[Jessey126]

Hi Everyone,

Since hubby and I are starting to look again at potential properties - I do see a vast range in price per square foot - and I wondered, what would the wise folk out there suggest is a 'reasonable/sensible' number to aim for?

Many thanks,

Jessey

[ScoopLV]

Depends on the neighborhood. And REALLY depends on the use of the property. Someone's main "forever" house is going to have a lot more leeway than a rental property.

$/sqft is my main number when considering rental properties. Where I live on the extreme East side is much lower than Summerlin or Anthem. Pick an area first -- the more specific the better. (I concentrate on a two-block radius from my front door.) Then go through all the very recent completed sales in that area. That will give you a range of $/sqft. In my search area, I put an offer on anything that comes up that fits my $/sqft criterion. I can always back out during due diligence.

[Jessey126]

Thanks for that Scoop, and it makes perfect sense.

Of course, we do like 'very much' where you live - remember we checked the area out a short while back; alas, I feel it is out of our range...

So we'll be looking north/northwest for the most part - like Aliente and all the way over to the nw corner...

The price range for the 'north' properties I looked at on our list (sent through by realtor) seem to be in the high $120s to high $130s...

I asked this question because I thought I had heard/read a while back that $100 was a good number to look at (obviously not for Summerlin or Green Valley areas)...

And we'll be looking to stay in the property a good number of years - so not a rental.

[qingguy]

@jersey126 we purchased back in August 2013 just North/West of Aliante (I think I'm 2 miles from Aliante Casino) - $106 sqft for a 3,750 sqft home, 4 bed, 3 bath with a private office, .40 acre, small gated community (less than 20 houses), lots of space between homes and we're at the end of the cul-de-sac (prime location), backyard needs updated landscaping. Asking was $110 or $112 I forget. At the time our realtor told us the magic number for the area we were looking in was $100 - $110. We probably put another $20,000 into the inside of the home prior to moving in (new paint, flooring etc.)

I just checked the search my realtor setup for us on his website and looked at 10 homes similar to ours and the low was $117 sqft and the high was $151, average was $135.

Like I said we just bought in this area so if you have any questions don't hesitate to ask either here or through private message. We too relocated here and it would have been nice to have someone with the knowledge we recently gained on the ground here in Vegas to bounce questions off of as there's definitely some things I would have done differently; that said, overall we feel we got excellent value for our money.

[Jessey126]

Thanks for that qingguy - I'm sending you a PM. Info much appreciated

[jadedlady]

We paid $110/sf in the northwestern part of Summerlin (close to Summerlin Hospital) last February and paid over the list price to beat other offers and we paid cash. Our place was move-in ready and landscaped. We have a townhouse in a small gated community. Currently, other properties similar to ours have a median list price as of Dec 2013 at $137/sf. Of course, this would include SFRs, condos and townhouses. The current median sales price is $133/sf. This reflects sales prices to be slightly lower than list prices.

[Jessey126]

That's helpful jadedlady - thank you for that

[SoCalCpl2]

$100 per sq ft is usually what the price should be. That gives the builder enough leeway to make money on each house. BUT then you have the land idiots who think their piece of dirt is gold and the price goes up exponetialy. Take California, they think their houses are made of platinum with the prices they charge.