[Willy702]

The reason why you can't find a similar home in Vegas for the price in Phoenix is the house in Vegas isn't 30 miles or more from the center of town. If you try to get within 15 miles of downtown Phoenix you can't find houses cheaper than Vegas unless they are in the ghetto.

[airics]

Originally Posted by volfanga

If you do move to Vegas you should look into foreclosure auctions
some great deals to be had there. That's how I bought my condo
this year and got a great deal.

i went to a foreclosure auction also.. i was looking at a low end condo in the nw... offered 40k..bank countered at 46k, i passed.. it went to auction... sold for 59k.. the auctions are a complete joke

[LVPoker1]

I bought a house in the low 200's in Summerlin that was actually a traditional sale. We looked at countless houses and so many were in terrible shape. Holes in the foundation, pools that needed to be dug up, major sheetrock condition issues etc. The ones that didn't have major issues had multiple offers on them pretty fast. People that want to come in and fix up houses would probably make some good cash. There are so many undesirable properties in their current state out there and so few that are move in ready.

[gregoo]

Originally Posted by LVPoker1

I bought a house in the low 200's in Summerlin that was actually a traditional sale. We looked at countless houses and so many were in terrible shape. Holes in the foundation, pools that needed to be dug up, major sheetrock condition issues etc. The ones that didn't have major issues had multiple offers on them pretty fast. People that want to come in and fix up houses would probably make some good cash. There are so many undesirable properties in their current state out there and so few that are move in ready.

That's what I'm finding.

[MomMom]

Originally Posted by LVPoker1

I bought a house in the low 200's in Summerlin that was actually a traditional sale. We looked at countless houses and so many were in terrible shape. Holes in the foundation, pools that needed to be dug up, major sheetrock condition issues etc. The ones that didn't have major issues had multiple offers on them pretty fast. People that want to come in and fix up houses would probably make some good cash. There are so many undesirable properties in their current state out there and so few that are move in ready.

Exactly!

Now I know why some folks moving here are buying new and why some builders are building homes again, even in this economy.

You just get so tired of the waiting game with the short sales, and seeing really bad properties (what people have done to them) that I can see why some people are finding it very stressful to purchase a foreclosed decent sized family home here nowadays.

Some of the properties out there for sale are disgusting, what the people have done to them, for either spiteful reasons or maybe just the way in which they lived. Ugh!!

And you can also see the money potential for the new-age flippers, who are buying the most stressed out homes, fixing them up and re-selling them.

Even buying a home cash is not guarantee that doors will open for you so to speak. There are quite a few cash buyers out there as well that you are competing with for the best re-sale homes.

[Robustus]

Originally Posted by MomMom

You just get so tired of the waiting game with the short sales, and seeing really bad properties (what people have done to them) that I can see why some people are finding it very stressful to purchase a foreclosed decent sized family home here nowadays.

Some of the properties out there for sale are disgusting, what the people have done to them, for either spiteful reasons or maybe just the way in which they lived. Ugh!!

This is surprising to me. I looked at about 25 houses in July in Centennial Hills and Aliante, in the $120-$150k, 3-4 bedroom range, and there were only 2 that needed anything other than a fresh coat of paint in a couple rooms. I probably looked at 2/3 shorts, 1/3 bank-owned.

Was my house-search experience not typical, or is the situation just that different than it was 4 months ago (ie, all good-condition foreclosures snapped up since the summer)?

[WestieJeff]

I find shorts generally to be in much better condition than REOs since usually someone is still living there. REOs often haven't had an occupant in many months not considering any intentional damage, appliances are often missing, pools empty, landscaping is usually dead, dust, dirt, and debris are abound depending on how much work the bank does before listing the property.

The difference is that you can actually buy an REO whereas a short is a gamble.

Originally Posted by Robustus

This is surprising to me. I looked at about 25 houses in July in Centennial Hills and Aliante, in the $120-$150k, 3-4 bedroom range, and there were only 2 that needed anything other than a fresh coat of paint in a couple rooms. I probably looked at 2/3 shorts, 1/3 bank-owned.

Was my house-search experience not typical, or is the situation just that different than it was 4 months ago (ie, all good-condition foreclosures snapped up since the summer)?

[MomMom]

Originally Posted by Robustus

This is surprising to me. I looked at about 25 houses in July in Centennial Hills and Aliante, in the $120-$150k, 3-4 bedroom range, and there were only 2 that needed anything other than a fresh coat of paint in a couple rooms. I probably looked at 2/3 shorts, 1/3 bank-owned.

Was my house-search experience not typical, or is the situation just that different than it was 4 months ago (ie, all good-condition foreclosures snapped up since the summer)?

I didn't look in or consider Centennial or Aliante, I need to keep my rentals all in one area for easy access, we looked at homes for sale by the real estate agencies, most were not good. Ones that intertested me that could be bought immediately already had an offer.

[scociny]

I have lived in Phoenix twice and now Las Vegas. I love the desert personally so I love them both. Phoenix will get alot hotter in the summer and the housing boom years back has caused traffic to be horrible. Not enough freeways to accommodate all of the traffic. This may have changed since I lived there tough. I lived in a smaller town called Gilbert and also a town called Surprise. IMO, Surprise is definitely lower class, there may be higher end stuff built there but the common denominator was lots of unkept yards and no pride of ownership. It just had a different feeling than Gilbert. That's not to say you won't find that in Gilbert (or any subdivision in the U.S) but it was very common when I lived there, as well as when my brother in law lived there. Are you looking in the city of Phoenix or another area?

I have only lived here since July and so far I love it. People who don't live here ask me how I could ever live in Vegas. But really, they only have seen the strip part, you go off the strip and to me, it is no different than living in Phoenix. Other things to consider are property taxes. I don't know what they are in Phoenix so you might want to check it out. When we lived in TX, property taxes were insane, almost $8K a year for a modest house.

If you have any questions about Phoenix, just let me know!

[jfpinlv]

Originally Posted by MomMom

Exactly!

Now I know why some folks moving here are buying new and why some builders are building homes again, even in this economy.

You just get so tired of the waiting game with the short sales, and seeing really bad properties (what people have done to them) that I can see why some people are finding it very stressful to purchase a foreclosed decent sized family home here nowadays.

Some of the properties out there for sale are disgusting, what the people have done to them, for either spiteful reasons or maybe just the way in which they lived. Ugh!!

And you can also see the money potential for the new-age flippers, who are buying the most stressed out homes, fixing them up and re-selling them.

Even buying a home cash is not guarantee that doors will open for you so to speak. There are quite a few cash buyers out there as well that you are competing with for the best re-sale homes.

We bought a foreclosure about 10 mos. ago, after months of looking at 100+ dogs that had been trashed or stripped by the former owner. Appliances had been stripped out but that was okay with us as we wanted new anyway.