[Onlyliveonce]

Originally Posted by Yung and succesful lv

While the narrative of owning a home is very powerful it does come with many unintended consequences, such as lack of mobility and low risk taking as one’s home consumes money, time and worry.

Thanks for your ideas but my lifestyle is stress free right now and my blood pressure is much lower knowing I'm not tied up in anything.

It's all bout what stage in life you are at and the needs a family/individual. Lack of mobility is not a bad thing when you are happy where you reside and looking for stability. I do not think there is a one size fits all approach to own a house or not.

[Onlyliveonce]

Although owning a house works for my family, there is one negative that I see no one talking about. The amount of undeveloped land in Southern Nevada has me more worried than anything else. I owned a house back East on Long Island, NY, and there is no more land to build on ( its pretty much all developed ). Now, I know God is not making any more land, but with so much land undeveloped here that is a real concern.

[lvoc]

Originally Posted by Yung and succesful lv

While the narrative of owning a home is very powerful it does come with many unintended consequences, such as lack of mobility and low risk taking as one’s home consumes money, time and worry.

Thanks for your ideas but my lifestyle is stress free right now and my blood pressure is much lower knowing I'm not tied up in anything.

The loss of mobility is fiction for the well heeled. In fact a lease may well be more constraining than ownership. The costs to maintain a home are paid regardless of whether you own or rent.

Maintenance of low blood pressure is a fair concern. That would indicate you are forever confined to very dull investment strategies.

[lvoc]

Originally Posted by Onlyliveonce

Although owning a house works for my family, there is one negative that I see no one talking about. The amount of undeveloped land in Southern Nevada has me more worried than anything else. I owned a house back East on Long Island, NY, and there is no more land to build on ( its pretty much all developed ). Now, I know God is not making any more land, but with so much land undeveloped here that is a real concern.

Why? Most of that land is contained in various park and recreational reserves. The rest is owned by BLM who sells it at rather high commercial prices. That is often considered one of the factors in the bubble locally.

The limit on growth in Las Vegas is virtually certain to be water. I would think the region is capped at between 135% and 200% of present size.

[VegasVicsezhowdy]

It appears that main street will end up holding the bag (again).

"The comps are being busted by flippers. And if a Wall Street guy wants to raise the comps on the slew of houses he already owns he just has to offer this price on this house to do so."

Say No to Recourse Loans.: Las Vegas Real Estate Driven By Greed Not Fundamentals

[von949]

Originally Posted by lvoc

The loss of mobility is fiction for the well heeled. In fact a lease may well be more constraining than ownership.

I used to be the king of breaking lease agreements. It was never intentional, just Uncle Sam calling. I broke leases all over the world, Italy, Japan, New Mexico, Utah...even here in Vegas. If anyone ever needed to be "mobile", it was myself. I never looked at it as an advantage though. I was mobile/renting because I HAD to be, not because it was convenient.

When kids are involved, being mobile goes out the window.




(╯°□°）╯ ︵ ┻━┻

[Onlyliveonce]

Originally Posted by lvoc

Why? Most of that land is contained in various park and recreational reserves. The rest is owned by BLM who sells it at rather high commercial prices. That is often considered one of the factors in the bubble locally.

The limit on growth in Las Vegas is virtually certain to be water. I would think the region is capped at between 135% and 200% of present size.

Yes, but their is still tangible land here in the Southern Nevada. There is NO more land on Long Island and some of the land is VANISHING due to erosion. I agree Las Vegas can grow up to 200 % putting the number at 4 million people if that occurs. Long Island could not even come close to that increase in population unless they build up vertically . .

[Onlyliveonce]

Originally Posted by von949

I used to be the king of breaking lease agreements. It was never intentional, just Uncle Sam calling. I broke leases all over the world, Italy, Japan, New Mexico, Utah...even here in Vegas. If anyone ever needed to be "mobile", it was myself. I never looked at it as an advantage though. I was mobile/renting because I HAD to be, not because it was convenient.

When kids are involved, being mobile goes out the window.




(╯°□°）╯ ︵ ┻━┻

Bingo.

[lvoc]

Originally Posted by VegasVicsezhowdy

It appears that main street will end up holding the bag (again).

"The comps are being busted by flippers. And if a Wall Street guy wants to raise the comps on the slew of houses he already owns he just has to offer this price on this house to do so."

Say No to Recourse Loans.: Las Vegas Real Estate Driven By Greed Not Fundamentals

That one was a conventional sale to the flipper. The price was very low for Monaco so I presume the house was beat up. It appears to have been redone and dolled up. It has sold and quickly for cash.

We should see who bought it in a week. Hard to believe they are going that high on a rental.

[ddrhazy]

Originally Posted by Onlyliveonce

Yes, but their is still tangible land here in the Southern Nevada. There is NO more land on Long Island and some of the land is VANISHING due to erosion. I agree Las Vegas can grow up to 200 % putting the number at 4 million people if that occurs. Long Island could not even come close to that increase in population unless they build up vertically . .

Las Vegas is slated to grow roughly at 1-2% per year until 2050. However, water is a real issue and Clark County might control the population growth by limiting build permits. I'd imagine the water authority will raise rates 2-3x what they are now as a mechanism to force people to kill their lawns and gardens and convert them to desert landscaping.

People have the misconception that the valley has a lot of land. Take a look at a map sometime. All the un built desert that has tire trails on the outskirts of town are the boundaries of where development can occur. Maybe someone knows how many square miles Vegas has left of undeveloped land, if anybody has such a figure.