It was just a matter of time before the supply and demand of the condominiums in the Las Vegas Valley caused the prices to rise. We are very familiar with the current condo market and are used to seeing multiple offers on these properties. One of the main reasons that this market is seeing so much action is because the buyers can actually see a positive cash flow if they wish to rent them out. We are seeing condos that sold for over 200k just a few years ago now going for under 100k. Be sure and do your homework if you are planning to buy these as an investment. Many of the complexes do not allow you to rent your unit out and may have other rules that restrict investors. In other communities, renting is allowed with very little restrictions. Another very common problem with Condos is the Home Owners Association. A large percentage of these associations have class action law suits for construction defects against the builder. If you are trying to get an FHA loan or have been pre-approved for an FHA loan, you can’t get this type of loan if there is litigation. These are just a few reasons why you will want help from an experienced professional. This market is like a moving target that changes on a daily basis. Here are other things to consider when shopping for condos.

• Are the units purpose built condominiums or are they converted apartments?
• What is the ratio of owner occupied units verses rentals?
• What increases has the property had recently in the HOA dues and is there a cap?
• Do the HOA dues include water and garbage?
• If you are planning on renting it out, is it in an area of town that will be easy to find tenants.
• Property Management companies are a good resource for information.
• Ground floor units are more desirable to senior citizens.
• Units with garages are in high demand
• Bidding wars are common in this market. If you don’t like them, this market is not for you.

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