WANTED: Great Retirement Location

[Orchidflower]

I was just doing homework today on when the real estate market in Las Vegas and Reno would bottom out; and found out that the average home cost was $305K in Reno right now. The bottom is to hit either 1/09 or around the middle (June, July) of 2009. Prices are expected to drop another 40% before they bottom out.
So, if a median priced home is $305K minus 40% = $185,000 for a median priced home in Vegas/Reno. Just wait until it bottoms out is all...
They have said that Nevada is supposed to gain a 4-5% on homes after it bottoms out each year. Decent, but not fantastic....but decent.
The tax situation in Nevada is really good, tho.
Have friends in Truckee, California, with a gorgeous Tuscany style villa. I have always wondered why they didn't build it in Nevada...being like 30 minutes away or so. Maybe the property taxes are lower in Truckee? They are retired, and were in home construction, so they should know better than I.
Statistics change all the time due to conditions (floods, terrorist plots hitting a particular area, earthquakes, etc.), but two or three years ago I took the US Census Bureau and did their predictions of population growth-- within the next 10 years--against what the populations are now to see what cities would have the biggest population growths in America. It came out to: Vegas and Dallas. Now you can do what you want with that information.
Frankly, I thought it would be Phoenix...but no...Vegas and Dallas.

 

[Tiger]

That's good to know since Reno is at the top of my list of places to move to when my wife retires in two years.

 

[honobob]

So, if a median priced home is $305K minus 40% = $185,000 for a median priced home in Vegas/Reno. Just wait until it bottoms out is all...


Frankly, I thought it would be Phoenix...but no...Vegas and Dallas.

So they're predicting the bottom 18 months from now and giving it a 6 month window. As the owner of a median priced home in Vegas I have yet to see any decrease in value in my neighborhood. Of course I'm up 200% so think I may give back 10-15% short term. And unless they making gambling illegal in NV I'll bet you you won't be able to buy $300K homes for anywhere near $185K!

 

[haha]

I was just doing homework today on when the real estate market in Las Vegas and Reno would bottom out; and found out that the average home cost was $305K in Reno right now. The bottom is to hit either 1/09 or around the middle (June, July) of 2009. Prices are expected to drop another 40% before they bottom out.
So, if a median priced home is $305K minus 40% = $185,000 for a median priced home in Vegas/Reno. Just wait until it bottoms out is all...
They have said that Nevada is supposed to gain a 4-5% on homes after it bottoms out each year. Decent, but not fantastic....but decent.

I don't wish to be challenging, but I would like to learn more about this. These are pretty definite predictions! How is such certainty and precision achieved?

Could you share a link or reference?

Thanks, Ha

 

[Orchidflower]

I, personally, have no knowledge of the area; but I found alot of information on the Nevada real estate market by putting in something like: "Las Vegal real estate market bottom out" and other things like this. There seems to be alot of information on this subject...whether true or not remains to be seen.
This is the prediction I have heard before, and it seems to be quoted more than once. Maybe you people who live there can share better information than the net is providing.
Again, I have no clue if this is true or just crapola as I am stuck in the Midwest...where the fun never ends...yeah, right....I am just going by what is said on the internet in many various articles. EZ to find.