Vol. 3, No. 6, June 2007
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Meet in the Middle
Condo-conversions are a safe choice for renters who want to buy
It may be the worst real estate market that Las Vegas has seen in a decade, but Mark Taylor, vice president of operations for Creative Sales and Marketing, the sellers for Enclaves, says it’s the best market he’s ever seen for buyers.“The incentives and motivation for people to buy are incredible,” he says, “and it’s a market that is open to everyone.”
If you’re renting right now, says Taylor, it’s a wonderful time to consider buying your first home. And for casino employees and shift workers, there are few better choices than condo-conversions. There is no maintenance or outside yard work necessary.
“The only things you have to worry about are the appliances and hot water heater,” says Taylor. “And since they’re usually brand new, that’s a concern that you should not have for many years.”
As former rental units, condo-conversions are virtually completely new housing units, available at reasonable prices. Most condo-conversions sell for between $130,000 and $250,000. They come in all sizes, from one-bedroom units to three-bedroom suites.
The best thing is that almost anyone can qualify to buy a condo-conversion.
“All you need is a steady job,” says Taylor. “We have great relationships with several lenders, and with most of them, they don’t even consider your FICO score. If you have a job where you make less than $70,000 a year and have shown a reasonable ability to manage money (no $1,000 a month car loans), you should be able to get a mortgage for a primary residence at the same rate as someone who has a FICO score of 700 or above.”
In addition to the freedom from chores that you don’t find with a house, most condo-conversions have community pools, weight rooms and jacuzzis—things you would never be able to afford in a house.
Another benefit of buying now is the ability to build your credit, making it easier to buy or invest in other real estate down the road.
“If someone has a three- to five-year plan to become a real estate investor,” says Taylor, “buying a condo-conversion makes a lot of sense.”
Taylor’s company has four condo-conversion projects—the Enclaves, on Sahara near Durango; the Coronado Palms, at Buffalo and 215; Adiago, on Buffalo and Las Vegas Dr.; and Solano, on Charleston, east of Durango. Purchase incentives range from cash, to low interest rates and no closing costs.
“At the Enclaves,” says Taylor, “we offer a financing package that includes no down payment and no payments at all for the first year. You don’t get much better than that.”
