Who else love condos?

Ousted Marvell founders invest in Las Vegas condos

http://www.bizjournals.com/sanjose/news/2016/12/01/ousted-marvell-founders-invest-in-las-vegas-condos.html

Weili Dai and Sehat Sutardja, the ousted husband and wife founders of Marvell Technology Group, have moved to Las Vegas and bought hundreds of condos in the city.

They also bought 241 units in Loft 5, a 272-unit luxury residential complex off Las Vegas Boulevard South and about 5 miles south of the Strip there. That $51.5 million purchase closed Tuesday.

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I guess these condos can be attractive to people who frequently travel to Vegas or consultants who set up a base there to eliminate state income tax.

Dai and Sutardja must be very smart, but I am surprised by their investments. Are they going to sell the whole deal of 241 condos to individuals separately to earn the price differential between wholesale and retail?

Maybe they have too much money and they just need to diversify. I think I might invest in something better than that.

Well, seems that they plan to rent the condos. Can’t believe that tech Titans have become landlord. Maybe it is not a bad idea to be a landlord at all.

Hey, Facebook apparently wants in…

I thought once over 50% are rentals, then you can’t get a confirming Freddie/Fannie loan? If they are renting out a majority of the units, then the rest of the buys wouldn’t be able to have a conforming mortgage. That’ll depress values.

Maybe they will get loans from facebook directly? And buyers will have to repay facebook in full when they leave the company. That would be the ultimate golden handcuffs.

If that 70% sold is true, I am impressed @manch

Buy the dip my friend.

Condos are the future to live. It is evident that people moving towards the condos. It also because of advantages of condominiums are much. All in all I really like condos.

Condos have security, swimming pool, landscaping, barbecue pits, courts, party rooms, views and easy to socialize. For a small sum, you gain plenty of free time. Well, for manch, his time is worthless :smiling_imp: , so no condo for him :hugs:.

So, do you like:

  1. Paying some ridiculous monthly HOA fee for services/amenities that you perhaps may not ever use but well it is required?
  2. Do you like someone (the HOA) telling you how you can paint or remodel your home when really you are the rightful owner?
  3. You probably understand supply and demand. If condos are plentiful and more are coming online vs the supply of single family homes that are stagnant which would you rather have (all other things equal)?
  4. Please, the investors here may own condos, but at the end of the day, please ask what they live in. I would say 99% of everyone here lives in a single family home. Period.

We have an HOA in the Keys. It is like another layer of government. Only $2k/ year. But is used as a hammer for neighbors to snipe at each other. Politics is ugly at any level. If fact the more local the nastier.

It pays for water, which is a huge benefit. But like all organizations it grows and wastes money

And that is my point mainly: you bought a property. You are the owner. I don’t want to hear or find out someone else actually controls your every move in regards to that property. It is dumb…

Thanks to Mello Roos and the desirability of gated communities, HOAs are increasingly common.

Well, you can’t get around newly formed neighborhoods or developments that need infrastructure (hence the mello roos) built to support everything.

Bottom line is: why would you want to buy an apartment? A condo is at the end of the day, an apartment. Yes, in Manhattan, very common due to it being The Big Apple, but here you have options. Sure, SFHs are more expensive. I get that. But if I were buying today, I would make the sacrifice and buy a fixer SFH somewhere and go from there. Look at my contractor again. Penniless years ago and probably illegal. Gets legalized and marries a woman here. Lives in my apartment building for years in which I help him save money by cheap rent and no increases (he helped me out A LOT). Boom, buys a fixer single family home in Oakland. He remodels it to the point now that it is worth supposedly 800-900K easily. Money. Credibility. You think for a minute a condo would have created the same wealth? Heck no. You would be still in line to talk to the HOA about remodeling your unit…

Unfortunately the BA will have to adopt the NYC model…
Mass transit requires high density. Traffic is the number one probelm, multi family, condos and mass transit are in the future no matter how much people want cling on to their sfhs

Many condos are sprouting everywhere in SV. However, the new ones are mostly for lease only. One thing I notice is most new condos are built near city limits, so if you want to keep a distance from high density, don’t buy near city limits. I can visualize the future is each city is surrounded by “walls” :slight_smile: of condos and commercial buildings.

There will be no large sfhs subdivisions built in the West Bay anymore. Condos are the future.