Trump Las Vegas investment?

SportSavant · Jul 20, 2010

Ive seen where you can purchase a Studio apartment at trump las vegas for 150K now.

These units were like 700K when they first came out.

http://lasvegas.craigslist.org/reb/1851224495.html

You can stay there when you want and when you are not there throw it into the rental pool.

has anyone looked into these? Any opinions?

I think condo fees for the studios are about $350 a month.

bigbet1234 · Jul 20, 2010

Intersting. Would like to hear more

bigbet1234 · Jul 20, 2010

Looks like $150K for a hotel room

SportSavant · Jul 20, 2010

bigbet1234 said:
Looks like $150K for a hotel room

Yeah, fully furnished, and you can throw it into the rental pool when not using, probably woudnt get much money rental, but heck as long as you got a little it would seem worth it to me?

the location is right near the wynn and the Fashion Show Mall

billhill999 · Jul 20, 2010

Maybe a little off topic, but I read where Mr. Trump is not very welcomed by Mr. Wynn and those folks.

SportSavant · Jul 20, 2010

well he ovbviously is not able to get a Casino License, because his hotel has no Casino.

PatsFan1283 · Jul 20, 2010

150k wow. It is kindof off the strip a little but still 150k is nothing for a place on the strip. I'm surprised Asian $ isn't scooping those up, must be a catch. Anyone got anymore info?

SportSavant · Jul 20, 2010

PatsFan1283 said:
150k wow. It is kindof off the strip a little but still 150k is nothing for a place on the strip. I'm surprised Asian $ isn't scooping those up, must be a catch. Anyone got anymore info?

You might as well consider it "on the strip" because frankly its right there, near the wynn and the fashion show mall, of course its not right on the strip.

One thing I do know is you cannot get a mortgage for these purchases, has to be cash, so you have to either have the money or get it from a home equity line of credit.

SportSavant · Jul 20, 2010

One thing I am not sure about is parking.

Betallsports · Jul 20, 2010

SportSavant said:
You might as well consider it "on the strip" because frankly its right there, near the wynn and the fashion show mall, of course its not right on the strip.

One thing I do know is you cannot get a mortgage for these purchases, has to be cash, so you have to either have the money or get it from a home equity line of credit.

So they are All " Short Sales " ??

SportSavant · Jul 20, 2010

Betallsports said:
So they are All " Short Sales " ??

I beleive in order to get tham at that price, yes. It says in the ad that these are cash only deals.

Mr.Smith · Jul 20, 2010

you are very unlikely to be able to rent it much. there is a glut of these type things available.

I have stayed there, it is very nice

I personally would run away screaming from buying one of these. when you want to go to Vegas, they have a glut of hotel rooms too so they dont cost much. get a room dont buy one

KillaRSox · Jul 20, 2010

Give it a few years Trump will have a few hotels/restaurants/condo's in vegas. But he will NEVER have a casino in Vegas. Wynn can keep Trump out of Vegas but Trump can't keep Wynn out of Atlantic Citym isn't it awesome....

Mr.Smith · Jul 20, 2010

most of these condos are unsold. so Trump rents them out as hotel rooms. so to rent yours "in the pool" they will rent theirs first and I dont think they sell out much. you are competing against the Trump hotel.

by the way City Center has 2,200 condos on the strip for sale, they have sold 200

Vegas condo market is in a shambles. you would need a long term view. and pay $350 month until then. and you will forever be competing against every other hotel in town for renters. its pretty risky

TomGshotput · Jul 20, 2010

Mr. Smith said:
you are very unlikely to be able to rent it much.

So live there. Perfect for the middle level professional poker player

MGM and Palms are in the same price range, can't imagine these prices moving any differently than anywhere else in the city. Except with these you have the huge association fees

TomGshotput · Jul 20, 2010

Toys for rich people are just that. They will almost never be a good investment

SportSavant · Jul 20, 2010

TomGshotput said:
So live there. Perfect for the middle level professional poker player

MGM and Palms are in the same price range, can't imagine these prices moving any differently than anywhere else in the city. Except with these you have the huge association fees

yes this is my point, i think it might be worthy if you lived there for a good portion of the year, and when not living there if you can at least cover the association fees through rental pool revenue it seems like not a bad deal 2 me.

Akillies · Jul 20, 2010

the fees are/will be the killer

TomGshotput · Jul 20, 2010

SportSavant said:
yes this is my point, i think it might be worthy if you lived there for a good portion of the year, and when not living there if you can at least cover the association fees through rental pool revenue it seems like not a bad deal 2 me.

Fees plus lost interest on the $150k is like $10k per year (appreciation on the property might turn around, but then add in taxes). I would pay more than that to live their 365 days, but can't write a check for $150k. And the people who can afford to do that don't want to live in a hotel room. Renting it is going to be very sporadic, especially if you want to use it during the big events and leave when it is slow. Also lose the ability to leave your closet filled and all that

5teamparlay · Aug 23, 2016

prolly would have been a good buy.

No one mentioned to rent it as a year round investment to one renter.(like a couple of strippers or dealers.)

Probably would have crushed it.
and lived on paid off when retired.
average 1 br 1 ba is 600k

https://www.lasvegascondomania.com/condos/TRUMP-TOWERS.php