Questions I would have before buying a condo in Vegas:
1. Is the building complete? I would be hesitant to buy into any building that isn't completed, as many projects might not make it to completion.
2. What percent of the building has been sold? Buildings will need strata fees from owners to cover maintenance and upkeep.
3. Are you able to cashflow without rental income if necessary? The US will not be recovering from the recent economic conditions in a year or two. There could be a prolonged time of 5+ years of pain in the US.
4. Are you planning to hold on to the property for 10+ years that it could take for property values to return to levels of the past 5 years? Anyone planning on making a quick buck in a year or two of owning a unit is dreaming IMO.
If you're comfortable with all these things, there could be some good deals to be had in Vegas.
I'm not very familiar with the water conditions in Vegas as mentioned above, but these issues are usually fixable, but aren't given enough thought until it's almost too late, so it's obviously an additional risk for the area.
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