Las Vegas, NV

The Meridian condos are well located just a block east of the strip and the Bellagio. This guard gated apartment complex became a condo conversion during what I call, The Great Condo Craze of 2004-2005. American Invesco (Seller) came up with some hair brained scheme whereby they sold these units on a very well hyped sales pitch, renting out rooms at the Stardust Hotel and giving high pressured slick sales pitches, and convincing people that paying over $600 per square ft. was a bargain for a condo conversion because these folks just had to get the loan and their units would be rented back by the seller for a few years at very inflated rental prices, and the Seller would pay the HOA dues and taxes as well during that time period.

At the time of the launch, our team was approached by the Seller to see if we wanted to participate in this sale. Once we looked at the real rental rates these units were commanding ( $800-$1100 per month) we felt that this was more like the great rip off of all time. Why would anyone want to pay $ 600 psf and up, when they could buy a unit at SKY or Panorama Towers at the time for less that $400-$500 psf? Didn't any of these buyers do their own Due Diligence?

READ THE MERIDIAN STORY-CLICK HERE

The complex is lovely. It is well located. But it was NEVER a good deal. It is loaded with foreclosed unitswhich may account for the deficit in reserves for the HOA. But I can't help but think that the people who bought these terribly inflated priced units on the promise that they would be receiving way over market rents, for several years no less, did not do their own Due Diligence and now want to be BAILED OUT! Doesn't good common sense come into play anymore? If it sounds too good to be true.......

Looking for a condo close to the Las Vegas strip? There are solid opportunities out there.

Contact the Stark Team 702 376-5220

www.LasVegasCondoExperts.com

The TPC at Summerlin is surrounded by several stunning luxury custom homes communities. one being Tournament Hills. The community is guard gated and the landscaping lush, and the lots sizes quite large. Many of Las Vegas' who's who live here, including Sheldon Adelson, owner of Las Vegas Sands. Check out this SAGA of a luxury foreclosure- CLICK HERE.

View the Slideshow

The story makes for an interesting read, especially in these challenging economic times of greed on Wall Street. Looks like the former owner got sent up the river, so to speak, but again, it is the Bank that is stuck holding the paper, for which taxpayers will bear the brunt, since this is one of many that may be package up and BAILED OUT by the government. My bet on this nearly 8 million dollar beauty is that the Bank will be lucky to recoup half the asking price, on a good day.

Interested in making a bid? Contact THE STARK TEAM 702 376-5220

www.LasVegasLuxuryHomes.com

August proved to be a disappointing month for Las Vegas Area landlords as the numbers didn't peak as they normally do year over year in August. Renters are becoming buyers finally as prices drop!

Units Leased:

• August 2008: 1719
• July 2008: 1697
• June 2008 1564
• May 2008: 1554
• April 2008: 1536
• March 2008: 1531
• February 2008: 1632
• January 2008: 1500
• December 2007: 1156
  November 2007: 1452
  October 2007: 1501
  December 2006: 1052
• January 2007: 1262

Average Monthly Rental Rates:

• August 2008: $1464
• July 2008: $1510
• June 2008: $1503
• May 2008: $1483
• April 2008: $1467
• March 2008: 1342
• February 2008: 2788
• January 2008: $1500
• December 2007: $1531
• November 2007: $1493
• October 2007: $1511
• January 2007: $1295

Median Monthly Rental Rates:

• August 2008: $1250
• July 2008: $1250
• June 2008: $1275
• May 2008: $1250
• April 2008: $1250
• March 2008: 1200
• February 2008: 1200
• January 2008: $1200
• December 2007: $1295
• November 2007: $1200

Absorption Rate is stable from last month and remains a Landlord's Market at 2.5 months of inventory in the Rental Sector for the Las Vegas Valley.

How to check to see if the home you are renting is in default

Last Month's Report

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.