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Vegas housing market..


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My boss transferred to Park City, UT from Vegas 18 months ago. He is upside down in his house in Henderson, a suburb. His value is half of what he paid for it, like sharon said. He just this month found a renter who will lease it for two years. He's hoping the market will rebound by then so he can sell it and no lose and $$.

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My boss transferred to Park City, UT from Vegas 18 months ago. He is upside down in his house in Henderson, a suburb. His value is half of what he paid for it, like sharon said. He just this month found a renter who will lease it for two years. He's hoping the market will rebound by then so he can sell it and no lose and $$.

 

 

two years, no way

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we have houses in our area that when we first moved where going for 360,000 and now you can buy them for 150,000

 

 

 

Sharon - Are these houses in desirable parts of town or out where entire subdivisions have been abandoned?

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As much as I would love to work at SAI, (my dream job), I couldn't live there............... Just about every episode of the TV Show COPS, has a portion of it showing Vegas. I have yet to see Tallahassee showcased on that Show....... :hysterical:

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As much as I would love to work at SAI, (my dream job), I couldn't live there............... Just about every episode of the TV Show COPS, has a portion of it showing Vegas. I have yet to see Tallahassee showcased on that Show....... :hysterical:

 

 

Yeah, and all those creepy deaths they investigate on CSI Las Vegas. Better to stay away :)

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Yes prices have dropped in Vegas over the last few years. I have read on average 56% down from the peak BUT I think prices have bottomed or near bottomed so I feel now is the time to buy. I think Vegas is a great town with lots and lots of really nice communities. Sure, it has it's share of crime but what city doesn't.

 

I have been going to Vegas for 20 years now and I believe in this city so much so that my brother and I bought a house in January after a 2 year search to find exactly what we wanted.

 

Just think of all the adages that we all have heard....

 

-buy on bad news

-it's darkest before the light

-invest in real estate.....they ain't making anymore

-buy and hold (this is a biggie)

 

In short, Vegas is a great town with lots to do, outside of the great food, shows, poker, and nightlife. Just think of all the great conventions all year round, NASCAR, great weather, Golf, proximity to California, of course SHELBY and on and on.

 

I think Vegas is just great....... if you like a never ending list of things to do and having a whole lotta fun.

 

QSS

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The Vegas CBS affiliate ran a story this week about the 13 metro areas that won't recover from the downturn, and Vegas was in there. I'm 65 miles from town, and my house is worth about half what I built it for. Not planning to sell or move, so I guess it depends on what your expectations are for it.

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I think prices have bottomed or near bottomed so I feel now is the time to buy.

 

 

They've been saying that around here for about 2 years and it keeps dropping. I live here and see the real Vegas. The only people buying are people moving here from out of town. Due to Vegas having one of the highest unemployment rates in the country, the prices are going to keep dropping. I've been forecasting $70-75/sq. ft. before we hit bottom.

 

I have some land in Pahrump that I bought for $10K about 12 years ago. A few years ago, it appraised at $110K. I have it on the market for $50K and not a single inquiry yet.

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With all due respect, I feel there are too many good deals available in Vegas before people will look at out of town properties. Also, I'm into Vegas with a minimum 15 year investment, minimum. If things arn't better by then, oh well, at least I'll have some fun along the way.

 

It's just like our cars, do it for the love of it. We all gotta stop this Gordon Gekko mentality of "greed is good, greed is right" and just take er easy.

 

QSS

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The Vegas CBS affiliate ran a story this week about the 13 metro areas that won't recover from the downturn, and Vegas was in there. I'm 65 miles from town, and my house is worth about half what I built it for. Not planning to sell or move, so I guess it depends on what your expectations are for it.

 

 

That's what hurts the most. I'm a part time broker and in need of a listing I listed our place a few years ago. (I need a 3 or 4 car garage, so it was real.) I pulled the listing Wednesday. I built the house myself (4000+SF, 3BR, 3 BA), with views to die for, and can't even get close to what it cost me to build it 13 years ago. In virtually every location, the cost of replacing the structure in case of a fire loss is greater than the resale value. Building material costs have NOT gone down.

 

That is most of the reason that new construction starts are down so much. I wouldn't want to be Pulte or US Home or any of those guys.

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That's what hurts the most. I'm a part time broker and in need of a listing I listed our place a few years ago. (I need a 3 or 4 car garage, so it was real.) I pulled the listing Wednesday. I built the house myself (4000+SF, 3BR, 3 BA), with views to die for, and can't even get close to what it cost me to build it 13 years ago. In virtually every location, the cost of replacing the structure in case of a fire loss is greater than the resale value. Building material costs have NOT gone down.

 

That is most of the reason that new construction starts are down so much. I wouldn't want to be Pulte or US Home or any of those guys.

 

Here's the article you were talking about, the list is at the bottom of the article.

http://www.businessinsider.com/thirteen-housing-markets-that-will-never-recover-2010-5

 

As a contractor I have seen drywall prices go up 40% and lumber prices seem to increase every month.

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The builders out here aren't hurting as much as they let on. They make a profit on every home, just not as much as they used to. They use low quality materials, buy in bulk and hire subs who's employees have questionable immigration status. Main reason why I won't buy a tract home out here. My mother's house was built in '91 and it has more problems than my step-mother's 200 year old home in Boston.

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