? about living in Vegas

bigtex · Mar 21, 2010

How is the housing market right now? How easy is it to get into a home at a good price? Is it better to lease for a year than to buy a home right off the bat? I am considering moving up there this year sometime with the Mrs. and my nephew and his Mrs. The most I ever stay is 2 weeks at a time. It is hard to get used to the dry humidity for me and allergies are also something I have to consider.

I figure after a year of living there, I will make it a permanent move if my health holds up and I can handle the weather in Vegas.

Any advice is appreciated. :toast:

Betallsports · Mar 21, 2010

I'll have to look up some of the stuff I was reading a couple weeks ago.

But The Market in Vegas is like Stealing !!

Something like a $300,000 home for $85,000- $110,000

I had a list of places somewhere ( as I'm looking to buy another place )
and the choice is either another Condo in FL. or a Condo, Townhouse in Vegas.

letsgohoosiers · Mar 21, 2010

I would not advise purchasing a house in Vegas until inventory cleans up. A ridiculous amount of foreclosures are currently in the area. Prices don't have as far to come down as other markets, but you have neighborhoods with every other home being for sale/foreclosed on.

Here is an exercise to show how bad this is. Below is a Google Map of Las Vegas NV. Click "Show search options" then Real Estate in the drop down menu, and select "Foreclosure". Make sure to zoom in so the fields populate.

http://maps.google.com/maps?q=las+v...code_result&ct=image&resnum=1&ved=0CBUQ8gEwAA

Compared to a market that didn't see the boom:

http://maps.google.com/maps?hl=en&c...code_result&ct=image&resnum=1&ved=0CBMQ8gEwAA

If you absolutely insist on buying a place, make sure it's in the Summerlin (89134, 89135, 89138, 89144) or Henderson (89012, 89014, 89052, 89074) zip codes with good schools. Those are the only places with a chance of not losing value the next decade.

ProPokerPlayer · Mar 21, 2010

My daughter lives in N. Las Vegas....expensive home in nice subdivision. She says there isnt 20 occupied homes in the whole place. Awhile back i was looking at a 1br condo, brand new never lived, in a luxury highrise of some type for $675 a month!!

So finding a place is the least of ur worries id think. Just be careful leasing or renting....you paying rent does not mean the owner is always paying mortgage....or thats its not already in foreclosure.....

charliepeete · Mar 21, 2010

just find a good real estate broker and drive around the area you want to live in.............cheap living........my suggestion is rent someones condo for cheap...........:toast:

BigBee · Mar 21, 2010

Big Tex-

I just passed my real estate exam and will be signing on at a major brokerage this week.. Between my friend (a seasoned RE agent) and myself, we can give you enough info to make your eyes pop out.. Whether you want representation or just some free advice/knowledge, lmk and I'll gladly help you out..

And no, Im not some scumbag who's just gonna tell you buy buy buy, so I can make a quick buck off of you.. I kind of agree with LETSGOHOOSIERS regarding location, but in certain situations, I'd say this is a cant miss opportunity..

There was another thread with a very smart guy that posted something similar to the gross rent multiplier that I will use.. Not a guarantee by any means, but a great indicator that will limit the risk of losing much if any $$ in the short-medium term

I've got allergy issues also, and am getting injections weekly in hopes of desensitizing myself.. Small price to pay for this beautful weather and awesome golf!

C.P. · Mar 21, 2010

Betallsports said:
I'll have to look up some of the stuff I was reading a couple weeks ago.

But The Market in Vegas is like Stealing !!

Something like a $300,000 home for $85,000- $110,000

I had a list of places somewhere ( as I'm looking to buy another place )
and the choice is either another Condo in FL. or a Condo, Townhouse in Vegas.

Mike, you're right...

cash to be made...

I said in an earlier post I bought (yet again) another property...(Florida)

now IS THE TIME...if ya have some X-tra cash..

this prop...listed orig..@ 225,000....payed.. 85,000...

now it might take awhile to pan out...but

I don't care ...my family will be better for it...

bigtex · Mar 22, 2010

Betallsports said:
I'll have to look up some of the stuff I was reading a couple weeks ago.

But The Market in Vegas is like Stealing !!

Something like a $300,000 home for $85,000- $110,000

I had a list of places somewhere ( as I'm looking to buy another place )
and the choice is either another Condo in FL. or a Condo, Townhouse in Vegas.

So for investment purposes there are still good deals to be had. What will you do if you purchase another property? Do you move into it or rent it out? Are there more renters than buyers in Vegas? If you have a list or some info that you want to send me, let me know via a pm and I can give you my email. Thanks for your input.

bigtex · Mar 22, 2010

letsgohoosiers said:
I would not advise purchasing a house in Vegas until inventory cleans up. A ridiculous amount of foreclosures are currently in the area. Prices don't have as far to come down as other markets, but you have neighborhoods with every other home being for sale/foreclosed on.

Here is an exercise to show how bad this is. Below is a Google Map of Las Vegas NV. Click "Show search options" then Real Estate in the drop down menu, and select "Foreclosure". Make sure to zoom in so the fields populate.

http://maps.google.com/maps?q=las+v...code_result&ct=image&resnum=1&ved=0CBUQ8gEwAA

Compared to a market that didn't see the boom:

http://maps.google.com/maps?hl=en&c...code_result&ct=image&resnum=1&ved=0CBMQ8gEwAA

If you absolutely insist on buying a place, make sure it's in the Summerlin (89134, 89135, 89138, 89144) or Henderson (89012, 89014, 89052, 89074) zip codes with good schools. Those are the only places with a chance of not losing value the next decade.

Henderson has always appealed to me since the first time I drove by the area. So you recommend leasing or renting then?
That is the way I was leaning toward but I am not against a purchase of a home under the right circumstances.

bigtex · Mar 22, 2010

ProPokerPlayer said:
My daughter lives in N. Las Vegas....expensive home in nice subdivision. She says there isnt 20 occupied homes in the whole place. Awhile back i was looking at a 1br condo, brand new never lived, in a luxury highrise of some type for $675 a month!!

So finding a place is the least of ur worries id think. Just be careful leasing or renting....you paying rent does not mean the owner is always paying mortgage....or thats its not already in foreclosure.....

I have heard of nightmares like that. Getting kicked out of a home even when your rent was upto date because the owner was not making the mortgage payment. It is prudent to do a little research before handing over that 1st check. Thanks.

Enfuego · Mar 22, 2010

bigtex said:
Henderson has always appealed to me since the first time I drove by the area. So you recommend leasing or renting then? That is the way I was leaning toward but I am not against a purchase of a home under the right circumstances.

BigTex, some prudent questions need to be asked here.

1) Are you planning on living in Vegas for some time? How long?
2) What can you afford?
3) Are you willing to rent the property out if you want to move again?

From what I hear and read online, houses in LV are as cheap as they've ever been. That said, who gives a shit who lives in the neighborhood or this and that? If you are going to be there for a long time then drive on into sin city and scoop up a very nice place for cheap. Simply purchase one for cheap and live in it until the market goes back up. Strike yourself a good deal and live it up.

Why rent? I don't like paying rent to begin with. Rent is the same as going to the ATM, taking out some cash and throwing it out the car window on the ride home. You're paying someone else's mortgage and if you can pay your own then why rent? If you rent, you will rent until you move from LV. The move will be a hassle and no time will ever be good enough to buy a place and move not to mention it's expensive to move.

House is cheap = buy, buy, buy as long as the inspection reveals no structural damage and everything checks out.

I bought a foreclosure I found on craigs list of all places. Appreciated 17K after I signed the paperwork. Can't beat that.

bigtex · Mar 22, 2010

charliepeete said:
just find a good real estate broker and drive around the area you want to live in.............cheap living........my suggestion is rent someones condo for cheap...........:toast:

That is probably the first step I am going to do is find a Real Estate broker and renting or leasing a place for the first year is the way I am leaning to at this point but like I said I am not opposed to buying a home either. Thanks for your words of wsidom. I will keep them in mind.

Enfuego · Mar 22, 2010

bigtex said:
That is probably the first step I am going to do is find a Real Estate broker and renting or leasing a place for the first year is the way I am leaning to at this point but like I said I am not opposed to buying a home either. Thanks for your words of wsidom. I will keep them in mind.

But ask yourself why rent. It doesn't make sense. If you can buy, buy something to call your own, make some improvements on the home and property and live in for awhile.

bigtex · Mar 22, 2010

BigBee said:
Big Tex-

I just passed my real estate exam and will be signing on at a major brokerage this week.. Between my friend (a seasoned RE agent) and myself, we can give you enough info to make your eyes pop out.. Whether you want representation or just some free advice/knowledge, lmk and I'll gladly help you out..

And no, Im not some scumbag who's just gonna tell you buy buy buy, so I can make a quick buck off of you.. I kind of agree with LETSGOHOOSIERS regarding location, but in certain situations, I'd say this is a cant miss opportunity..

There was another thread with a very smart guy that posted something similar to the gross rent multiplier that I will use.. Not a guarantee by any means, but a great indicator that will limit the risk of losing much if any $$ in the short-medium term

I've got allergy issues also, and am getting injections weekly in hopes of desensitizing myself.. Small price to pay for this beautful weather and awesome golf!

First of all Congrats on passing your exam.:toast:

I would appreciate any advice or help you can offer. If you can show me that I would be better off buying than leasing I am willing to listen. If I decide to rent or lease maybe you can assist me in that manner or point me in the right direction. You can send me a PM if you would like and I can send you my email or contact information. Thanks for looking and responding.

Betallsports · Mar 22, 2010

Enfuego said:
BigTex, some prudent questions need to be asked here.

1) Are you planning on living in Vegas for some time? How long?
2) What can you afford?
3) Are you willing to rent the property out if you want to move again?

From what I hear and read online, houses in LV are as cheap as they've ever been. That said, who gives a shit who lives in the neighborhood or this and that? If you are going to be there for a long time then drive on into sin city and scoop up a very nice place for cheap. Simply purchase one for cheap and live in it until the market goes back up. Strike yourself a good deal and live it up.

Why rent? I don't like paying rent to begin with. Rent is the same as going to the ATM, taking out some cash and throwing it out the car window on the ride home. You're paying someone else's mortgage and if you can pay your own then why rent? If you rent, you will rent until you move from LV. The move will be a hassle and no time will ever be good enough to buy a place and move not to mention it's expensive to move.

House is cheap = buy, buy, buy as long as the inspection reveals no structural damage and everything checks out.

I bought a foreclosure I found on craigs list of all places. Appreciated 17K after I signed the paperwork. Can't beat that.

Hold your Horses....LOL Believe Me, Las Vegas is Not all Glitter & Lights !!

They are Some REAL BAD Areas in LV....and they Don't have to Look like the Slums of LA

You could live in a Semi- Nice area, and Live right next store to a bunch of Gang banger !!

Like letgo said earlier, Summerlin is a nice place to live.

Betallsports · Mar 22, 2010

C.P. said:
Mike, you're right...

cash to be made...

I said in an earlier post I bought (yet again) another property...(Florida)

now IS THE TIME...if ya have some X-tra cash..

this prop...listed orig..@ 225,000....payed.. 85,000...

now it might take awhile to pan out...but

I don't care ...my family will be better for it...

That's the Perfect Idea......It's not going to happen over night, but if you Look...You will find some nice Deals out there. :103631605

Enfuego · Mar 22, 2010

Betallsports said:
Hold your Horses....LOL Believe Me, Las Vegas is Not all Glitter & Lights !!

They are Some REAL BAD Areas in LV....and they Don't have to Look like the Slums of LA

You could live in a Semi- Nice area, and Live right next store to a bunch of Gang banger !!

Like letgo said earlier, Summerlin is a nice place to live.

Let me clarify...my fault. I meant who cares who lives in the neighborhood as far as foreclosures goes. Of course you want a decent neighborhood but somebody mentioned earlier the neighborhood being empty because of houses were left to the bank. I would never let that scare me off.

Sorry I was confusing.

Betallsports · Mar 22, 2010

bigtex said:
So for investment purposes there are still good deals to be had. What will you do if you purchase another property? Do you move into it or rent it out? Are there more renters than buyers in Vegas? If you have a list or some info that you want to send me, let me know via a pm and I can give you my email. Thanks for your input.

I Mostly live in NY, but I own a Condo in FL. So I will spend some time down there...Going for the week....maybe even a weekend.

Same with my daughter.... ( Shit ! she goes more than I do ) LOL

When I find another Place, it most likely at first will be for an investment
But you Never know what the Future Holds.

I would like to Move down to FL one day. But I also thought of Vegas.
Because I make about 4-5 Trips a Year ( Used to be More )
Thought that might be an Idea as well.

I have a good friend who Bought there a few years back. He Loves it there.... ( He's a Gambler, why wouldn't he )

Anyway, Vegas would be an Investment as well.

Betallsports · Mar 22, 2010

Enfuego said:
Let me clarify...my fault. I meant who cares who lives in the neighborhood as far as foreclosures goes. Of course you want a decent neighborhood but somebody mentioned earlier the neighborhood being empty because of houses were left to the bank. I would never let that scare me off.

Sorry I was confusing.

Then, I would have to Agree with You :grandmais

There are some Nice communities in las Vegas, that have Empty Houses
Something like 2/3 Empty. All Brand New !
It's a bit of a concern......But I would just keep an eye on it and see if they start selling.

Enfuego · Mar 22, 2010

Betallsports said:
Then, I would have to Agree with You :grandmais

There are some Nice communities in las Vegas, that have Empty Houses
Something like 2/3 Empty. All Brand New !
It's a bit of a concern......But I would just keep an eye on it and see if they start selling.

Mom paid 320K for a house near Seattle Mariners Spring Training in Peoria about 7 years ago. House was valued at 145K last year. They had to let it go into short sale status. If there are deals like that, and you plan on living there for 5-7 years then I'd buy a place no questions asked.