Expert: Nori J. Muster - 9/19/2011

Question
I have been hearing all over the place that Las Vegas condos are getting higher returns on investment that anywhere in the United States. I live in Las Vegas and would like to invest in a few if this is true. I have been looking at condos through http://hiriseliving.com and have found a few that I am very interested in. Do you think now is the best time to buy?

Answer
Dear Samantha,
I am not sure on the returns, because you don't know that until you sell.
However, Nevada was hit hard in the crash, right up there with Florida or Arizona.
You can buy a condo cheap nowadays, but if you do, be sure to investigate how the homeowners association is doing. Many could be near bankruptcy. You don't want that! Also, be aware that it may be difficult to get a loan for a condo, since banks consider them too risky these days.
I personally know a great Realtor in Las Vegas who can help you out. I will give you her contact information if you are interested.
A good place to look is Lake Las Vegas, which is just to the east of the City of Las Vegas. They have a lake and the condos are in a vacation rental pool.
Some of my clients told me the cheapest condos are right around The Strip, but those neighborhoods are low-rent and run-down. That is just what I have heard from my clients.
Nori