., look into the west side of Phoenix. You can expect to enjoy housing, restaurants and shopping near hiking destinations. For those who simply want a place to rent for seasonal visits, Scottsdale would be worth the money, with properties ranging from $170,000 to $270,000, already complete with furnishings. For investors wanting to purchase 1 to 8 or more properties for the long run, there is an expected rise in value for unfurnished rentals in Phoenix and Ahwatukee where you get steady cash flow.

Once you've finally decided on all those, you need to know how to make your offer. Most of resale homes in Arizona utilize the Residential Resale Purchase Contract made by the Arizona Association of Realtors, or AAR. You will let your Realtor know how you would like to prepare your offer for the home. Unlike other States, in Arizona you don't have to have a lawyer for residential real estate processes. Generally, in Arizona your Realtor will negotiate and draft the agreement under your instructions without the additional costs of a lawyer.

There are some essential points to remember when it comes to the offer. These include the offer price, down payment, earnest money, closing date, loan status report, home warranty, Escrow company, personal property included, seller contributions to buyer's expense, offer expiration, counter offers and extra terms.

Your Realtor will be able to help you through all these processes step-by-step. A Canadian who is a realtor in Arizona can explain the differences as well. The essence of a smooth and fast purchase of property in Arizona is finding a well-versed, experienced and trustworthy Realtor. This is especially true if you are planning to borrow money to purchase your new home.

Andro have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me

How to Search the Las Vegas MLS Listings

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This article is focused towards helping you understand how to do a quick, effective search in the MLS Listings for the city of Las Vegas. Las Vegas, or "Sin City," is one of the nation's fastest growing cities. The real estate market is booming and with the population expected to soar to two million by 2007, it is no wonder why Las Vegas is becoming such a hot market. In fact, casinos are also part of this boom, as they create more and more Las Vegas condos for sale by expanding their properties into private residences. The Las Vegas real estate market is growing rapidly, as there are currently 8000 Las Vegas condos for sale, under construction, or in the pre-construction phase. Statistics show that 5,000 people are relocating to Las Vegas every month.

The Las Vegas Multiple Listing Service (MLS) is a database containing properties for sale. In Las Vegas, the MLS supports about eighty percent of the private real estate market. A service of this kind proves very valuable to prospective buyers - typically a fee is charged to become a subscriber and be able to search the Las Vegas MLS.

The Las Vegas Homes MLS Search gives you addresses and detailed driving directions to new construction and existing Las Vegas homes and condos that meet your specific criteria. Remember: view properties first, and then choose your agent. The real estate listings contain thousands of new construction and existing Las Vegas homes and condos with photos, amenities, asking price, and other important data about the property. The MLS are being updated on a daily basis and the displayed addresses have detailed driving directions, so it's easy to view the properties of your choice.

When searching through the Las Vegas MLS listings you will find property data that is available in the market from expert real estate agents that mediate between buyers and sellers. As the number of properties contained in the MLS rises, the value of the service increases. Right now it's a Buyer's Market in Las Vegas, with the number of homes and townhouses on the market increasing every day at an incredible pace, driving home prices all over the area lower, and making an effective MLS search even more valuable.

Working with the Las Vegas real estate listings is simple. First you enter your search criteria by choosing the price range, number of rooms and other details. Then you select the area in Las Vegas where you want to search or you select "all areas" and the MLS service will give you a tour of all the available properties that match your needs. If you choose to subscribe to the newsletter you will receive new listings on a daily or weekly basis, created specifically for you.

UniqueLasVegasHomes.com is a full-service real estate brokerage with licensed agents. Online registration is free - allowing users of the site to have online access to the Las Vegas MLS and conduct searches for properties in the Las Vegas area. When searching their Las Vegas MLS you will get detailed information including full addresses and all available photos of homes currently on the market. Licensed realtors update the MLS several times a day, ensuring people have the most accurate, up-to-date information to make their home-searching more productive. You can save the different MLS searches based on a variety of options such as price, location, or distance from a particular address, and have access to neighborhood research such as maps, schools and crime.

Rexie have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me

Las Vegas High Rise Condo Hotel Project Fountainebleau Gets A Huge Financial Boost

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Major investments were being made on high rise condo projects on the Las Vegas Strip. Today comes word from the Las Vegas Review Journal that Fountainebleau Resorts has secured $4 billion dollars in financing to complete their $2.9 billion Fountainebleau Las Vegas, currently under construction at the corner of Las Vegas Boulevard and the Riviera. The Bank of America, Merrill Lynch, Deutsche Bank, and Barclays are some of the financial institutions involved in the deal.

I'm thinking analysts at these major institutions probably know a lot more about the potential Las Vegas holds than does the national media, who continue to write articles behind their desks 2000 miles away saying how overvalued Las Vegas is.

The Fountainebleau will be a 63-story mixed use project on 25 acres scheduled to open in the fall of 2009. Included in the project is a 100,000 square foot casino, a performing arts center, retail, restaurants, convention space, and 3,889 condo-hotel units.

Also backing this project is Publishing and Broadcasting, Ltd, controlled by billionaire Vegas-lover James Packer. Packer contributed $250 million in April for a 19.6% stake in Fountainebleau Resorts.

These are all strong numbers. When it comes to listening to the media versus those controlling billions of dollars, I'll go where the money goes! There are a number of significant high rise developments currently under construction in Las Vegas. So whether you're looking as an owner occupant, a 2nd/vacation home purchaser, or as an investor, please contact me for more information on what high rise project is right for you.

Austin have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me

Tips for Investing in Las Vegas Real Estate

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The latest trend in Las Vegas real estate consists of hopping aboard a bus and viewing multiple foreclosure homes. With market prices plummeting, Realtors and private investors are being forced to develop unique and creative marketing tactics to lure in buyers for their ever-growing list of distressed properties.

It's no secret that the Las Vegas real estate market looks bleak. Let's face it, the real estate market is bleak everywhere you turn. In some areas, foreclosure rates have soared by 57-percent, leaving a trail of vacant properties and nearly ghost-town communities. It's a sad state of affairs. However, it is also a real estate investor's dream come true.

An interesting aspect of Las Vegas foreclosure home bus tours is they offer one-stop real estate shopping. Participants quickly view houses and if they are interested can schedule an appointment to return for a personal showing. Tours last about two hours and approximately six to eight homes are presented.

Typically, foreclosure tour organizers require participants to sign a contract stating they will use the company for all their real estate needs, should they decide to purchase a home. A loan officer rides along and provides information on monthly payments, interest rates, etc. of the various properties. Anyone interested in purchasing a property can have the loan officer draft an offer on the spot. It's really quite convenient. Or is it?

While it might be convenient to board a bus and browse several homes at one time, foreclosure homes are not always the best deal. In fact, foreclosure homes are notorious for being in need of serious repair or renovation. Oftentimes, homeowners who have been evicted from their homes, vent their anger on the house. It's not uncommon to find torn up carpet, broken windows and drywall that has been punched with a sledgehammer.

Few foreclosure homes are in perfect condition. Most are in dire straits both inside and out. When it comes to landscaping, people facing financial challenges aren't usually too interested in curb appeal. Not only will the interior need refreshing, chances are considerable exterior repairs will be required as well.

A lesser known, yet better way to invest in distressed properties is to seek out real estate owned (REO) properties owned by banks or private investors. These homes arrive at the bank after being placed on the foreclosure auction block. The primary reason they didn't sell at auction is because more was owed on the home than it was worth.

When the bank receives the foreclosed property, it eliminates the mortgage, reduces or eliminates any creditor or tax liens, evicts residents who may still be residing in the home, and occasionally will invest in repairs. In other words, much of the time-consuming paperwork and legal hassles have been eliminated. All investors have to do is spruce up the property and sell it for a reasonable price.

The best way to locate REO property is through a private investor who purchases bank portfolios. These investors are able to purchase homes at wholesale pricing because they buy in bulk. Since they purchase these homes for pennies on the dollar, they are able to pass the savings along to individual buyers. These properties are usually sold in "as is" condition. However, the buyer will already have 30- to 40-percent equity in the property because he was able to purchase at wholesale cost.

The trick to getting the best deal on REO properties is to purchase them with cash. This allows the buyer to close the deal in around 10 to 15 business days, as opposed to the 30-45 day timeframe imposed with conventional financing. This delay can significantly reduce investors' bottom-line and slow down the process of selling the property for profit.

Instead of riding around town on a bus and engaging in speed-viewing foreclosure homes, consider working with a private real estate investor who specializes in REO bank portfolios. Doing so, could potentially save you a considerable amount of time and money.

Aiken have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me

Interested in Investing in Hi Rise Condos and Loft? Las Vegas Has What You Need

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The Nevada real estate market, including the sale of Las Vegas lofts and condominiums, was badly hit by the economic downturn. For many over strapped homeowners, the situation continues to be dire. Even as the economy recovers, some homeowners are still stuck in mortgages that they simply can't afford. No one argues that the situation is sad, but there is a silver lining. Las Vegas high rises and lofts (properties that were once reserved only for celebrities and casino owners) are now selling at unheard of rates.

Vegas Real Estate Market: Then vs. Now

In 2006, a high rise condo on the 20th floor of Signature Grand MGM, complete with custom cabinets and granite countertops, sold for over $400k. Four years later, the same condo sold for just under $150k. Again, a condo in Panorama Towers sold for $ 750k in 2006, but in 2010 it sold for $295k.

Even when considering that the housing boom inflated the prices, the difference between four years is too staggering for investors to ignore.

Economic Recovery of the Real Estate Market

In fact, there is already evidence that the real estate market is on the upswing. In April of 2010, The Las Vegas Review-Journal reported that Las Vegas condo and townhouse sales were 35% higher than the same time last year.

As Nevada diversifies with green technology and medical tourism, the need for high-end residential properties will increase, which will eventually lead to higher prices. From a strategic standpoint, now is the perfect time to invest.

The Next Step

After deciding to purchase a Las Vegas high rise condo hotel or loft, potential buyers should make a list of what they want from their property. Perhaps the most important question revolves around how the property will be used; will it be a rental, a primary residence, or a vacation home?

Potential investors should then take this information to an experienced and trustworthy agent. Buying a Vegas high rise condo or loft can be significantly different from buying a standard home. In addition, this is a unique town, and its high rises are part of a close-knit specialty market.

Buyers will need an agent with several years of local high rise experience. In particular, buyers should consider the relationship between the agent and the developers. Agents who are new to the scene simply won't have the necessary rapport that is required when negotiating such a specialized sale. This is especially true in Vegas where enormous corporations own so many properties.

Another thing to check, particularly for buyers living outside of the United States, is whether or not the agent has experience in working with foreign investors. When both time and money are factors, agents should be able to navigate cultural and monetary differences with ease.

Investing in a luxury home shouldn't be a daunting task. With proper knowledge of the market, initiative, and guidance from a specialized agent, investors should be able to approach the experience with optimism and excitement.

Krista  have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me

5 Things to Know Before Buying a Condo

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A lot of prospective home owners across the country are today choosing condominiums over private homes for a variety of reasons, foremost among which being the fact that generally, they are a whole lot cheaper to buy and maintain than private homes. That said, there are a number of factors that you should keep in mind, before finalizing the deal on the condo you have laid your eyes on.

Reputation Of The Developer:

This is very important, and you must put in requisite effort to find out about the reputation of the developer in question. Has the individual or the company developed other properties as well, in and around the area? What do owners of those properties have to say about the developer? Further, what is the general market opinion about the developer? This should really not be too difficult for you to ascertain; usually, a few phone calls or visits to brokers in and around the area should give you a good idea.

Condition Of The Condo:

The livability as well as the resale value (if you are looking to buy the condo essentially as an investment) of the property would depend to a great extent on the condition of the condo itself. Remember that a very cheap property may not necessarily make a good buy or a good investment, especially if it is in relatively dilapidated condition. This aspect gets exemplified if the entire building itself is in poor shape and in desperate need of repair. The perceived value of your condo will come down that much more, even if the condition of the condo from inside is supreme. Therefore, make sure you do a thorough inspection not only of the condo itself, but also of the building as a whole, before you finalize your purchase deal.

Percentage Of Rented And Owned Condos

This factor is immensely important, as it will have a major say in the market value of your condo; usually, higher the percentage of owned condos in the complex, higher is the market value. So, assuming that out of 40 condos in a complex, if 30 are owned and 9 are rented, the 40th condo that you purchase will invariably have a better market value than the same in another complex, with the reverse, i.e. 30 rented and 9 owned - even with all other factors remaining constant.

Past Performance Of The Condominium Complex:

This is yet another factor that you must try and do some research on; if condos in the complex have been bought and sold in the past, what have the going prices been like? Also, how do those prices fare, with that of other similar complexes in the area? This will give you a very good idea of the feasibility of investing in the condo complex that you have laid your eyes on.
On a similar vein, you would also like to find out about the time frame that each condo on an average, takes to sell, in the complex. If the general consensus is that condos take a lot of time to sell, you might again want to have a rethink on the purchase.

Maintenance Fees:

As a prospective condo owner and dweller, it is quite likely that you would already be aware of the maintenance fees that are required to be paid by the dwellers of the complex in question. However, a lot of such individuals often make the mistake of not cross-checking beforehand, what exactly do those maintenance fees include - and what do they exclude? You don't do that!

Broadly, these factors should give you an excellent idea of the aspects to keep in mind, while contemplating the purchase of a condo; together, they remind us that the decision to purchase a house should not just be driven by emotions, but more so by practicality. Unfortunately, a lot of us simply get swayed by irrelevant, extraneous factors that, in the long run, often end up proving to be costly mistakes.

Jimmy have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me

Las Vegas Homes Buying Tips

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There are several if not few buyers of Las Vegas Luxury Homes so as to do not get acquainted with a lot of programs specially designed for first time home buyers. For many, it gives obvious ideas of the procedure and eventually saves time and money. Most of the times it also happens that first time home buyer makes common mistakes while buying a home and getting their mortgage loan with higher interest rates. They waste a lot of money and time on getting this loan.

There are also numerous instances where first time home buyers get bitter experiences and have mislaid over thousand dollars because they do not consider all complete information of the process and there was no one to give details to them about it. These were merely the explanation of starting these home buying tips to help people purchase their abode without making the mistake.

Other common mistakes noted when buying Las Vegas Luxury Homes is that they don't check the house before purchasing, others just consider the sellers word that the repairs have been done and that they also don't take time locating a good Realtor for the home buying. Furthermore, other common mistakes are that they buy the house just because their lenders tell them and they likewise choose the lenders just because their realtor has told them, not taking in to considerations of looking for the best one, thus they don't take time to find a good Realtor for the home buying.

There are still a lot of mistakes that has been cited in buying Las Vegas Luxury Homes, but that doesn't signify that first time home buyers should be proficient in purchasing a home. However, they should at least know the fundamentals about the procedure so that they would have a plan of process that can help them in moving ahead. Listed below are some helpful tips to make the home buying process easier and more enjoyable.

1. Search for the right house.
It does not mean that there are many good websites which contains list of houses and places to look and within no account, ever waste time in coming up for realtors, in the process you can even loose the good offers. One more thing to remember is to get a home inspection done. Always think of what's going to happen in the future whether the home needs a repair because most of the time it happens that the buyers find out that the roof leaks soon after they moved into the house. So might as well inspect the home properly.

2. Choose the right retailer.
The most vital decision when buying a luxury home is to find a right realtor because they are the one who can assist you in searching the best home loan. Before choosing right retailers, come across for the other option available and do not forget to compare their rates with the others and ask as many queries so you can choose intelligently.

3. Choose the best first time Las Vegas Home Loan Programs available to you.
A first time Las Vegas home buyer should evaluate and compare the different programs as well as mortgage lenders to find the best first time home buyer loan not only that they should make some inquiries about the interest rates whether they offer fixed rate or adjustable rate but also to know about what is about the loans annual percentage rate and whether the mortgage is 30 years or 15 years. Because, 30 years means lower monthly amortization and 15 years means higher monthly amortization but their interest rate are lower.

4. Fix and Improve your credit.
There are different ways for you to improve or to perk up your credit history. By improving your credit history means getting lower interest rates. So before you purchase a house try to improve the credit score and get a hold out of doubt.

Marlena have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me

Buying a Condo Conversion

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Never question the ingenuity of the real estate developer.

Close to 20 years ago, two of my best buddies and I decided to pool our resources after college and get an apartment of our own.

The three of us were barely able to afford a 3 bedroom apartment that was about 10 years old at the time. We paid about $500/mo. in rent. To this day, I am not sure how we could afford that apartment.

The apartment was a dump. The flooring, the kitchen and, especially, the bathrooms were so bad, that my father walked in one day with a horrified look of disgust on his face, and refused to stay. However, that was what my buddies and I called home.

Today, nearly 30 years later I am doing loans for people buying units in that same apartment complex. Today, it's a condo conversion!!

The entire complex has been remodeled, and the units are going for nearly $175,000 a unit.

Pure genius!

You all know about condo conversions and how incredibly hot they are in the market. Low interest rates have driven new home sales thru the roof and condos are no exception.

First time home buyers are flocking to get in any way they can. This has actually crippled the apartment business and is driving the biggest condominium conversion boom in 20 years.

Over 12,000 apartment units in Las Vegas are currently mapped for condo conversions. Condo developers are paying a premium to acquire and transform old apartment complexes into condos and they are doing this all across the country, especially Las Vegas and South Florida.

The developers typically search for apartment-to-condo conversions in desirable locations where they won't directly compete with affordable entry- level homes.

They want to offer an affordable alternative to pricier single-family homes or to costlier condos in new developments.

In many cases, condo conversions provide the perfect entry-level opportunity for renters to become home owners, allowing these new property owners to build equity and realize their homeownership dream.

Transforming apartment buildings into condominiums is quicker and less risky than construction from the ground up.

Land prices have gone up so high that many developers cannot afford to build entry-level housing, so this is a great option. Home buyers then benefit because converted units are usually more affordable than new ones, and many are in choice locations. You can find some of these units advertised locally for as low as the $90's.

Conversion developers say they can buy something for one-third of the cost that it would take to buy the vacant land and build something on it.

The beauty for the developer is that the condo conversion isn't going to be selling for one-third of what it would cost brand new. It's more like 75%-85% of it.

The developers usually do a pretty nice job improving the property and the units. Upgrades are usually made to the property's exterior and common areas. Then they add on the sizzle. Granite counter tops, upgraded cabinetry and fixtures, and wood floors are often added to individual units. The upgrades are built into the condo prices.

Once the developer acquires an apartment complex, they generally convince about 10-15% of the existing renters to stay by buying a unit. They will often offer these people discounts before they ever even market to the general public.

The obvious key to selling these units to your clients is to convince buyers that they are better off owning versus renting or to get your more timid investors to jump in with less financial risk.

People have a desire to own a home. There are very few who want to rent and low interest rates have provided this opportunity.

Condo conversions create more affordable housing in areas when the price for a single-family home skyrockets like we have seen throughout the country. A single family home in Las Vegas, where I live, is averaging around $300,000. That is simply not affordable for your average first-time home buyer.

Speculators and investors make up 30-50% of all condo conversion buyers. They buy these units, intending to sell them at a higher price in a short term.

Rising interest rates historically have slowed conversion activity. This slows down the appreciation as well. It's difficult to convince someone to pay $1200 per month on a mortgage for a 1000 sq. ft condo. However, get it under $1000 and you will find buyers.

Before you invest in one of these units and plan on renting it out, or you plan to buy one to live in, you must know a few things.

Condo conversions are marketed to the very same people who rent apartments. Thirty to 50% of all condo conversion buyers are investors and speculators.

When they go to rent their units, they are competing for the very same market as the developer of the project. Why rent when you can buy? Why rent from you either?

Once cheap mortgages vanish, and rates have been rising recently as you all know, condo conversions will become riskier. When home sales slow, converters may find it harder to sell their condos.

Once 30 year interest rates hit 7% or 8%, experts say, condo conversions will cool. Today, we are at around 6.25%. The good news is condo conversions are almost the last bastion of truly affordable housing in many areas.

Here are some things to keep in mind...

Many people buying condo conversions don't realize that the property they are buying is different from a newly constructed unit. This means the financial exposure for repairs and replacements can be much higher.

New condominiums, built from the ground up, are constructed with the building materials of today and have to conform to today's more strict building codes.

The condition of converted condominiums can vary. An older apartment complex converted to condos could have wear and tear and may have structural faults unknown at closing. These problems can become a real hinderance later on.

Newer apartments that have been converted to condominiums in the past few years were probably constructed under the latest building codes and have new building components, mechanical systems and interior finishes. These are a safer bet and you will want to find out the year the original structure was built.

Many older buildings have been converted as well. Some converters gut an apartment building, taking it down to its "shell," and then rebuild it, installing new plumbing, roof and mechanical systems.

Other developers simply do "cosmetic rehabs," leaving the building components as is and merely sprucing up the property to make units more marketable.

Buyers beware. Are you buying a fully renovated building that was taken down to the shell, or are you buying a building that someone just slapped some paint on and put in a few new windows?

What about problems to the complex? Although most developers do a terrific job in converting, what if the roof needs to be repaired after a few years? Does the association have enough reserves to cover it? Many people believe condo conversion owners can expect special assessments quicker than new condo buyers.

You do have some safeguards. As a lender for condo conversion buyers, we often require an engineer's report from the developer before we close the loan. You have a right to this document as well.

It tells you what was done to the building and the sales office can give you a copy of this if you ask.

Here are some other things you should know before buying a condo conversion:

They usually have restrictive covenants. Every condominium project has rules and restrictions that govern what unit owners can do. If you own a pet, make sure your building is pet-friendly. Do you even get a covered parking space?

Are you buying the unit as an investor to rent out? You will want to make sure the building allows rentals and the minimum term required.

If speculators cannot resell their units they will rent them out too. If there are many renters, that can create problems with condo owners in the same building and lead to maintenance issues.

Renters tend to care far less about their homes than do the home's owner. Too many renters can destroy the complex and it's value.

Speculators buy as much as 70% of some condominium projects. You may be moving into a building that is nearly vacant. That may not be what you had hoped for.

Once a condominium project has more than 30% of its owners that use it as a second home or as an investment property, the condos all become "non-warrantable."

Non-warrantable condos mean the project is not insured by Fannie Mae. This means a different kind of loan for the buyer of your condo. Many banks do not loan on non-warrantable condos. We offer non-warrantable condo loans. Even though they are very competitive, even offering 100% financing, the loan programs are not quite the same as they are on a warrantable condo.

Here is a time and problem saving tip:

When you are selling a condo, of any kind, you want to make sure you or your agent contacts the Homeowner's Association, early in the process, and asks them what percentage of the project is non-owner occupied. If it's over 30%, you want to communicate this immediately to your buyer. He has to make sure his lender can do the loan or he may have to change lenders. It is best if you know this early.

Many condo conversions are considered non-warrantable.

The bottom line is condo conversions offer affordable housing in many areas where the first-time homebuyer and the real estate investor, who wants to take on a little less financial risk, are starting to be turned away. However, as a buyer you want to be very cautious and ask questions about the building's history and residential make-up.

Piolo have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me

Luxury Homes in the Ridges, Las Vegas

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"Home Sweet Home"! Home is where the heart lies and Yes! There are some luxury homes that just astound by-passers, owners and viewers with their magnificence. They are made as if to withstand time and to be of subject for art and poetry.

These homes often have the most up-to-date amenities and state-of-the-art appliances. The lot areas are as big as football fields and they loom over everything else.

In 2004, Forbes listed The Ridges in Las Vegas as one of the most amazing places to live in America. This holds true until today. The misconception of a lot of people that Las Vegas is only about Gambling, quick weddings and Show-girls couldn't be further from the truth. Although they do bring in a big crowd of gamers and honeymooners, there is also a softer and subtle side to Las Vegas and it can be seen in places like the Ridges in Summerlin, Macdonald Highlands and Queensridge.

Most homes here are owned by high net worth individuals who live with their families. The ridges are home to a good number of some of the richest and wealthiest people in the world. The people live like royalty and are pampered with everything that a fun-loving person would desire.

The Ridges is just next to Red Rock Canyon, which is one of Nevada's geological wonders. The pointe in the Ridges has is known for its spectacular view that everyone remembers after their first visit. This is the place that is nestled right in the heart of all the beauty that Las Vegas has to offer.

Whether you are looking for a home for the reputed fun and games in Las Vegas, out-of-this-world scenery or just have the need to be pampered, then the luxury homes in the Ridges in Summerlin, Las Vegas will be able to satisfy your cravings for a finer lifestyle than no other.

Kenny have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for houses for sale in las vegas and great passion and knowledge for las vegas foreclosed homes and all the different options & providers available in the market today. Find out for more info also here SellYourLasVegasHouseTo.me