From 2004-2007, I lived in the Meridian Apartments on Flamingo and Koval in Las Vegas.
Yes, that's the same intersection where Tupac got shot.
Not the best area, but just 3/4 mile from Bellagio, and the complex itself was fairly nice.
These were apartments at the time, not condos. While most of the residents were professionals, there was a small but growing shady element there, as well. It became increasingly popular with high-end strippers and hookers. I would encounter them in the elevators late at night, or sometimes would see mysterious limos or luxury dropping them off. However, the complex wasn't overrun with this element, so it was a thing I just laughed off and in fact was amusing to observe.
However, in 2007, during the height of the Vegas real estate boom, I received a notice giving me and all other residents an ultimatum: The complex was being converted to condos, and the option was to either purchase my unit or move.
The purchase price seemed ridiculous. They wanted $450,000, and that was BEFORE required "improvements" for the condo project (which would cost me even more). This was a totally standard 2-bedroom apartment in a 4-story complex, built in 1992. Fine for renting on a temporary basis, but nothing worth half a million dollars.
I wiped my ass with the notice, stayed until the very last moment I could, and moved elsewhere.
Before I moved, I started to notice a change in attitude of the management. The mostly upscale and respectful environment in the rental office turned into an aggressive, obnoxious gaggle of high-pressure salesmen. If you weren't coming in to discuss purchasing a unit, they didn't want to listen to any of your concerns.
Fortunately, my concerns and issues were minimal, but I watched others in the complex get abused. I ran into an old lady in one of the other buildings, who told me that she "couldn't hear herself think" because they were doing construction/improvements on a common-wall unit, and that this had been going on from 7am-6pm for the past two months. When she complained, they told her that she had no choice, and if she dared break her lease, they would ruin her credit. I knew the new ownership was shady, but I was starting to get an idea that they were REALLY shady. I advised the old woman that the complex was violating Nevada's "quiet enjoyment" rental law, and that she could indeed break her lease without consequence. I told her that she would win her court case 100% of the time here. I don't know if she followed my advice, but she thanked me profusely and said she would strongly consider breaking the lease and leaving.
Anyway, after I left, and the condo project took hold, I was flabbergasted by the sale price of my unit. It went for $715,000. I literally left $265,000 on the table.
Then the housing bust came, and the Meridian was hit the worst. This was partially because it was overvalued, partially because almost none of the new condo owners lived there (so the place took on a seedy element), and partially because the shady company selling the condos committed all kinds of fraud.
The place degraded into a cespool of drugs, prostitution, squatting, and crime, and the 2-bedroom apartments once going for $715,000 were selling for under $90,000.
At one point, an illegal hotel was running from there.
I considered buying one of these bargain units, holding, and flipping, but I decided it wasn't worth the hassle.
Remember that pimp who shot another guy on Las Vegas Blvd, to where that car ran into a cab, an explosion happened right in front of Caesars, and 3 people died? That pimp lived at the Meridian, and was running a prostitution operation out of there.
Here is a story from last year about the Meridian. Very interesting read. http://www.businessweek.com/articles...and-gun-fights
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Originally Posted by Hockey Guy
