I received a call the other day from a high rise condo investor who posed an interesting question: "I'm not sure whether I should just sell my unit or get out of my contract completely. What do you think makes most sense?"
Perhaps it's a good time to reiterate my thoughts to the masses on high rise condo hotel investing in Las Vegas. In my opinion, investors should not be thinking "flip" when they make the decision to purchase a high rise condo unit. There are very few projects in town right now that the "buy and flip at closing" strategy makes sense. For starters, the Las Vegas high rise marketplace is so new, there are no historical guidelines to go by to determine what high rises will sell for in the short-term. That being said, for the investor who makes a decision to purchase and hold for a few years, high rise investing in Las Vegas could prove to be quite lucrative.
Remember that just about every high rise project in town will require you to close. Assigning your unit before closing probably won't happen (unless you cut a personal deal with the developer). Getting back to the original question, the purchaser's contract went hard (meaning they signed a contract and put down the required down payment) hoping to see the reconstruction real estate appreciate in the short term to flip at contract time. Well, that's probably not going to happen - but as I maintained, closing on the deal and holding the unit for 2 to 3 years would probably result in a very happy outcome.
Think long term in a quality project to see results. Right now, I can't stress enough the potential of city center and Juhl. For you heavy hitters out there, go city center... for the smaller investor, get into Juhl. If you can hold onto your purchase for 2 years or more and I'm right, you won't need me to tell you what makes the most sense.
Ron Costaron@vegasnnn.com702-688-6454vegasnnn.comlasvegasluxuryhighrises.com
Article Source: http://EzineArticles.com/?expert=Ron_Costa
Sunday, July 8, 2007
San Diego Condo Prices Jump 2% In May 2007
Data just in for the month of May 2007 shows the sold prices of San Diego condos rose 2% over the last month. O’ how the media loves to report the median price of a condo as that’s all a journalist education can often understand. However, the real number to watch is the sold cost per square foot as it’s a better indicator of true prices as the median is often skewed with a change in the mix of home sizes sold.
This is even truer in the downtown San Diego condo market which often will have new building come on line that influences the data heavily. For example, for this same time period the median price actually fell one percent, meaning that more lower priced homes were sold than higher priced, but for the same home in both periods its value rose 2%. The average price per square footage sold in May of 2007 was $569. The median price sold was $660,674.
It is expected that the median price of a San Diego condo in downtown will jump dramatically by year end 2007. The media is going to love it as it will make good headlines. Reason being is that the majority of condos buildings that will be completed this year are upper end buildings with higher than average quality and prices. So if you’re a buyer waiting for prices to drop your really not going to like reading the article in the Sunday paper that median prices rose significantly over 2006 levels, unless of course you buy before that article come out.
For more statistical data visit http://www.LiveAtTheTop.com
Downtown San Diego condo expert and RE/MAX Realtor. No active Realtor has lived in the Gaslamp district longer than Mark Mills.
Article Source: http://EzineArticles.com/?expert=Mark_Mills
This is even truer in the downtown San Diego condo market which often will have new building come on line that influences the data heavily. For example, for this same time period the median price actually fell one percent, meaning that more lower priced homes were sold than higher priced, but for the same home in both periods its value rose 2%. The average price per square footage sold in May of 2007 was $569. The median price sold was $660,674.
It is expected that the median price of a San Diego condo in downtown will jump dramatically by year end 2007. The media is going to love it as it will make good headlines. Reason being is that the majority of condos buildings that will be completed this year are upper end buildings with higher than average quality and prices. So if you’re a buyer waiting for prices to drop your really not going to like reading the article in the Sunday paper that median prices rose significantly over 2006 levels, unless of course you buy before that article come out.
For more statistical data visit http://www.LiveAtTheTop.com
Downtown San Diego condo expert and RE/MAX Realtor. No active Realtor has lived in the Gaslamp district longer than Mark Mills.
Article Source: http://EzineArticles.com/?expert=Mark_Mills
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