[tazz]

Originally Posted by eventusstultorummagister

I just saw a 4 Bdrm/4 Ba 1600 sqft. 3-story townhome for sale in Aliante.
Built in 2005, asking $74,000 ($46 sqft.), presently rented for $945 (long term lease).
Has a pool/spa/playground/parks and sand volleyball courts.
Fully landscaped with grass and trees.
Not an REO or Short sale.
HOA= $84
Current Taxes= $1183

Property is owned by an investor who is selling off his rental portfolio (before prices plummet again?)

1,600 sq feet with 4 bedrooms and 4 baths means TINY rooms.

[Willy702]

Originally Posted by retireat55

Thanks for the opinions so far.

I was averse to the idea of investment in a single family residence because of the maintenance issues and I preferred the low maintenance that a condo would provide since I am an out of state owner.

Regardless of how many of you might currently feel about Vegas, I think Vegas has tremendous potential and will recover in the long term. Nevada offers tax advantages, a warm climate, has a great airport, is proximate to California, and has a very affordable cost of living in relation to most very large cities.

I'm thinking if I can get in around $90k for a 2br Manhattan unit that would rent for around the $1k per month range, it would make sense taking into account the depreciation and other expenses I could write off on my taxes. I understand that in some ways these midrise units truly are glorified apartments - but again, so are the highrises if you look at it from that perspective.

I'm 37 y/o and need to start looking at where I want to be 15 years from today. I figure that 15 years from now, if the unit is paid off, it provides me with either a comfortable vacation home, or a decent income stream as I will be heading towards retirement at that point.

Again, all thoughts and comments are appreciated!

I don't think anyone really questions the long term potential and I encourage people to consider investments at a time like this, provided the financing is there. Its just the opportunity cost when your investment could get a 2br unit "regular" condo in a good area in the 50s or 60s. Or buying a SF home for 90s or a bit higher which is going to give you more space and a rent premium under most circumstances.

Further I just think that whole South Strip is a joke. Only way people are fooled into thinking its a desirable area is if they buy or rent a place there site unseen and fall for the LV Blvd address. There are nicer areas five minutes down the road from there that cost less and are even more pleasant to walk around. There will never be any real value driving development that way as the condo builders believed a few years ago.

[volfanga]

There are multiple upcoming real estate auctions from multiple sources.
I purchased a condo in Feb at a great price. Do your due diligence and
you can come out with some real deals.

[PinkString]

Originally Posted by eventusstultorummagister

I just saw a 4 Bdrm/4 Ba 1600 sqft. 3-story townhome for sale in Aliante.
Built in 2005, asking $74,000 ($46 sqft.), presently rented for $945 (long term lease).
Has a pool/spa/playground/parks and sand volleyball courts.
Fully landscaped with grass and trees.
Not an REO or Short sale.
HOA= $84
Current Taxes= $1183

Property is owned by an investor who is selling off his rental portfolio (before prices plummet again?)

The property is a 3 bedroom, 2 1/4 bath. 2 story. 1558 sf. Has a pool, no spa. I should know. There is only 1 townhome community within Aliantes borders. No 3 story anything in here.

[PinkString]

Plus the HOA is $90 for the sub and $39 for the master.

[eventusstultorummagister]

Originally Posted by PinkString

The property is a 3 bedroom, 2 1/4 bath. 2 story. 1558 sf. Has a pool, no spa. I should know. There is only 1 townhome community within Aliantes borders. No 3 story anything in here.

Nope! It's exactly as I described as per MLS #1079211

What's with this cyber stalking anyways? Buyer's remorse perhaps???

[olecapt]

Originally Posted by eventusstultorummagister

Nope! It's exactly as I described as per MLS #1079211

What's with this cyber stalking anyways? Buyer's remorse perhaps???

The property is not in Aliante. It is Palmilla Town houses. They were a disaster where the builder is trapped with a couple of hundred units left.

I would suspect he is leasing though I don't know for sure. Normal pricing in there is $40 to $60 per SF. They rent pretty well though the three stories may be slow.

I would discourage an owner occupant. Good investor opportunity though.

[retireat55]

Originally Posted by olecapt

The property is not in Aliante. It is Palmilla Town houses. They were a disaster where the builder is trapped with a couple of hundred units left.

I would suspect he is leasing though I don't know for sure. Normal pricing in there is $40 to $60 per SF. They rent pretty well though the three stories may be slow.

I would discourage an owner occupant. Good investor opportunity though.

So what do you all think - would you consider this development if it were your money? Or would you go with a SFR for a bit more? The strip thing is beginning to make me a bit more uneasy with the numbers.

[sdreloc]

Originally Posted by JohnG72

Hope you all really know what the long term really means in a town with ridiculous unemployment and a never ending supply of land.

How big could Las Vegas get if there was much more housing demand? Does anyone have an idea of roughly how much further beyond the current edges of development is zoned for more home construction? How far out into the desert can they really go before they are out of bounds of the city borders or into undevelopable areas?

[Willy702]

Originally Posted by sdreloc

How big could Las Vegas get if there was much more housing demand? Does anyone have an idea of roughly how much further beyond the current edges of development is zoned for more home construction? How far out into the desert can they really go before they are out of bounds of the city borders or into undevelopable areas?

Hard to say, estimates all vary because it depends on what you project for the rate of land needed for construction. There is a general boundary because of BLM land, but as the city expands there are surely going to be BLM swaps to expand that border ever so slightly. Even though it seems almost silly at the moment, I can see a good argument for the housing in places like Coyote Springs, which is about 60 miles from downtown and in White Hills in AZ, also about 60 miles out and accessed with the new bridge bypassing Hoover Dam. When those two were first created they were envisioned as distant bedroom communities of LV for people priced out of the market. However since their timeframes are now significantly stretched out I could see them developing a market from retirees and some working families looking for a lifestyle outside the congestion of LV. Neither of these markets are going to flourish in the next 5-10 years, but in the longer term they can take advantage of demographics and inevitable population growth in the LV valley to fill demand. Enough potential home buyers turned off by the micro lots in new developments as well and could be further targets for these more distant developments with much cheaper land so they can build with much bigger lots. Add in other areas like land going south on I-15 all the way down towards Stateline, which is part of the plan of Anthem for the next 30 years, and you can find many reasons why your question can't really be answered with certainty.