Quote:
Originally Posted by RawAlex
There is only one downside of buying condos in a hot market, which is the potential for a crash, especially when you are talking higher end properties. Not everyone is walking around with enough credit to buy a $700,000 condo.
Please consult the disaster that the Miami condo market is turning into for more infomation.
Good luck with it, if you intend to hold it for a while you will make good money, but if you are looking to flip it quick, be real careful.
|
Actually, the Vegas condo market as well as the entire local housing market is in a major slump right now. I just sold my investment condo at the very south end of the strip. The build time ran way long and that extra time it took the build it cost me as the market is really slow right now. I still got a return on my investment, but nowhere near what I could of got had I been able to sell it a year ago.
I will say though, the investment PD is talking about most likely will not follow the normal local real estate trends as it is right in the heart of the strip and caters to the high end clientele. PD, just don't let the builder sell it for you when its done and you want to sell, they will rape you on commissions. Find a local agent and work a deal.