Las Palomas Question

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lifesabeach

Guest
Out of the top 20 markets, only Phoenix and Miami have experienced real estate appreciation in the latest government report. Of course, as Phoenix goes so does Rocky Point. I have been looking to buy a second home for quite some time and think now may be the time to actually do it. I have found a condo in Las Palomas Phase 1 that seems to be a great deal and looks perfect for my family and I. The condos are beautiful there and resort has the best amenities in Rocky Point. Phase 1 does not rent nearly as well as Phase II so prices are much cheaper, however this suits my needs as I have no plans to rent and the pools and common areas are somewhat quieter.

However, I have done some homework and spoken to a number of folk including a couple of current owners and a real estate agent. They have all warned me that Las Palomas is not friendly to owners that do not rent. One mentioned that there are plans to restrict and charge all guests, even owners who do not rent, $50 per night to stay there.

So I am looking for advice. Do I need to be concerned about Las Palomas and can a resort actually charge owners for guests in their own condos? If so, which resorts should I be looking at to purchase?
 
Roberto

Roberto

Guest
There has been a lot of back and forth about Las Palomas. Just type in the name to the search box above and you'll get a lot of stuff, the good the bad and the ugly. Good luck with your search and yes you should ask a lot of questions before you subject yourself to an HOA. It seems to me that the HOA's and management companies tend to get out of control. No idea how that can happen other than absentee members not voting.
 
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Terry C

Guest
Just make sure you are aware of what the HOA fees are a Month and any other fees that may apply to owning a condo anywhere.
 
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Disneynut

Guest
I have been coming to Rocky Point since the age of 15 (I am now 40), I just recently moved here full-time. As much as I love it here, please don’t be overly optimistic about the recovery of either the economy or the real estate market.

There is an extraordinary surplus of luxury housing in a very small city that has no jobs for a North-American (gringo) resident to make even a modest living. The real estate market here does not mirror Phoenix despite what any real estate agent may tell you. Rocky Point has only vacation property, and as such, finding a bank to mortgage any property here will be an uphill battle. The market in Rocky Point will not recover until at least 3-5 years after the economy in the surrounding states (California, Arizona, New Mexico, etc.) recovers and until the surplus of housing is bought up (at rock bottom prices) by those that have cash and can wait the required time to see a return on their investment.

Assuming you intend to pay all cash, you are doing the appropriate research to ensure that you are making a wise purchase. I recently went through the same process and my wife and I quickly eliminated Las Palomas as an option for ownership. The property is beautiful but the HOA is in constant turmoil. The monthly dues are incredibly high and will only go up. We placed an ad here on Rocky Point Talk for housing and the response was overwhelming. The fact is that an untold number of people are looking to get out at any cost. There are some decent options to be had and we would be happy to pass along our research.

I don’t want to be overly negative and I am sure that my commentary will upset a number of people who are still living in 2006 and feel the market will recover at any moment. If you love the area and plan to purchase here because of the wonderful times you can and will experience with your family and friends, Rocky Point is a great investment. If you are seeking a financial investment, I would be prepared to spend at least 10+ years before you see any return on said investment.

Please feel free to send a private message and I will gladly give pass along all of the information I have accumulated in my search for a property.
 
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Dezracer

Guest
You should look info buying a house at Las Conchas. I have several neighbors desparate to sell. As a result we are see under 300k for nice houses second row from the beach.

Sent from my SPH-P100 using Tapatalk
 
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toetrx

Guest
We own a condo at Las Palomas Phase 2. We have never rented and do not plan to. It is true there has been alot of turmoil with the former Management
group. A new Management company has recently taken over and things seem to be getting better, but in fairness it is to early to tell. I would look for a
deal in phase 2 over phase 1. We have been told that our utilities are less than phase 1 due to better a/c, appliances etc. Also the HOA dues are slightly
lower than phase 1.
As far as not being friendly to non renters, we have never experienced that. I would look for the best deal that you can get, the market will eventually come
back and you will make a good profit and in the mean time you will have a great place to relax and enjoy. Just my two cents for what it is worth.
 
ben21

ben21

Guest
I wouldn't be too concerned about prices falling further either... Places in Las Palomas are selling for as little as 70k for 1 bedroom. Let's say prices TANK 20% more, which is highly unlikely since they have pretty much been bouncing around the bottom for over year. Then your place is worth 56k. Not nearly the $ loss if you had bought really high.
 
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Parrothead

Guest
I owned at Las Palomas a few years ago. We're I to do it again, and was dead set on a condo, I would go with the Sonoran properties. Much less problems with the management. Also recently heard that the golf course at Las Paloma's was just hanging on with a thread. Check out the Sonoran Sky next door. Just my take not only from my experience, but also that of others. I like the idea of just renting when I want to, perhaps I feel that way as a result of my personal experience. Rocky Point is a beautiful little town but owning there is a little different.
 
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curiousgeorge

Guest
lifesabeach said:
One mentioned that there are plans to restrict and charge all guests, even owners who do not rent, $50 per night to stay there.

So I am looking for advice. Do I need to be concerned about Las Palomas and can a resort actually charge owners for guests in their own condos? If so, which resorts should I be looking at to purchase?
Click to expand...
I am not sure why anyone would buy into any development that charged owners to have guests in their own condos. I have not heard that this is planned to happen at Las Palomas but the HOA was just turned over to the owners and there are many rental investors at LP, so who knows. It may be worth waiting a bit to see how the new HOA settles down before you purchase.
 
dry heat

dry heat

Pigeon coup coordinator
rumors always swirl as to what will happen, what has happened and what is happening (of which 90% are false). follow up with the new management company and they are in the best position to answer your questions.
 
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marybna

Guest
I owned there. It is a nightmare. Lots of money problems. Why isn't phase 3 done and where is that money? I also have owned at Spa. All the Sonoran projects are completed. Only buy were everything is done and look at the condition of the paint, stairwells, grounds, are pools heated etc
 
dry heat

dry heat

Pigeon coup coordinator
this is the 1st time owners have control of the resort in 8+ years, so I expect things to improve and change.
 
Landshark

Landshark

Guest
Wahoo said:
... nice comments. While it is True that Real Estate prices and values are rising, this is only true when you own the REAL ESTATE, own the LAND.

Last I heard real estate values were still expected to drop another 10% in RP. What do you base your rising value comment on?
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Roberto

Roberto

Guest
Last I heard real estate values were still expected to drop another 10% in RP. What do you base your rising value comment on?[/QUOTE said:
As we all already know, no one really knows what will happen in the short run. Unfortunatley the local MLS data are incomplete and hence inaccurate. I will say that there has been more 'activity' than last year. The lookers are coming around and interest in Penasco has not gone away. There are still many people interested in owning, just a shortage of cash. If financing was available things would be much better and owners are much more willing to finance their sale to effectuate a sale.

While in reality prices may not approach those of 5 years ago in my lifetime, they will increase over the long run. Penasco has a lot to offer several large population centers in the US. You might say the condo market is 'glutted' particularly if you consider the unfinished units and stalled developments. There are lots of good deals on homes in the Mirador and Las Conchas with nothing new being built for some time so I'm guessing for a firming up of the home market before the condo market firms.

All in all, hopefully the raging fire will not reoccur and people will keep their heads about them and not get into something unrealistic. Again I say I would not buy into any unfinished home or condo on the promise of completion. You might get a Bank Trust in an unfinished condo development but have continuing problems if the developer has financial problems.

And don't forget the best buy in all of Penasco, Hacienda Nuevo Leon, now at $225,000 !!! Ha, ha, ha. Buy it today and get a free Mexican Street dog to go with !!
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jerry

jerry

Guest
"best buy in all of Penasco, Hacienda Nuevo Leon, now at $225,000 !!! Ha, ha, ha. Buy it today and get a free Mexican Street dog to go with !!"

this guy should check your place out Bob....are you carrying part of it or is this a cash sale?​


 
Roberto

Roberto

Guest
jerry said:
"best buy in all of Penasco, Hacienda Nuevo Leon, now at $225,000 !!! Ha, ha, ha. Buy it today and get a free Mexican Street dog to go with !!"

this guy should check your place out Bob....are you carrying part of it or is this a cash sale?​
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I would carry some for the right deal .
 
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curiousgeorge

Guest
One of the biggest problems during the real estate run-up was that condos were sold to investors. Many purchasors bought units with the expectation that they could fully cover their monthly costs through rentals. The problem is Rocky Point is not a 12 month town which is why hotels do not work here. They have always needed owners who love the beach, view this as their second home, not as an income producing asset. If they make a little money renting to offset their expenses that is great, but they expect to carry the majority of cost themselves.

Las Palomas probably feels this worse, as many condos were sold to owners with expectations of big rental returns. Some owners have 3,4, or 5 condos and purchased at prices at the height of the boom.

I guess the good news is that the cost of Rocky Point real estate is getting to a point that there is little risk in purchasing today. Hopefully this will encourage owners to come back because this is a great place to own their dream beach home without relying on rental income to make their payments. I believe once the town and resorts start focusing again on the second home owner market who want affordable beach front property, the sooner the true recovery will start, and Las Palomas is the nicest resort in town.
 
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