Calling all Cash Buyers - YOU CAN CALL THE SHOTS.

Where are the condo-hotel loans? At Chase and that's it! Inventory is climbing in the high rise arena. We have buyers wanting the deals and foreclosures at MGM Signature but there are no lenders. There have been no resales at Trump, none at the Palms, while there are quite a number in escrow at the Signature, but cash is the name of the game. And cash buyers expect deep discounts. We are starting to see a few units in the high $290k range and even a strip view 18th floor bank repo studio at $305k!

We have other issues closing "Decorator Ready" units at Turnberry Place, Turnberry Towers, and Allure. We have limited lenders who want to make loans on these units with no flooring, no carpeting, no paint, no baseboards. For investors, that equates to no possibility of renting without getting involved in a several month build out.  For lenders - there is hesitance in getting involved in today's difficult times with units in which the buyers have to spend more dollars after closing.

  View Turnberry Place Resales         View Turnberry Towers East Resales     View Allure Resales

The Stark Team is working with a very  experienced loan officer who can broker these condos to a lender who will include the build-out costs in the loan amount which are paid for from a controlled escrow management account. We just closed a 2 bedroom unit in Turnberry Towers East that was over 1450 sq. ft. for a buyer with this type of loan.  The original cost of the unit was $630k.  Our buyer bought it for $465k. Killer deal - right smack dab over the lagoon style pool with sit down pool views from the livcing room window.  We do know how to get the job done & done right - but it is ever challenging.

Photo Above is of the Turnberry Towers East Pool at Night

DEVELOPERS NEED TO SHELL OUT THE BUCKS AND FINISH THESE UNITS IN ORDER TO MOVE INVENTORY. I think some of them are functioning with their heads in the sand so to speak.

Most sellers have no concept of how very difficult the lending environment is these days.  It all boils down to the fact that the banks and lending institutions have very little money to dole out. Sellers cannot fathom how severe the credit crunch is in the condo arena is these days.

Mounting inventory I am afraid will result in lower prices. Sort of an inverse proportionate ratio is being created. Good for buyers. Challenging for Sellers.

My partner, Travis Scholl, has been doing a jam-up job helping condo owners rent their units in an effort to help weather the storm so to speak.  If you are looking for a great condo for rent close to the strip in a gorgeous building, or if you are an owner wanting to lease your unit:

 CONTACT TRAVIS SCHOLL at 702 232-5376.

CONTACT THE STARK TEAM

LAS VEGAS CONDO EXPERTS FOR ALL YOUR HIGH RISE SALES & RENTAL NEEDS