Just got back from Vegas...Looking at homes... Doug/FH- deals galore

[Iceman]

Sort of sad to see so many homes up for sale.

Drove around for 2 days straight looking high and low for the right home and seen it all. So much to choose from.

Going to rent for the time being but definitley a buyers market. Moving in a week or so.

Can't wait to get back. Highly recommend to anyone if they are thinking of going there for an extended time then do so during the fall. The sports books during football season just have a different feel to them. I love Vegas that time of the year (Septemeber-March).

Also most overrated thing about LV is the heat. Sure it's hot 3-4 months a year. Was hovering a little above 100 all day yesterday, the low only got down to 86 the night before. Yesterday in the evening when it dropped below 100 degrees it didn't feel hot at all, just comfortable. In fact I stood outside and talked to a realtor for 30 minutes with temps around 100 and it never bothered me at all. I didn't think about it one time being hot while standing there and this is coming from someone who doesn't like it hot either.

[Darkside Magick]

i was just out there too... houses everywhere for sale. and prices are still dropping, prices will not rise back up til 2014

[sundin4prez]

what would you say a 1200 sq ft home would cost in vegas?.... just trying to compare to toronto...

[brxbmbers42]

Sort of sad to see so many homes up for sale.

Drove around for 2 days straight looking high and low for the right home and seen it all. So much to choose from.

Going to rent for the time being but definitley a buyers market. Moving in a week or so.

Can't wait to get back. Highly recommend to anyone if they are thinking of going there for an extended time then do so during the fall. The sports books during football season just have a different feel to them. I love Vegas that time of the year (Septemeber-March).

Also most overrated thing about LV is the heat. Sure it's hot 3-4 months a year. Was hovering a little above 100 all day yesterday, the low only got down to 86 the night before. Yesterday in the evening when it dropped below 100 degrees it didn't feel hot at all, just comfortable. In fact I stood outside and talked to a realtor for 30 minutes with temps around 100 and it never bothered me at all. I didn't think about it one time being hot while standing there and this is coming from someone who doesn't like it hot either.

Just curious what part are you living in. I am thinking of moving out there in a couple months to the summerlin area.

[Darkside Magick]

what would you say a 1200 sq ft home would cost in vegas?.... just trying to compare to toronto...

well it would depend on what spot u want to live but a base price for 1200 sq ft in las vegas proper may go in the range of 100-200k

[Fishhead]

what would you say a 1200 sq ft home would cost in vegas?.... just trying to compare to toronto...

You should be able to find a good deal for UNDER 117,000

[Doug]

1200 SF starts at $15,000

http://www.realtor.com/realestateandhomes-search/Las-Vegas_NV/type-single-family-home?sby=1&source=ig&sqft=5

I agree with FH that under 117k is realistic for something nice. 200k is awfully high for 1200 SF

[sundin4prez]

1200 SF starts at $15,000

http://www.realtor.com/realestateandhomes-search/Las-Vegas_NV/type-single-family-home?sby=1&source=ig&sqft=5

I agree with FH that under 117k is realistic for something nice. 200k is awfully high for 1200 SF

shiiiiit some of those 30k> houses look nice........ far fetched to me considering houses in toronto start at min 300k...... you guys would know, is this normal for the US?.... not in you neighboorhood specicaly but how much would the average house go for in you town fishhead? doug? others?

[Iceman]

It all really depends on the area. I was looking more at rentals and in the Summerlin area you pay about a little less then $1 square foot there, probably closer to $80 a sqaure foot. Cheaper in other ares but I only looked in about 3 zip codes. So you can get a nice 1,500 square foot home for $1,250 a month or so in a nice area.

[Doug]

shiiiiit some of those 30k> houses look nice........ far fetched to me considering houses in toronto start at min 300k...... you guys would know, is this normal for the US?.... not in you neighboorhood specicaly but how much would the average house go for in you town fishhead? doug? others?

Starts more like 200k where I live ( CT). About the lowest would a bit under 100k for a tiny condo or some 100 year old house that needs work.

Vegas is way overbuilt causing the low prices, that and a lack of jobs there.Most of the US doesn't have deals like this. Great place to retire if you have a pension.

[Fishhead]

It all really depends on the area. I was looking more at rentals and in the Summerlin area you pay about a little less then $1 square foot there, probably closer to $80 a sqaure foot. Cheaper in other ares but I only looked in about 3 zip codes. So you can get a nice 1,500 square foot home for $1,250 a month or so in a nice area.

My mortgage payment on a 1700 sqft home was 870 a month when I took off in 2002.......plus 60 HOA............so 930.


110,000 LOAN

[Iceman]

We looked at and priced quite a bit of homes before deciding to rent. Have a pretty good feel for what is out there. 120-180k are nice littler homes in nice neighborhoods. You start to get into the 200k range usually you are talking having in-ground pools and/or 2,000+sq ft+ built within the past 10 years or so.

The thing is there are so many super nice homes in LV. I would say most are 300k+. That is the part that astounds me the most. These top of the line homes are EVERYWHERE!!! The thing is I have no clue who these people are and what they do for a living there. This really leaves me scratching my head and they seem to be going up still all over the place. Lots of inventory in that range, IMO.

[jjgold]

Interesting thread

The problem is a job in Vegas
It has to be hard to make 40k+ a year there

[Iceman]

I must have heard 5 "horror" stories this weekend about people buying homes and puttinng large amounts down, how their home was worth double 3 years ago, etc.... It was sad to hear all of it.

[Doug]

Ice: Aren't a lot of those homes owned by California people that sold their million dollar homes to move to Vegas ?

Seems like you can't make big money working in Vegas unless you are a doctor lawyer type.

[Darkside Magick]

i live in los angeles, and many people have moved to vegas!!!! if they ever get that super train from la to vegas done..more people will move there!!!

[Iceman]

Interesting thread

The problem is a job in Vegas
It has to be hard to make 40k+ a year there

That was exactly my thinking. I just don't get it.

My wife is a web designer for Harrah's, she does fairly well and I do okay at what I do. There is just no way we could afford over half the homes that are out there in some parts of that town. I am just talking about very nice, newer homes.

How about going up another level or so? There are all sorts sof houses like this EVERYWHERE, like 500k homes and it seems like many are still being built all over. What the f--- do these people do for a living in LV?

I don't get it at all. I want to stop and ask people them all the time. Whole thing has me completely stumped.

Maybe they all are professional poker players

[Actionbrett]

I appraise Real Estate in Illinois and my license is also valid in Nevada. Im considering the move out there to do the same thing.

[Darkside Magick]

many people i know who live there make there money with business on the internet esp internet marketing...big money in that!!!!

[Doug]

I must have heard 5 "horror" stories this weekend about people buying homes and puttinng large amounts down, how their home was worth double 3 years ago, etc.... It was sad to hear all of it.

That will continue to fuel the supply of homes for sale. Something like 80% of the mortgaged homes in Clark county are upside-down....and often by a lot. I can see how a laid off casino worker, school teacher, etc. just decides to walk away from the house.

Some older houses were worth 150k+ 3-4 years ago and now are like 40-50k.

[Doug]

It all really depends on the area. I was looking more at rentals and in the Summerlin area you pay about a little less then $1 square foot there, probably closer to $80 a sqaure foot. Cheaper in other ares but I only looked in about 3 zip codes. So you can get a nice 1,500 square foot home for $1,250 a month or so in a nice area.

The rent seems kind of high relative to the property value, IMO.

One could probably do very well buying up a few of those 25-30k condos and renting them out. They probably rent for over $500/ month very easily.

[jeffksu]

I have a great friend who bought in 2005 ..420,000..put 200k down...interest only for 5 years and now the arm is due, house worth 190,000 so needs to come up w/another 30k to keep the house...no help because he and wife both work...

[Waz]

Is Summerlin the best neighborhood to live in for Vegas? Are there any other nice neighborhoods that are still a 15-minute drive to downtown and the Strip?

[Iceman]

Is Summerlin the best neighborhood to live in for Vegas? Are there any other nice neighborhoods that are still a 15-minute drive to downtown and the Strip?

Most parts of Summerlin are a little further then 15 minutes from downtown and the strip. This is one of the downfalls of Summerlin but it being so far away is also the main reason many live out there also, so they can be away from it all.

Henderson/green valley area/anthem/seven hills areas are nice, a little older then Summerlin and closer to the strip.

[blackbart]

great time to buy IF:

Mortgage- extremely difficult to qualify for one
HOA Dues - less people paying into the pool makes cost go way up. some cases more than mortgage payment
Selling - Do NOT buy if you need to sell any time soon

[Darkside Magick]

great time to buy IF:

Mortgage- extremely difficult to qualify for one
HOA Dues - less people paying into the pool makes cost go way up. some cases more than mortgage payment
Selling - Do NOT buy if you need to sell any time soon

excellent!!!!!!!!!!