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Vegas Real Estate

Discussion in 'Living in Sin (City that is)' started by CaptCampion, May 28, 2017.

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  1. CaptCampion

    CaptCampion High-Roller

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    What's the story with Vegas real estate these days? I was doing some late night reading and came across an article (top 10 list) that included Vegas as one city where housing prices haven't recovered....implying that there were good deals to be had. Thoughts from anyone who lives there?
     
  2. NewOrleansSlimm

    NewOrleansSlimm VIP Whale

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    i dont live there but when flying in from the east, if you look north near the mountains, you can see neighborhoods where they fenced it off and layed roads but never built, still like that to this day...just recently, 3 friends who bartend out there just bought plots of land as they said its really cheap
     
  3. leo21

    leo21 VIP Whale

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    Nevada's one of the states where they had a lot of foreclosures to work through. I question articles like that though because they sometimes mean that prices haven't recovered to the over inflated levels that contributed to the bust. There's a lot of property out there that should have never been so highly valued.

    Overall my sense was that they feel things are finally starting to turn upwards, there are some deals to be had, but there are lots of investors that are muddling the situation making it not the easiest markets to navigate.
     
  4. smartone

    smartone VIP Whale

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  5. tominiowa

    tominiowa High-Roller

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    Bargains are gone IMHO.. The market is crazy again and have recovered a long way. I just sold another rental house this week. 6 years ago I bought it for $155,000 from FMHA. Today I sold it $290,000 in a FSBO deal. The buyers approached me. Saved over $20,000 in realtor and fix up fees. The house sold new 10 years ago at the peak at $320,000. This a 2200 sq home with 3BD and 2 1/2 baths with pool/spa in centennial hills area. I rented it out every month but one for $1500-1600 /month. I cannot believe how this market is doing exactly the same as it did when it went crazy then fell hard. Many new houses are being buildt again as used homes have risen so much. In Vegas location is so important. Make sure the neighborhood you buy in is not on the decline. For the sake of the town I hope it stabilizes and stops increasing. Even though I have one more rental left. It worked great for me to buy several but I do not see many opportunities today. Plus rentals income has not risen as fast as house values. Thus why I sold. As $1600 month is good income for $160,000 house but not now that it is $290,000 value.
     
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  6. in4mation808

    in4mation808 VMB VIP Expert Picture Taker

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    Vegas is cheap.......considering there's no way I could buy a house in Hawaii for anything less than $730,000.
     
  7. CaptCampion

    CaptCampion High-Roller

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    Yeah from my POV there are tons of places cheaper than PDX as well. We're just looking at some options for a 2nd home. I don't know that I want to live in Vegas full time anyhow, and besides half of the fun of going to Vegas is actually staying at a hotel I love. So I was asking in regards to just buying an investment property. There's probably other good markets as well. I was thinking of something like Colorado Springs.
     
  8. tominiowa

    tominiowa High-Roller

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    Location is everything. Small town in any Midwest state is cheap also but not many desire to live there. Thus the cheap price. LA is high also but you pay for sunshine. Vegas is a cheap place to rent I think.
     
  9. tominiowa

    tominiowa High-Roller

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    I love my second home there. But I go to casino's less every year. More time at golf courses and in my pool. I do not wish to live there year round. I need my 4 seasons in the Midwest. Plus I still have my farms to work on. I am now up to about 6-7 trips a year there and over 3 months total in Vegas now.
     
  10. NickyDim

    NickyDim Hockey is life

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    We just finished a search for my son and his wife. We looked at about 50 homes over 6 weeks, and in that time we were outbid 3 times, where the selling price was over 102% of the asking. Homes are literally rising by the week here, or at least in the western side of town. We looked from Charleston down to Jones on the outside of the 215. Finally after weeks we found a gem of a home in Mountains Edge 4bdr 2200sqft 265K. Real estate is really crazy right now. House doesn't last an Open House. One open house was already sold when we got there an hour in, another had multiple offers by noon. Inventory is very very low, and the sellers are making a killing if they bought during the recession.
     
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  11. vegasbound

    vegasbound VIP Whale

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    Whether Vegas Real Estate is cheap or not is relative. If you're a casino employee that is trying to buy a home you're getting pinched. Rents are on the rise, even with all the new inventory which makes folks eager to house hunt. However, new homes are only built as they sell. They entice buyers with lower starting prices than resale, but upsell on lots and finishes. Investors are still holding on to investment properties hoping to cash in. Those that did not short sell or foreclose are still trying to make good on negative equity. There are a handful of homeowner's that had good timing and they're are moving up or refinancing and taking cash out for home improvements and/or toys.

    The market is recovering, but slower than the rest of the country. I've seen a big jump in sales since April in my neighborhood. Those that aren't selling are overpriced. The LV market is hottest it's been since the bubble burst, but we're still not where we were before. I believe home prices will have a steady increase over summer and into the fall. I think an interest rate hike will be the only thing that will slow prices... too many are moving to Vegas for work or retirement. The economy is improving and we're starting another construction boom. I've worked in construction for 15 years now in Vegas. I've seen the highs and the lows. With the uptick in work, we already cannot recruit enough workers for what's on the books. Nevermind, all the work coming down the pipeline with the Raiders, convention center and casino/resort projects being revived.

    Oh, and one thing I've never seen first hand before is that location has never been more valuable - large parcels were sold in the last boom/bust. With less raw desert, it seems developers are bargain hunting and getting creative while doing it. For example, I'm not too far from South Point, I'm in a cookie-cutter community built before and after the bubble - the first developer went bust and the second finished it three years ago. Technically, though, my address is rural. My neighbors sit on acres and have horse property. In March, a run down home on a few acre lot was purchased and it was leveled and land was cleared. They must have rezoned it, the parcel is now being developed by a builder. I'm real curious to see how many homes will sit on that land where only one home previously stood. Awkward plots of desert are being bought up all around me for homes and apartments.
     
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  12. Tumpster

    Tumpster Low-Roller

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    Looking at a second home/vacation rental for myself and the wifey. Seems plots of land can be had for a deal? Considering a tiny home on a decent spot if the price is right.
     
  13. TomTWI

    TomTWI Custom Title

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    Watch a few episodes of "Lt. Kenda Homicide Hunter" before you do.

    TomTWI
     
  14. TomTWI

    TomTWI Custom Title

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    We bought a 2 bd condo for $60k in 2011, it's at least doubled so far. The person who originally owned it also purchased two others for approx $185K each.

    Has the market recovered? Not to the hyper inflated prices but it has recovered to a reasonable market level IMHO.

    There is new housing going up all over the valley but land is so scarce they are building on super small lots. Well at least in the SW that I'm most familiar.

    TomTWI
     
  15. ken2v

    ken2v 200,000 and counting

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    Land isn't scarce in Clark County. What's scarce is people not willing to put up with postage-stamp McTrailers who think they're the bees' knees.
     
    Last edited: Jun 10, 2017
  16. ShelbyCharger

    ShelbyCharger MIA

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    I sold my house in April. I have closed on it and made $$. I probably will not get this lucky again, it was in a good hood and bought during recession. My best Vegas win.
     
  17. tominiowa

    tominiowa High-Roller

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    did you buy it as a rental or one that you lived in? Doubt if we see opportunities like we saw 7 years ago in Vegas. Best for everyone of we don't
    Congrats on the money maker, now just be prepared for what we will be charged in taxes by being smart. My sell will cost me close to $30,000 in
    extra taxes when done.
     
  18. TomTWI

    TomTWI Custom Title

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    I'm being contacted at least once a month by companies that want to buy my place directly. Do any of you have experience with this type of transaction and good or bad company info? Not really looking to sell but if the right offer came up I might.

    TomTWI
     
  19. tominiowa

    tominiowa High-Roller

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    I get that and constant calls from realtors wanting to list my house. I am sure companies who buy direct would be a low ball or else they couldn't make money flipping them. Those realtors must look for owners with another state for address on tax rolls. But how do so many get my cell number? Plus throw in a few who you have signed in to view an open house and you get plenty of realtors. We enjoy looking at open houses to dream and get ideas and it helps me get a better feel for the market.

    The company who uses Fred Flinstone in their print ads catches my attention the most. Good ad campaign.

    I still think that a good realtor will make you the most. Notice I said good. That is about 10-20% of them licensed. Plus get fees down to 5% for houses worth over $200,000.
     
  20. hammie

    hammie VIP Whale

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    You can take the proceeds, buy a new property and defer capital gains taxes with 1031 exchange. I think you have up to 180 days to buy a new property. There are companies out there who can structure this and its best to work with someone who has done this before, lest you run into problems with the IRS.
     
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