Orchidflower
Thinks s/he gets paid by the post
- Joined
- Mar 10, 2007
- Messages
- 3,323
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.
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.