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Las Vegas: anyone looking to buy there?
Old 03-03-2009, 05:22 PM   #1
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Las Vegas: anyone looking to buy there?

Since the market is so down, is anyone on this board thinking of purchasing a property in Las Vegas where the prices are bottoming out? A couple years ago I did some extensive looking on the net in the Vegas area, but came to the conclusion that anything in a semi-safe area there was beyond what I, personally, wanted to spend; however, now...wowie! Looks like you can have your pick almost.
So, I am wondering if anyone on this board plans to take advantage of these super low prices in Las Vegas. Isn't that supposed to be a geezer paradise to retire in?
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Old 03-03-2009, 05:31 PM   #2
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I have debated the Henderson area a bit. I love the lake and all the pretty lights. By the time my home recovers enough though Vegas may be on a tear again. I alternate between what and where I want to be. It may be that as a single there is more fear of change and much more challenging to fit in and find friends.
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Old 03-03-2009, 06:15 PM   #3
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I live in Henderson, if you want to buy, do it now, you can get great deals, you never know when the bottom is, but in 5 years, things may turn around. There are many beautiful places to live here, and once the boomers get unstrung and their act together, they will eventually fill this place up. They aren't getting any younger, and they will sell on both coasts once things loosen up, and head for Arizona, Vegas and whereever.

It's safe to buy now.
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Old 03-03-2009, 06:17 PM   #4
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My biggest concern there long-term would be water. Of course, that could be because we're mired in a horrific drought at the moment.
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Old 03-03-2009, 07:56 PM   #5
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I remember when Houston went thru it's 10% unemployment in the early to mid-80's. Lots of empty homes, too. It filled up, and some friends of mine made a killing when they finally sold their homes 15-20 years later. I get your point, Jug.
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Old 03-03-2009, 08:06 PM   #6
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What are some typical "good deals" you are seeing in LV?

Last time I was out there in January, we cruised around some neighborhoods way out west near Rampart Blvd and Rampart Casino and the houses seemed ridiculously high priced versus what I am accustomed to in my southeastern US non-bubble area. And wowie are the lots small!! I know the lot size is due to the desert climate and the expensive development costs per acre.
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Old 03-04-2009, 07:06 AM   #7
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What are some typical "good deals" you are seeing in LV?

Last time I was out there in January, we cruised around some neighborhoods way out west near Rampart Blvd and Rampart Casino and the houses seemed ridiculously high priced versus what I am accustomed to in my southeastern US non-bubble area. And wowie are the lots small!! I know the lot size is due to the desert climate and the expensive development costs per acre.
You were in Summerlin a more established area. Go to Henderson, an newer area where they just overbuilt and have tons of inventory.
The lots are small, where the new buiidling took place, look the sun cities, you'll see many bargains. Perhaps 2000 sq feet at 230K. Land is not that important to me, a small yard as you get older or are just lazy is fine.

It depends on what you are looking for, living in Vegas which is strange to begin with, dry climate, very little rain. As for water, yeah there is a problem, but keep in mind you are not going to run out of drinking and bathing water, new homes have no grass, drip systems for desert plants.

I like since I live in a quiet area, but if I want action, it's a 20 minute drive, so the best of both worlds. Easy access by car to many southwest scenic areas, to Phoenix, LA and Tucson. Major airport in center of town. You can't get bored here, always something going on in entertainment. Not as big or crowded as other SW cities. No state income tax, but no services either. School suck, but who cares? I dont' go to school.

Medical care is quirky, weird, inconsistant, but that is Vegas, weird as hell. It's a magnet for "immigrants" from the rest of the country, we get the good, the bad, very bad and ugly.

Jug
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Old 03-04-2009, 11:38 AM   #8
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No State income tax in Texas meant mentally ill/indigents are standing on every fourth corner with "Will work for cash" or some other type of sign.
Of course, the very best bum ever was the guy with the sign, "Why lie? I want a beer" sign. However, he was topped with the second guy who had a sign that said, "Why lie? I want a beer and a hooker, too, please." I laughed all the way to Starbucks.

Jug: My friend's sister is a Dispatcher for the Police Dept. there, and said a couple years ago (before the crash) that LV was overrun by gangs. And she has lived there her entire life. Is it still so bad?
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Old 03-04-2009, 12:01 PM   #9
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No State income tax in Texas meant mentally ill/indigents are standing on every fourth corner with "Will work for cash" or some other type of sign.
Maybe I'm missing the obvious, but I fail to see the connection between the lack of a state income tax and the number of mentally ill or indigent begging on street corners. Are you saying they congregate in no-tax states to avoid paying taxes on their panhandling incomes?
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Old 03-04-2009, 12:31 PM   #10
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You were in Summerlin a more established area. Go to Henderson, an newer area where they just overbuilt and have tons of inventory.
The lots are small, where the new buiidling took place, look the sun cities, you'll see many bargains. Perhaps 2000 sq feet at 230K. Land is not that important to me, a small yard as you get older or are just lazy is fine.

It depends on what you are looking for, living in Vegas which is strange to begin with, dry climate, very little rain. As for water, yeah there is a problem, but keep in mind you are not going to run out of drinking and bathing water, new homes have no grass, drip systems for desert plants.

I like since I live in a quiet area, but if I want action, it's a 20 minute drive, so the best of both worlds. Easy access by car to many southwest scenic areas, to Phoenix, LA and Tucson. Major airport in center of town. You can't get bored here, always something going on in entertainment. Not as big or crowded as other SW cities. No state income tax, but no services either. School suck, but who cares? I dont' go to school.

Medical care is quirky, weird, inconsistant, but that is Vegas, weird as hell. It's a magnet for "immigrants" from the rest of the country, we get the good, the bad, very bad and ugly.

Jug
It's a nice place to visit (and I'll be back in May), but I don't know that I would want to live there. The landscape looks too bleak for me - I'm used to lush green and trees everywhere.

2000 sf for $230k still seems fairly high-priced for me. $230k would buy much more house and yard around my area. I just took a quick peak at my zip code on realtor dot com and saw a couple of beautiful houses near me for under $200k with 2,600-3,000 sf, 5-10 years old, and 4-5 BR with 1/4-1/3 acre yards "in town". I guess low real estate prices are all relative! And my older n'hood is full of 1800-2500 sf houses selling for $140-170k generally (or they were selling for that a year ago - no idea now since I haven't been keeping track of it).

I'll make sure to lose some money out there at the blackjack tables to help support your local economy!
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Old 03-04-2009, 12:46 PM   #11
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I have never been to Las Vegas, but I don't think I would like living there at all. My main objection to living in Las Vegas (other than the cost of living) is that it is so terribly dry.

Besides, the whole Las Vegas mystique is just not me. Drinking, gambling, and going to shows are activities that have little appeal for me.
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Old 03-04-2009, 01:08 PM   #12
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Besides, the whole Las Vegas mystique is just not me.
You got to love Las Vegas. Where else can you get a $7 steak dinner that includes salad, baked potato, and a huge microbrew beer, then chase it all down by losing $50 in an hour, all the while swilling down "free" drinks? And the stale cigarette smoke lingering in the atmosphere of every casino? Mmmm...
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Here's a real bargain !
Old 03-04-2009, 01:29 PM   #13
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Here's a real bargain !

If you bargain hard, I'll bet that you can get this for next to nuthin'
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Old 03-04-2009, 01:44 PM   #14
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If you bargain hard, I'll bet that you can get this for next to nuthin'
"Great Mountain views all around. Large, expansive acreage. No neighbors within sight. Open vistas. Privacy. Excellent breezes throughout the main living quarters. Rustic, antique appeal throughout. Low property tax. Cozy, with perks! Come see it today! This one won't last long!"
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Old 03-04-2009, 02:03 PM   #15
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You got to love Las Vegas. Where else can you get a $7 steak dinner that includes salad, baked potato, and a huge microbrew beer, then chase it all down by losing $50 in an hour, all the while swilling down "free" drinks? And the stale cigarette smoke lingering in the atmosphere of every casino? Mmmm...
Hey, all depends on what is important to you. I'm a retiree, my community has it all, swimming indoor and out, all sorts of clubs, puters club, hiking, riding, card playing, travel. Indoor gym, all for about 90 bucks a month HOA dues.

At first the lack of greenery got to me, but after a while you adjust. It's like any other place, you just get used to it and find out what you like to do.

Some folks never go to the strip or casino, except for a 2 for 1 buffet, and just participate in their little activities to keep them going. Some get jobs in service areas.

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Old 03-04-2009, 02:10 PM   #16
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Hey, all depends on what is important to you. I'm a retiree, my community has it all, swimming indoor and out, all sorts of clubs, puters club, hiking, riding, card playing, travel. Indoor gym, all for about 90 bucks a month HOA dues.
Sounds nice! One thing I really like about LV and never knew about it until I traveled there, is that there are mountain ranges flanking both sides of town. Very scenic!
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Old 03-04-2009, 04:10 PM   #17
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If you bargain hard, I'll bet that you can get this for next to nuthin'
Hey, that's my sister's place. It ain't for sale, she didn't spend 20 years paying it off so someone can pass it of as their own and scam an innocent buyer.
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Old 03-04-2009, 05:19 PM   #18
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I have been watching the LV market for about 2 years. I almost pulled the trigger on one 3 bedroom house for 150k but at the last minute I decided to fix my house here instead. That same house can be seen for 120k so in a good way I am glad with my decision.

I still get daily emails from my real estate agent out there and see some condos for 60-70k that I might get for a vacation place. Why buy a timeshare
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Old 03-07-2009, 03:48 PM   #19
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Dh & I stayed in LasVegas for about 8 months 2007-8 while he was working there. I loved the climate & thought the desert scenery beautiful. Mt Charleston is about an hour north & has alpine climate, complete with skiing, hiking, etc. Red Rock Canyon is another really neat & beautiful place to visit about an hour outside Las Vegas.

We stayed in an RV park not far from Henderson, near Sam's Town.

Sure, LV has a down side but I think I could live there, but doubt dh would ever agree to it. He likes the 4 seasons & hills & hollows of Ohio.
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Old 03-07-2009, 04:45 PM   #20
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If you like living in an insane asylum, it's great, but you have to take your meds everyday.

Just think, you roll out of bed at 2 am, belch loudly, look at your spouse snoring, hop into your car, go to casino, order some cawfee and a roll, whatever, belch loudly again, then go over and play some cards or video game while some nice young thing with a string up her butt is serving you drinks, not so bad.

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