[NJ Brazen_3133]

I dont want to beat a dead horse, but how bad did Global Financial Crisis affect the LV Valley?

Especially in regards to RE prices. I am asking because I am seeing a lot of cheap inventory. Cheap compared to comparable cities. You are even cheaper than Philly, and DC. I am wondering if at one point prior, the market was more expensive, and then lots of people got wiped out, and why everything looks cheap.

What about the Casinos? How big a hit did they take? I know I couple of famous theme casinos that were staples of the Strip have been demolished, and new ones popped up. Is that a direct result of the GFC?

[JonathanLB]

The market has rebounded almost to pre-recession levels from what I understand, with average housing prices at least in the range of what they were in 2006-2007. One thing that throws ME off about Las Vegas's housing market, but locals either seem not to notice or they've lived there long enough it's not in their typical thinking, is it has made me realize it's kind of irrelevant to talk about the "average house price" in a city without any other factors considered. Yes, the average house in Las Vegas is apparently $300K roughly, but the average house in Vegas is far smaller than the average house anywhere else I've ever seen. Not only are the $300K houses tiny, they have no yards, especially if they were built in 2006 or thereabouts, when the price per acre reached $1M so developers had to put 10 houses to an acre to spread the cost as thin as they could.

It's fair to say that other places, $300K just buys you a lot more house than it does in Vegas, even if their average is similar. I'm not sure why that is, and any reasons I could make up would just be guesses, like perhaps the nice weather makes people tolerate tiny homes or something, or everyone is just used to the idea of it, whereas almost everywhere else I've seen people have much larger backyards in average sized homed and the average American home is 2,400 square feet, but the average $300K Vegas home is nowhere near that big unless it's in the ghetto. More like 1,400 to 1,600 square feet.

I think a better "average" that would have more meaning is to say the average American home is 2,400 square feet, so what is the average cost to buy an average sized home in Las Vegas (2,400 square feet)? Probably more like $450K to $500K. That's why I'd caution you not to think housing prices are "cheap" by any means. The average price doesn't buy you an average home whatsoever, it takes a lot more than that to buy what most people would consider an average home.

I think Vegas is very inexpensive compared to the major cities on the West like Portland proper, Seattle, San Francisco, Los Angeles, and San Diego, but compared to flyover country the houses are quite expensive. I was surprised how in some Midwest states $350K gets you over 3,000 square feet with a good deal of land. That seems kind of crazy. That would get you a shoebox in Vegas with hardly any space.

[WisconsinVegasHeights]

Originally Posted by JonathanLB

The market has rebounded almost to pre-recession levels from what I understand, with average housing prices at least in the range of what they were in 2006-2007. One thing that throws ME off about Las Vegas's housing market, but locals either seem not to notice or they've lived there long enough it's not in their typical thinking, is it has made me realize it's kind of irrelevant to talk about the "average house price" in a city without any other factors considered. Yes, the average house in Las Vegas is apparently $300K roughly, but the average house in Vegas is far smaller than the average house anywhere else I've ever seen. Not only are the $300K houses tiny, they have no yards, especially if they were built in 2006 or thereabouts, when the price per acre reached $1M so developers had to put 10 houses to an acre to spread the cost as thin as they could.

It's fair to say that other places, $300K just buys you a lot more house than it does in Vegas, even if their average is similar. I'm not sure why that is, and any reasons I could make up would just be guesses, like perhaps the nice weather makes people tolerate tiny homes or something, or everyone is just used to the idea of it, whereas almost everywhere else I've seen people have much larger backyards in average sized homed and the average American home is 2,400 square feet, but the average $300K Vegas home is nowhere near that big unless it's in the ghetto. More like 1,400 to 1,600 square feet.

I think a better "average" that would have more meaning is to say the average American home is 2,400 square feet, so what is the average cost to buy an average sized home in Las Vegas (2,400 square feet)? Probably more like $450K to $500K. That's why I'd caution you not to think housing prices are "cheap" by any means. The average price doesn't buy you an average home whatsoever, it takes a lot more than that to buy what most people would consider an average home.

I think Vegas is very inexpensive compared to the major cities on the West like Portland proper, Seattle, San Francisco, Los Angeles, and San Diego, but compared to flyover country the houses are quite expensive. I was surprised how in some Midwest states $350K gets you over 3,000 square feet with a good deal of land. That seems kind of crazy. That would get you a shoebox in Vegas with hardly any space.

That was the epitome of nebulous verbosity. I live in a six bedroom home in a decent area and it is valued at 300k on Zillow.

[airics]

Originally Posted by WisconsinVegasHeights

That was the epitome of nebulous verbosity. I live in a six bedroom home in a decent area and it is valued at 300k on Zillow.

zillow estimates mean nothing.. my home was at 269k, sold in 12 hours at 384....(list price).... as soon as it was listed at 384, the estimate went to 390

[Hal Roach]

I paid 35k in Summerlin in 2009...the previous buyer paid 135k in 2005. Today, 85k maybe. In 2000 it was quite difficult to find a condo under 60k. The economy contracted big time. DC? Vegas is about half, at best case. Incomes, less than half. No need to put lipstick on a pig. The mountains are beautiful, though.

[OmegaSupreme]

Originally Posted by NJ Brazen_3133

I dont want to beat a dead horse, but how bad did Global Financial Crisis affect the LV Valley?

Especially in regards to RE prices. I am asking because I am seeing a lot of cheap inventory. Cheap compared to comparable cities. You are even cheaper than Philly, and DC. I am wondering if at one point prior, the market was more expensive, and then lots of people got wiped out, and why everything looks cheap.

What about the Casinos? How big a hit did they take? I know I couple of famous theme casinos that were staples of the Strip have been demolished, and new ones popped up. Is that a direct result of the GFC?

You say comparable cities, then mention Philly and DC

Then you get other (comparable) geniuses that give their anecdotal reports

[Tek_Freek]

Originally Posted by OmegaSupreme

You say comparable cities, then mention Philly and DC

Then you get other (comparable) geniuses that give their anecdotal reports

And the band plays on...

As a comparison. And I grant you I'm skeptical of prices I see for our house since the variation can be $30k-$40k.

About 1640SF. The standard version of this house is about 1550SF or so, but the original owner added a 6x18 master closet.

We bought in May of 2014 for $245k. Our latest estimates range from $353k to $375k (Realtor and Redfin). Those estimates do not take into account the complete gutting of the kitchen and bathrooms, replacing all floors, repairing any damage to walls, etc and repainting, new trim work throughout, repainting the outside, replacing the patio protection, and epoxying the garage floor. Among other things.

So the real value as it stands? Who knows? Since we are not selling we don't really care, but it's interesting to see what Realtors think it should sell for.

[Cold Warrior]

it's kind of irrelevant to talk about the "average house price" in a city

True enough. That is why we talk about the median house price.

[Everdeen]

My Vegas home has surpassed what we paid for it in 2004. Finally. It was a new build.

It is still $60,000 less than what it was worth at its peak.

[WisconsinVegasHeights]

Originally Posted by airics

zillow estimates mean nothing.. my home was at 269k, sold in 12 hours at 384....(list price).... as soon as it was listed at 384, the estimate went to 390

Still here and still like it to respond to your earlier challenge. 2 jobs, how do you like me now?