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Old 06-25-2009, 04:58 AM
 
1,121 posts, read 1,979,816 times
Reputation: 1044
Quote:
Originally Posted by olecapt View Post
That behavior is not the norm.

At the bottom of the market...say around $50K...cash is absolutely dominant. That is because the investment value of those little houses is much higher than its owner occupied value. It continues to demonstrate that renting is more expensive than owning.

By the time you get to 100,000 and above the deal is pretty much a wash. There are some arrangements with some lenders that favor owner occupied. But it is a small part of the market. And there are HUD houses that basically allow only owner occupant bids for the first 10 days.

In 89123 (Silverado)there are 2 below 100K but 19 below 125K. In 89183 there are 8 below 100K and 28 below 125K. In 89178 (Mountains Edge) there are 8 below 100 and 30 below 125K. In 89131 and 89143 (NW) there are 20 below 100K and 80 below 125K. In 89084 (aliante) there are 8 below 100k and 20 below 125K.

The message here is that you are working right on the edge. You can expect below 100K homes to be very competitive and last hours or a day or two. 10 or 20K higher it will still be competitive...but not quite to the same level of craziness.

You can also work the old southeast...nice houses that are 20 or 25 years old..lots of options there.
In my case of two cash offers, they were both in the 49-52K range and not properties that were trashed, although they were very small in sq footage. Th first sold for 47 and the second sold for 49, both on FHA. I am thinking that cash only is king when the property has been trashed and needs a lot of work by someone who can afford to do that which I cannot. I don't blame the state for preferring local buyers to out of state buyers, it just doesn't make my life any easier.
I have noticed lately that the market has sort of dried up. You seem knowledgeable. I read somewhere that a lot of bank repos are being held off the market waiting for it to appreciate it. Any thoughts?
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Old 07-09-2009, 09:04 AM
 
8 posts, read 9,789 times
Reputation: 10
Please, I need help with preschools in Summerlin?
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Old 07-09-2009, 09:56 AM
 
10 posts, read 20,727 times
Reputation: 14
Well, If you are willing to break the 150's a bit, you might shop around at Mts. Edge. We've lived there 2 years, and love it. Everything is coming along nicely, shopping and such, Blue Diamond literally just opened, and although the slow down/forclosures have hit, this is not the most desireable area for cash investors, thus not a whole hell of alot of renters in the forseeable future thank god! However, there are HOA's in place to keep less than compliant neighbors in check. I see the builders pricing on the signs go down monthly as I drive by. You should check into it. We have had an issue with the developer trying to weasel out of promised parks, but the resident turn out was full force! Just another reason I love this area, people get off the couch and actually care about what's going on. Awsome!
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Old 07-10-2009, 02:50 PM
 
7 posts, read 11,523 times
Reputation: 10
Just want to give an update to close the loop... thanks for all your opinions earlier. It's always good to get different views.

We came back from our vacation/house hunting trip. We saw quite a few properties and put in offers on a few knowing that we probably won't get all or any of them. Some houses were in really bad shape, like anything removeable was removed including toilet seats and door knobs. Others were ok... not perfect but fixable with some TLC. We since learned that there were multiple offers on a few we offered, so we decided to not get in to a bidding war. As of right now, one is going to the seller. We hope we'll get it. Our agent told us to keep looking so I guess you never know until you are at the signing table. We had one that we thought our offer was accepted because we agreed with everything the listing agent asked, but only learned later that we didn't get it because a cash offer was made later. Now the price, we definitely went higher than our original budget. We are now offering $115K range. So hopefully we have a better chance to land one home. It also seems the price has gone up since May. Maybe it's the summer season or maybe the housing market in LV has finally started to recover. Interesting to hearing you local people's take on this. Thanks!
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Old 07-11-2009, 10:12 AM
 
123 posts, read 278,574 times
Reputation: 87
Quote:
Originally Posted by olecapt View Post
Does not compute.

You have champagne taste and a beer budget.

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Old 07-12-2009, 03:40 PM
 
Location: Henderson, NV
7 posts, read 12,487 times
Reputation: 11
I have found lately that the banks are rehabbing more and more of their REO properties. I go to show them and discover they've been painted, have new carpet and appliances (not top of the line, but appliances just the same).

Keep on going, you'll find a jewel.
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Old 07-22-2009, 04:27 PM
 
Location: Centennial Hills
1 posts, read 874 times
Reputation: 10
Default Cousin lives in Centennial Hills NW Vegas

I recently relocated to LV from OH- temp staying with cousin who lives in Centennial Hills. The area is on the edge of town literally but we are not far from strip etc. She's about 30 minutes from airport. The area is very new - new developments, choices in homes beginning in low $100K - the area is clean, well kept single family housing. I think they are all too close for the money and they do have landscaping rules if that matters. Off of 215 W. I really don't think anyone really knows until they get settled and start to get to know where they are in comparison to what they want.
Quote:
Originally Posted by LV_Newbie View Post
I have been reading all the posting... now I'm more confused than ever. I guess it's usually the case when you read too much into anything.

My husband and I are thinking about buying a 3 br, around 1500 sf, fairly new house in LV. Would someone please recommend some general area beside Summerlin, Henderson or Green Valley? How is the SW areas like Arlington Ranch, along I-160 blue diamond, or along I-15 (South of airport). How is the SW compared with NW? Our concerns are: safety, school districts, and of course the future value of the property. We want to keep our price below $100K. Thanks in advance.
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Old 07-22-2009, 04:32 PM
 
417 posts, read 762,555 times
Reputation: 168
You can get an apartment for say .. 6 months ..
Many apartment complexes offer short term lease.
This will give you time to decide where and find a home you will enjoy.
It may be your best investment.
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Old 07-24-2009, 04:10 PM
 
86 posts, read 180,881 times
Reputation: 22
I've lived in Vegas for 6-1/2 years and never felt the need to have a weapon either in my house or on me. There are bad areas, just like anywhere else, but you avoid them. There are many nice areas, too. I live in Mountain's Edge and it's very nice. You should be able to get a deal on a house since so many people are upside down and short-selling right now.
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Old 07-24-2009, 04:28 PM
 
Location: Las Vegas, Nevada
11,304 posts, read 18,984,758 times
Reputation: 3852
Quote:
Originally Posted by lasvegasexpert View Post
I have found lately that the banks are rehabbing more and more of their REO properties. I go to show them and discover they've been painted, have new carpet and appliances (not top of the line, but appliances just the same).

Keep on going, you'll find a jewel.
I've got bank owned on both sides. I had to report the mosquito hatchery in the pool in one of them. County came out and put in fish, then city came out and drained it. A few days later I noticed the lights were back on and I heard the pool filter running. I investigated and found the bank was taking responsibility for it finally and put water back in the pool. On the other side they replaced all the hard wood floors last week and I saw an appraiser out yesterday. She told me the bank had taken it back again from the LLC that had been bought it, and there is a for sale sign out again. Good signs I guess. Wish I could buy either one of them. Mine is nice. They are nicer.
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