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Old 08-21-2010, 04:19 PM
 
Location: PA
3 posts, read 6,286 times
Reputation: 10

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We are planning on retiring in the Vegas area. Have about 4 years yet to retirement but are looking at houses now while the market is down. Not sure what are good areas to buy in. Have a budget of about $150,000. Any ideas or suggestions on where to or where not to buy would be appreciated.
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Old 08-21-2010, 05:30 PM
 
154 posts, read 306,754 times
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Check out 89131 zip. We are in the same situation and just bought up there. Check out the crime maps as well. It supported our decision. good luck!
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Old 08-21-2010, 11:31 PM
 
Location: Here and there, you decide.
11,583 posts, read 22,695,470 times
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i live in 89131 and love it.. some really nice pockets of homes.. also check Aliante, you might be able to steal something in there
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Old 08-21-2010, 11:34 PM
 
10,485 posts, read 22,566,833 times
Reputation: 6611
Quote:
Originally Posted by joann brown View Post
We are planning on retiring in the Vegas area. Have about 4 years yet to retirement but are looking at houses now while the market is down. Not sure what are good areas to buy in. Have a budget of about $150,000. Any ideas or suggestions on where to or where not to buy would be appreciated.
I suggest you do NOT buy a house right now. The housing market is going to tank hard real soon.
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Old 08-22-2010, 09:13 AM
 
Location: Las Vegas, NV
772 posts, read 1,492,163 times
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Quote:
Originally Posted by las vegas drunk View Post
I suggest you do NOT buy a house right now. The housing market is going to tank hard real soon.
LVD, I believe a better way to say it is that the market is going to continue to tank.

That said, it never hurts to look. While waiting a few years may save some money, you can't put your life on hold indefinitely while trying to time the market. If the OP can find the retirement home of their dreams within their budget, I say go for it, whenever that may be.
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Old 08-22-2010, 09:45 AM
 
Location: Las Vegas
675 posts, read 1,587,766 times
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We just did the very same thing. Some things to think about:

Long distance maintenance - You'll need a gardener at the least if you buy a single family home.

Security - Are you planning on renting or leaving it vacant? Either choice has it's own challenges.

All the additional costs - your travel expenses, additional housing expenses, unexpected expenses.

Banks right now have really tightened up their lending standards.

Possible tax law changes may or may not allow you to deduct interest/taxes on a second home.

Consider - If you save all the money you would put into a place bought today and just buy one four years from now - would you be better or worse off financially?

After all that; we did buy a house because we found one in an area we like and it was a house we liked. We could not be sure such a house would be available four years from now. Whether it was a good move remains to be seen. Most pundits do not expect the RE market in Las Vegas to recover anytime soon. However, I have seen markets recover in rapid time and prove pundits wrong.

The other point is - if it works for you financially and you really like the home/area/etc. It really doesn't matter what happens to the prices, since you won't plan on selling and you can afford it.
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Old 08-22-2010, 05:46 PM
 
Location: Tucson for awhile longer
8,874 posts, read 12,933,764 times
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I personally can't understand why everyone from Maine to Michigan isn't planning to retire in Las Vegas. Plentiful housing at bargain prices, lower taxes than the vast majority of places, wonderful weather, amenities galore, friendly people. The things LV doesn't have -- jobs and good schools -- aren't needed by retirees. Is there any place in America today where the weather is as good and a retiree's dollar will go farther than in Las Vegas? A huge infusion of retirees to Las Vegas wouldn't help the economy as much as a huge infusion of young people, but that's never going to happen until there are jobs. In the meantime, wouldn't it be some help if a lot of retirees move in?
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Old 08-22-2010, 06:22 PM
 
Location: Beautiful Upstate NY!
13,819 posts, read 24,565,814 times
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Because, right now...Las Vegas is a risk. "Plentiful housing at bargain prices" are definite not a bargain when the housing market there continues to tank. Retirees are very worried about their life outlasting their savings, so why pour that income into a house that may decline in price? Additionally, seniors don't need to catch gambling fever at this time in their lives.
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Old 08-22-2010, 09:11 PM
 
7,677 posts, read 11,291,061 times
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Quote:
Originally Posted by jfkIII View Post
Because, right now...Las Vegas is a risk. "Plentiful housing at bargain prices" are definite not a bargain when the housing market there continues to tank. Retirees are very worried about their life outlasting their savings, so why pour that income into a house that may decline in price? Additionally, seniors don't need to catch gambling fever at this time in their lives.
I have to disagree. When you can buy a great house here for the price of a one-bedroom condo in other metropolitan areas, or buy a condo for less than the price of a new car, then that is a bargain even if the price falls further.

And speaking of cars....

You buy a car knowing that it will depreciate over time. (In fact, it can drop 15% - 20% the first day.) So what's wrong with buying a house that may or do the same?
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Old 08-22-2010, 09:11 PM
 
Location: Henderson
1,107 posts, read 1,340,984 times
Reputation: 1017
Default Anthem Highlands

Quote:
Originally Posted by joann brown View Post
We are planning on retiring in the Vegas area. Have about 4 years yet to retirement but are looking at houses now while the market is down. Not sure what are good areas to buy in. Have a budget of about $150,000. Any ideas or suggestions on where to or where not to buy would be appreciated.
Sun City Anthem (Henderson), if you are =>55.
sk
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