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I still don't understand why these two markets are still hot. Hasn't anyone figured out that in the long run that the water is going to become a major concern in these areas? I just don't get it guys. Maybe I'm just missing something?
Remember, the entire State of Nevada isn't that desert city down south (Las Vegas). They have to import water because of their size, environment, and location. However, it can be different in other parts of the State.
In the area of Nevada where I live, the water table is high. In fact, it's 10' down on my property, according to the geologic study done on the land I bought. The company actually dug a well and hit the water at that level.
I happen to not be on a well here. Instead, I'm on County water. They don't even meter the water in this county. It's an inexpensive flat rate fee, no matter how much water I use. It's abundant in this County and, thank heavens, I'm not aware of any water rights sales that have been made to Clark County to change it.
Then you have Lake Tahoe. From the stats I've seen, if it were completely emptied, there's enough water in it to cover the entire State of California to a depth of 3'. It's that lake that keeps recharging our ground water.
So, water has always been a hot issue in the West. It will probably continue to be an issue as those in the North and West of Nevada fight the water rights sales to that southern city. Still, not all areas of this state are lacking water . . . unless global warming changes things, but that's a much bigger problem for everyone if it's true.
If Nevada is growing so much...WHY can't I sell my house in Sparks?????? Sorry, just venting my frustrations!
I was thinking exactly the same thing about AZ
We sold a house there over the summer and I guarantee all those new transplants were NOT beating a path to our door.
I think we had a grand total of either 3 or 4 lookers the entire time we were on the market.
Thankfully one of them bought the place, but the price was nowhere near what we would have liked.
We had friends who had a great house on the market but who didn't get a single prospective buyer through in 6 months.
(yes, they were overpriced... but still scary)
We're working on the tax issue. We have a tax reform of sorts coming on the ballot in January...not anywhere near what we wanted but, we're working on it. They are proposing homestead portability which will enable those who want to stay in Florida but move to another property to take their tax break with them. It's been something that they weren't able to do in the past so many people were sort of held hostage in their present homes. That will help. They are also proposing to add an additional $25K exemption off the assessed value bringing it to $50K for 65 & under crowd and $75K for the over 65 crowd. The thing that is killing us real estate wise is that the second home/investment buyer had no cap on their taxes...they just kept going up and up. Now it's proposed to cap it at 10% (homesteaders are at 3%), which helps, but it's not the best senario. The millage, well, that can only be controlled by the voters who really press their elected officials to keep it down. In my area it's not that bad, we don't have what I would consider high taxes and our insurance rates are much lower than the most of the state. We weren't hit by hurricanes here...got tropical storm winds or category 1 winds even during the worst of the years. They keep working on the insurance issue but from what I have seen there hasn't been any real headway except for the state refusing proposals to allow increases beyond what they are now.
I would love to help slow the Georgia growth by moving to Tennessee. (One out, none in?) I first need a job. What is the market like in the area (Oak Ridge to Knoxville, almost anywhere 50 miles out of Knoxville)? I've been a CFO (finance and accounting) most of my working life. I've always had to live near large cities. I would like nothing better than to return to my 'home area'. If anyone has any suggestions, connections or ideas, I'm a single dad with two young children and want my children to grow up in the area where I did. This is a shot in the dark of course but by all means, please contact me if you have anything. My address is available for this purpose.
If Nevada is growing so much...WHY can't I sell my house in Sparks?????? Sorry, just venting my frustrations!
If Sparks is like the Phoenix area, we still have a high inventory that has to be worked down.
Buyers that I see are in several categories right now:
Foreign buyers, see the low prices and will buy, but they take their time still looking for a bargain. They don't take as long to buy so they help reduce the inventory
.
Need to buy, they are relocating and will buy now. Although some may rent until they decide on an area.
Relocating, need to buy, but have a home to sell. They'll buy a home on contingency, so that home stays on the market as Active with contingency.
Want to buy, but don't have to buy right now. but they are frightened by the negative media reports so they're taking a wait and see attidude.
Want to buy but because of the wide variety of choices, they can't make up their mind. They are looking for the "perfect" house. So they will look at many more homes than they would in a normal market.
Bottom fishers. These are the people who are waiting until they clearly see that we are at the bottom. The only way to know that we are at the bottom, in my opinion, is when prices have risen steadily for a period of time.
There are lots of investors out there. They are looking for steals.
The urgency to buy is not there for all but the top three categories. So that helps to stagnate the market.
We have people moving into AZ, but we also have people moving out. I believe the ratio is about 1 moving out for each 2 moving in
After the recent Real estate neutron bomb, you may see Nevada and Az losing folks starting next year........when unemployment is at or higher than national average, it mitigates 90% of the reason to move in or out of the state. Add the wave of foreclosure, and you may notice a net loss starting in 2008 in both state.....
Are you saying that the unemployment rate in Arizona is higher than the national average; or are you forecasting that it will be?
What about all the retirees who come here to retire, and the snowbirds who buy second homes here just for the winter; and the Canadians and other foreigners who are coming here because of the weather and the cheaper prices? How will that affect AZ?
Fewer people are moving to Vegas and a greater number are leaving than in the past - so what you've heard is not incorrect - but net growth is still positive, albeit slower than previously.
It is however slowing to about 2.7% on a base of 2,000,000. That is about 54,000 per annum. Not bad...and not small. It will likely pick up a bit in 2009 as the strip resorts come on line.
I still don't understand why these two markets are still hot. Hasn't anyone figured out that in the long run that the water is going to become a major concern in these areas? I just don't get it guys. Maybe I'm just missing something?
Water hits CA at least as hard if not harder than AZ or NV. It is a concern throughout the SW but there is actually more than enough water for whatever.
90% of the water in the SW goes for agriculture. That is always negotiable if the question is asked with enough dollars attached.
Oh yes Gretchen, there's lots more to Nevada than Las Vegas. The entire dynamic is what is showing in the ranking. It includes the continued net migration into Sin-City along with the attraction of Northern and Western Nevada.
The problem is that too many people only think of Las Vegas when they hear "Nevada." It's not unlike people thinking that Los Angeles is the be-all/end-all of Southern California, it's not. It's also similar to people thinking that New York City is the same as New York State, it's not. There's more to SoCal than LA; there's more to New York than the City of NY; and there's more to Nevada than LV.
Actually not much. Las Vegas is roughly 80% of the state. Then Reno/Sparks at what 15%? And then the rest. If it blew away no one would notice for weeks. It is one of the reasons Nevada comes out last on all these State things...it is actually one big city, one small city and zilch. Warps the statistics against it something fierce. Third most urban state in the union after CA and NY.
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There's another good sized city in Nevada that has its own attractions, other than Las Vegas, which will add to the ranking. It's known as the Truckee Meadows, which includes Reno/Sparks.
Well it does exist and is a pretty nice place. But important? It will likely end up smaller than the three major cities in Clark County in the fullness of time.
Might be important in allowing urban living someplace other than Clark County.
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Reno has had it's real estate challanges just like much of the country. Yet it, as well as other surrounding smaller towns like Minden, Incline Village (Lake Tahoe), and even Carson City/County, still provide an attraction to many California ex-patriots, other retirees, and business owners seeking a business-friendly environment. Although things have slowed, there's still been more people moving in than people moving out.
Hey it is nice to have around. Without it there would be only Las Vegas and the emptiness.
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Also, even with Las Vegas' real estate drama of late, it has still maintained a net population increase from what I've read. Although I'm sure not everyone can or will be able to commit to the home ownership cycle, some are still moving in and buying homes.
So, it doesn't surprise me that Nevada is on top of the list for 2007. I could also see it easily remaining in one of the top three spots for the foreseeable future. What has attracted people in the past, remains the same today, and much of the state has yet to reach the point of saturation.
Well OK you guys can stay...
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So, please remember four things . . .
1) Las Vegas isn't the definition of Nevada,
Sure it is. We only barely tolerate the rest of you. And only out of the goodness or our hearts.
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2) There's more to the Nevada than that LA suburb down in the south of the state,
Actually not much...but we in the south wish it well.
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3) There remains some real good social, recreational, and economic reasons for calling Nevada home, and,
4) It's pronounced Ne-vaa-da, not Ne-vah-da.
that is all good stuff. Ne-vaa-da got to remember that.
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