WildBill, Kiss, Green Doberman: Real Estate Question

oldmanTED · Jun 9, 2005

Gentlemen:

Seriously considering investing in additional property in the Las Vegas for my family's future. I have mentioned this in the past and continue to zero in on the Anthem area in Henderson. Realize the history of Pulte Construction and the significant reduction in the prices of the homes in the Anthem area. Realize that the Highlands are very nice, but not looking for a large home but more so a smaller single level home in that particular area. Del Webb's Sun City at Anthem and Del Webb's Solera at Anthem have the model sizes and type of living for my family's age and future needs. Do any of you or anyone else in the Valley have any thoughts, opinions or latest information on the area? Thank you in advance.

Fishhead · Jun 9, 2005

http://money.cnn.com/2005/05/12/real_estate/re2005_100markets_0506/

oldmanTED · Jun 9, 2005

Fish:

Thanks for the link. Prices across the country have accelerated significantly as the table shows. The specific area in Henderson that I am interested in is quite nice and would be very pleasant for my family. I currently hold property in Green Valley, but still remain interested in Anthem.

Fishhead · Jun 9, 2005

oldmanTED said:
Fish:

Thanks for the link. Prices across the country have accelerated significantly as the table shows. The specific area in Henderson that I am interested in is quite nice and would be very pleasant for my family. I currently hold property in Green Valley, but still remain interested in Anthem.

Anthem is in my mind the very best location in the entire Vegas valley!!

I have a couple friends that live there and I had a house only a few miles away.

Best of luck with your search!

-F-

oldmanTED · Jun 9, 2005

Fishhead said:
Anthem is in my mind the very best location in the entire Vegas valley!!

I have a couple friends that live there and I had a house only a few miles away.

Best of luck with your search!

-F-

I feel the same way. Thank you for your help.

3peet · Jun 9, 2005

Oldman.

Like yourself I too reside here in the Bay Area. And with the climbing equity amounts we've earned over the past 4 years here were able to shop into other states for 2nd or investment homes. One word of caution. STAY AWAY FROM VEGAS!!!!!!

If your able to watch Rob Black on KRON 4 (the investment advisor) he advises highly against it.

CONS
-Inflated equity
-High supply
-Poor rental market (1 University)
-No new industry to create influx of job market. (Particularly why everytime I visit Vegas, all the transplants I talk to are cab drivers)
-Poor infrustructure to growth. Every freeway system is still being built in the new neighborhood. I-15 is as bad as the 405 in L.A. or the 101 or 880 fwy's in the Bay area
-1 of 4 home owners in Vegas are from California.
-Only stable industry for jobs is gaming and thats a minimum wage job! Tips won't pay a for a 450k home!

Head towards Washington, Portland, or Colorado IMO. Arizona my have some growth left as well.

JMHO

GreenDoberman · Jun 9, 2005

I advise against it, but then I'm no expert. I just realistically think that the bubble could burst and if it does it could get ugly. 50% yearly returns on your investment is completely out of line for the long term and a lot of people are getting in expecting that. The interest-only mortgages and multiple buying schemes are a house of cards that are bound to collapse at some point in the future.

oldmanTED · Jun 9, 2005

3peet:

Never realized you resided in the Bay Area. Nice to know a fellow resident. Appreciate the information. Currently own a second home in Green Valley, i.e. Henderson which I purchased in 1989 for 90K which is now worth over 400K. Last year, while visiting, I could see that the prices were inflated and decided to hold off. Since last March 2004, the prices in Anthem have dropped by 100 to approximately 150k per home and now are more in line with what I would expect. Family needs are for dry warmth rather then cool dampness of the north due to various ailments. Arizona is a little too hot for too long of the year like the Palm Springs area. The Anthem area is well outside the Las Vegas center and more elevated in the foothills of Henderson. Quiet community more suited for those that like to be a bit more secluded and tend to be older as Solera is for those 55 and over only.

Fishhead · Jun 9, 2005

GreenDoberman said:
I advise against it, but then I'm no expert. I just realistically think that the bubble could burst and if it does it could get ugly. 50% yearly returns on your investment is completely out of line for the long term and a lot of people are getting in expecting that. The interest-only mortgages and multiple buying schemes are a house of cards that are bound to collapse at some point in the future.

I certainly do not think Las Vegas is a place for investing property wise at this time.

My amatuer prediction is that housing values in 06/2009 will be about the same as they are right now in the Vegas valley.

oldmanTED · Jun 9, 2005

GreenDoberman said:
I advise against it, but then I'm no expert. I just realistically think that the bubble could burst and if it does it could get ugly. 50% yearly returns on your investment is completely out of line for the long term and a lot of people are getting in expecting that. The interest-only mortgages and multiple buying schemes are a house of cards that are bound to collapse at some point in the future.

GD:

I would purchase the home in cash. As for equity, not expecting nor looking for the types of yearly returns that have been seen across the country. Fully expect a slowdown once mortgage interest rates start to catch up with the prime and go higher. The reason for the purchase would be more for the family to reside in the type of community that is designed for both age and needs.

wilheim · Jun 9, 2005

Hello Ted - glad to see you posting. GL tonight if you are playing.

wil.

Kiss1 · Jun 9, 2005

I don't really see the prices getting much higher here, but I said the same thing about San Diego years ago and much to my delight it never slowed down.

If I can talk wifey into it I'll probebly bail out next year, take the money and run.

My wife likes this hot pile of dirt and landed herself a good job, and K1 usually does what wifey wants ... we will see.

Never been to the area you speak of but if the prices dropped 100-150 sounds like a good time to buy.

GL, OMT

-K1

oldmanTED · Jun 9, 2005

Wil:

Thank you. I'll post when I can.

Kiss:

When you get a chance, take a ride out south east on Eastern all the way to the end and you will run into Anthem. It is quite nice and above the haze in the foothills. Quite a selection of homes in all sizes and price ranges from about 280K up. Down from nearly 400K last year in March.

Fishhead · Jun 9, 2005

oldmanTED said:
Wil:

Thank you. I'll post when I can.

Kiss:

When you get a chance, take a ride out south east on Eastern all the way to the end and you will run into Anthem. It is quite nice and above the haze in the foothills. Quite a selection of homes in all sizes and price ranges from about 280K up. Down from nearly 400K last year in March.

I lived in the WIGWAN/EASTERN area OMT.

-F-

oldmanTED · Jun 9, 2005

Fishhead said:
I lived in the WIGWAN/EASTERN area OMT.

-F-

Fish:

The home I bought in 1989 is just off Pecos, inside the Green Valley master plan area. We were nearly neighbors.

Fishhead · Jun 9, 2005

oldmanTED said:
Fish:

The home I bought in 1989 is just off Pecos, inside the Green Valley master plan area. We were nearly neighbors.

Kewl!

wilheim · Jun 9, 2005

I lived for a couple of years at Charleston and Apache, also Trop and Jones, and Spring Mountain and Decatur over the years.

wil.

Fishhead · Jun 9, 2005

wilheim said:
I lived for a couple of years at Charleston and Apache, also Trop and Jones, and Spring Mountain and Decatur over the years.

wil.

LOL!

I lived on Charleston and Rainbow for a couple years, as well as Trop and Jones also!

Spanish Hills Apartments, right across from Spanish Trials.

-F-

wilheim · Jun 9, 2005

LOL - I lived at 6300 W. Trop for a year or two, owned a very nice mobil home there. Should have kept it.

wil.

Fishhead · Jun 9, 2005

wilheim said:
LOL - I lived at 6300 W. Trop for a year or two, owned a very nice mobil home there. Should have kept it.

wil.

I know EXACTLY where that is(surprise surprise).

WildBill, Kiss, Green Doberman: Real Estate Question

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