Condo in las palomas

[apb739]

I'm considering buying a condo here. Thought I would post and get some food for thought about moving forward. I'm not looking to generate income, but to have a place (my own) in RP. I have read about some of the " issues" with the rental pool. I'm also concerned because I live in Colorado, so I can't just jump into a car to take care of a problem. We try and come down about 6 times a year. We have rented at a few other resorts, but like las Palomas the best. I've started the list of "pros and cons". Any help adding to the list would be appreciated! ;-)

 

[summerfrost]

I'm considering buying a condo here. Thought I would post and get some food for thought about moving forward. I'm not looking to generate income, but to have a place (my own) in RP. I have read about some of the " issues" with the rental pool. I'm also concerned because I live in Colorado, so I can't just jump into a car to take care of a problem. We try and come down about 6 times a year. We have rented at a few other resorts, but like las Palomas the best. I've started the list of "pros and cons". Any help adding to the list would be appreciated! ;-)

We are also looking at Las Palomas (seems to be plenty to go around), so if you post your pros and cons, we will be happy to compare notes

 

[dry heat]

the prices are great right now to buy (plenty of options too). I have seen 1 bedroom ocean front units selling for 80k-90k. When owners finally have control of the HOA, you will have more security in your purchase (should happen within the next few months).

 

[Parrothead]

We are also looking at Las Palomas (seems to be plenty to go around), so if you post your pros and cons, we will be happy to compare notes

I owned at Las Palomas at one time, and while I don't want to get into a debate with others as to the pros and cons of owning there, let it suffice to say it was not the wonderful experience that I thought it was going to be, and were I to do it again, I absolutely would not buy there again. If I was determined to buy again (which will never happen again outside the U.S.) I would look at the Sonoran locations and if I couldn't find something there I would forget it....

 

[rockyptjoe]

why buy a problem if you can rent. Six times a year is nothing. You can have the pick of the Crop and never worry about it after you leave. You can spend 2,000 a week and it is still only 12K. Think about the true cost of ownership.

The numbers do not make sense unless you expect to stay at least 250 days a year and that would be luxury living.

RP is changing and the cost structure is out of whack. Ownership will be very different 6 years from now. Condos have a huge carrying cost. Have you visited the Mayan. Before you make a decision visit the Mayan. A true resort experience that you can exchange for Cabo, Cancun, Palya del Carmen etc. Even Hawaii on an exchange.

Bottom line, there are currently about 650 units listed for sale in the MLS, not including the shadow inventory.
Current sales are about 16 a month... you do the math. Average sale price is deeply discounted form listing.
Condo's are a Tar baby with exploding maintenance and obsolescence with time. This is a Salt city and elevators, windows etc have a short life.

Foo d for thought from wahoo.

On this vein...a friend's father-in-law recently (the last month or so) rented a penthouse condo in Bella Sirena for a month for about $2000....

 

[reportjones]

Buy at one of the fully built resorts such as the Sonoran projects. They are completed and turned over to the owners. They are beuatiful and well maintained. LP is a nightmare and it is only going to get worse! Wait until the basement parking starts to cave in from water orrosion.

 

[dry heat]

LP is a nightmare and it is only going to get worse! Wait until the basement parking starts to cave in from water orrosion.

???????????

 

[garyd]

Buy at one of the fully built resorts such as the Sonoran projects. They are completed and turned over to the owners. They are beuatiful and well maintained. LP is a nightmare and it is only going to get worse! Wait until the basement parking starts to cave in from water orrosion.

I would agree, buy at one that is fully completed but look very closely at the financial staements of the HOAs. With all the defaults right now the larger projects could have huge shortfalls. Bella Sirena has high fees to pay for it's lush landscaping and grounds. You get what you pay for.

 

[marjielovesmex]

We own a condo at Sonoran Sea that we have always rented out. Although we have had no real problems and are fine with the management, care of the grounds, pools, etc. , I would hesitate to again plan to buy a condo with the intention of renting it. Rental income is way down from what it was. Renters cause damage.......ie, blinds broken, dishes broken, chair pads stolen, bathroom fixture broken????how do you do that????. Plus it is getting older and less upgrades. We also own a condo at the Sonoran Sky that we do not rent out. We furnished it for ourselves and our family members only. It is a great place with great management of the property, and just beautiful beach and views. We go down 2-3 weekends a month. It is our second home and have had no security issues or maintainance issues. Management is very responsive. I would recommend considering the Sky. Puerta Privada is also lovely with no management problems, but it is owners only with no rental. You can let family and a limited number of friends use it.

 

[garyd]

We own a condo at Sonoran Sea that we have always rented out. Although we have had no real problems and are fine with the management, care of the grounds, pools, etc. , I would hesitate to again plan to buy a condo with the intention of renting it. Rental income is way down from what it was. Renters cause damage.......ie, blinds broken, dishes broken, chair pads stolen, bathroom fixture broken????how do you do that????. Plus it is getting older and less upgrades. We also own a condo at the Sonoran Sky that we do not rent out. We furnished it for ourselves and our family members only. It is a great place with great management of the property, and just beautiful beach and views. We go down 2-3 weekends a month. It is our second home and have had no security issues or maintainance issues. Management is very responsive. I would recommend considering the Sky. Puerta Privada is also lovely with no management problems, but it is owners only with no rental. You can let family and a limited number of friends use it.

If you are not looking at trying to pay for it with rental money (strongly advise against) then Puerta Privada would be IMHO the best way to go.