Posted almost 14 years ago

REOs Depleted at MGM Signature Condos - Strip Studio at $144K

I have been following the MGM Signature Hotel Condos for the past three years and have watched as many of the units that originally sold during the height of the real estate boom for hundreds of thousands of dollars moved back to the bank as foreclosures.  These units later re-entered the market as bargain-priced REOs.  However, as the real estate market has continued to rebound in Las Vegas, interest in the MGM Signature property has risen steadily.  This increase in demand has caused prices to begin to creep up and the number of available REO properties to shrink.  In my article of April 27th, 2010 entitled “Short Sales Continue to Rise at MGM Signature Towers,” I predicted that, by the end of 2010, we would see a complete shift away from REO foreclosures at the MGM Signature.  I predicted that the number of available REO units would continue to drop throughout the year and be replaced by short sales and other forms of private party selling.  I also anticipated that the occupancy rates for the rental pool at the MGM Signature would rise this year as compared to 2008 and 2009.

These predictions have come true.  As of this writing, the number of available REO units within the MGM Signature complex has dropped to ZERO.  Also, year-to-date, the management company for the Towers has been able to average an 86% occupancy rate for the property with an average room rate of $121 per night for strip side studio units.

Because I specialize in the MGM Signature Towers, I have been able to list and sell several of these units to investors who are using them as vacation properties and/or cash flowing them in the rental pool.  I currently have a 10th floor unit available with a beautiful strip view.  It is in the third building with the pool just below.  (125 East Harmon Ave.)  At $144,000, this unit is the lowest priced strip side studio available in the entire complex.  If you are interested, this purchase must be a cash offer and you need to act quickly.  This unit will not remain available for long.

Glenn Plantone
702-769-9872
[email protected]