Taking a job at University Medical Center (lease, HOA)

dbiddy808 · 02-17-2008, 03:23 PM

I used the search feature to get a little info, but I figure I'll ask for more.

I will be working at UMC starting this August. Although it seems that everyone I have talked to lives in Summerlin, I am considering living close to work. I have been searching realtor.com and I have seen some nice places in the 89102 zip code, especially in Spanish Oaks and McNeil Estates. My only concern is that many nights my wife will be home alone. I am wondering if it is safe in this area. Can she safely walk the dog in the neighbourhood without any fear? I see that Spanish Oaks has a guarded gate, are there any other nice communities in this area with gates?

Thanks in advance.

olecapt · 02-17-2008, 06:36 PM

Quote:

Originally Posted by dbiddy808

I used the search feature to get a little info, but I figure I'll ask for more.

I will be working at UMC starting this August. Although it seems that everyone I have talked to lives in Summerlin, I am considering living close to work. I have been searching realtor.com and I have seen some nice places in the 89102 zip code, especially in Spanish Oaks and McNeil Estates. My only concern is that many nights my wife will be home alone. I am wondering if it is safe in this area. Can she safely walk the dog in the neighbourhood without any fear? I see that Spanish Oaks has a guarded gate, are there any other nice communities in this area with gates?

Thanks in advance.

Depends on budget. Spanish Oaks is better than McNeil for wandering around after dark. Both neighborhoods are quite nice but there are surrounding areas that have troublesome residents. I would not walk a dog in McNeil at night. I would in Spanish Oaks. (Unless it was a good big dog...then all bets are off)

There are a couple of quite expensive areas around there that are gated. But pretty high price point.

There are also a couple of two/three story gated town houses on Shadow Lane that would be OK at a lower price point. One set are leased...the others are SFRs though some are for rent. Both sets are gated.

dbiddy808 · 02-17-2008, 06:50 PM

I see that there are two places in Spanish Oaks for 254K. I imagine that they need significant improvements. I am curious how much a pre-renovation home in Spanish Oaks would have been listed for prior to the decline in prices?

olecapt · 02-17-2008, 08:05 PM

Quote:

Originally Posted by dbiddy808

I see that there are two places in Spanish Oaks for 254K. I imagine that they need significant improvements. I am curious how much a pre-renovation home in Spanish Oaks would have been listed for prior to the decline in prices?

One left...other has sold. Went at roughly $200 per SF at the peak. These are a bit over 2000SF.

The remaining one is not a short or REPO. I would except a really big job. Maybe 100K to make it reasonable.

Spanish Trails has not really had any action at those kind of prices...and likely will have little more. So if you are up to it you can have a good time. That place is strictly as is...and I would opine it is a real dump.

They are however gorgeous if done right.

Note that the HOA is $260 per month.

dbiddy808 · 02-18-2008, 07:15 PM

I am still debating what I want to do. I will be making a pretty good income in Vegas. My plan is to live in Vegas five years and save/invest money so that I can move back to Hawaii and not have to work so hard. The smartest thing for me to do would be to rent, but part of me wants to have a fat pad. So...I will have to think about it. I could definately afford to buy the place in Spanish Oaks and put 100-200K into it, but I doubt that I would make the money back.

olecapt · 02-18-2008, 07:49 PM

Quote:

Originally Posted by dbiddy808

I am still debating what I want to do. I will be making a pretty good income in Vegas. My plan is to live in Vegas five years and save/invest money so that I can move back to Hawaii and not have to work so hard. The smartest thing for me to do would be to rent, but part of me wants to have a fat pad. So...I will have to think about it. I could definately afford to buy the place in Spanish Oaks and put 100-200K into it, but I doubt that I would make the money back.

If you want to do that try one of the Spanish Oaks places or one of the McNeil/Alta older homes...consider the Scotch 80s. Actually what you want is to scout around for a half done fixer in those areas. Guys working fixers in 2006/7 who got stuck by the times might provide you with such an opportunity. Take 6 months, costs 200K or so...but the chance of walking away with a couple of hundred grand is real good. It will however take more than three years...the market won't allow it any quicker in the existing climate. Five though is a pretty good shot...particularly in those areas.

There are no sure things in RE but that one has high probabiilty.

Ohh and my investor friends would point out that if you put the same money into 5 or 6 1200SF 3/2 SFRs you would make far more money...likely true but you could not live in them in the interim.

airics · 02-18-2008, 07:52 PM

i agree with olecapt, if you are here for 5yrs, buy and ride it out...

Chest Rockwell · 02-18-2008, 08:52 PM

There are some great homes and great historic neighborhoods right around the corner from UMC. Take a drive up Oakey from MLK all the way up to Decatur, turn right and right again at Alta and then head back down. Check out all the neighborhoods in between and you are going to surely find something one of a kind that you will be proud to call home.

dbiddy808 · 02-19-2008, 04:39 PM

Chest...thanks for the tip, I will check out that area. My only concern, as I previously mentioned, is safety. I am really hoping that I don't have to live in Summerlin. I am not a big fan of planned communities. I grew up in Victoria, British Columbia and my family always lived in nice old houses. I realize that Vegas is a new city, but there must be some nice older areas that have a little more character.