[vtvette]

Hello all, my wife and I are considering a move to Las Vegas (mid-30's, no kids and no plans for kids). I've been spending quite a bit of time here on this fantastic wealth of information, reading through all the posts.

I've been to the real estate sites and seen many short sales/foreclosures in hopes to gain an idea of what we can expect to find in the Las Vegas market.

I've also read enough here on the forum from the many helpful and knowledgeable people to know that all is not quite what it seems in the real estate market in Vegas.

So I ask, what can one really expect spending between $150,000 to $200,000 cash in Las Vegas?

I've seen houses in various Master Planned Communities between 2300 to 3000sq ft with 2 to 3 car garages, pool, in the range of $175,000 to $200,000. Is this a realistic purchase price? Are these just Short Sale prices to entice bidding?

Finally, are REO's at advertised prices actually sold at those prices or, is there offers then negotiating like a Short Sale?

Are REO's/Foreclosures easier to purchase with cash?

Many thanks for any help,

[Buzz123]

I could let you have my once valued at $600.000 house for $200,000...maybe.

[airics]

first off, the prices are there to entice a bidding war... however you are just out of investor range which is good for you...for the money you stated, you would be around 1700sf with a pool or 2300sf w/o in an average area.. not the best area but by no means the worst....2500sf with a pool and 3 car in an average area figure 250ish.. i live in 89131... a fixer upper (about 25k to fix) that was 2500sf with a drained pool was listed at 169k... it sold for 200... but the interior of the house was horrifying.. cabinets broken, burned (don't ask) etc...

in my opinion, you are better off buying the house without the pool and then building one or buying in a area that has the community pool..

[WestieJeff]

+1 - in most desirable areas, a 2500-3000sf track home with a pool will run 250k+ depending on area.

150-200k should get you 2000sf in a nice area.

Originally Posted by airics

first off, the prices are there to entice a bidding war... however you are just out of investor range which is good for you...for the money you stated, you would be around 1700sf with a pool or 2300sf w/o in an average area.. not the best area but by no means the worst....2500sf with a pool and 3 car in an average area figure 250ish.. i live in 89131... a fixer upper (about 25k to fix) that was 2500sf with a drained pool was listed at 169k... it sold for 200... but the interior of the house was horrifying.. cabinets broken, burned (don't ask) etc...

Originally Posted by airics

in my opinion, you are better off buying the house without the pool and then building one or buying in a area that has the community pool..

Not sure why you would recommend buying without a pool and then building one. Community pool I can understand, but it costs far more to build a pool than to buy a house with an existing pool. The return on building a pool is easily < 50%.

[Atlas1337]

I've been in Vegas nearly six months, so I'm no expert but I think you can get a great house for 150k-200k cash.

Avoid short sales, but the REO list prices are legit. Some do get multiple offers above list, but there's so many houses out there that I would recommend coming in below list.

If you could specify which master plan communities you're interested in, it would help us a lot. As an example, I grabbed a 2311 sqft house in Aliante (no pool) for 133k cash. It wasn't a 'fixer upper' either, just needed a carpet wash & paint.

@airics: How does 89131 compare to Aliante and 89149 from your experience?

[airics]

i don't know about 89149 but Aliante is ok for the Condos.. I would not want to pay for sids and lids..Some of the homes in Aliante are great.. It all depends on the builder... I'm down the street from Aliante... granted i bought my house in 08 so i paid a bit more than normal but i havent lost too much..I paid 252k for a 3 floor with a strip view....it was over 500k in 05. Now i could buy the same home for around 220... but I love my home so I am happy.

[Atlas1337]

Originally Posted by airics

i don't know about 89149 but Aliante is ok for the Condos.. I would not want to pay for sids and lids..Some of the homes in Aliante are great.. It all depends on the builder... I'm down the street from Aliante... granted i bought my house in 08 so i paid a bit more than normal but i havent lost too much..I paid 252k for a 3 floor with a strip view....it was over 500k in 05. Now i could buy the same home for around 220... but I love my home so I am happy.

Thanks.

Yea, that first SID bill took me off guard. I know it was disclosed in that ream of documents I signed, but who actually reads that stuff?

[vtvette]

SID? sid's and lid's? Could someone please elaborate?

I assume these are similar to association dues?

[KiwiKate]

SIDS and LIDS are fees assessed to a home when it is built -- something like 3-4% of value. They can be paid off over a number of years. The fees are used for improvements to the subdivision and the responsibility to pay transfers to the new owners when the house sells.

[airics]

Originally Posted by WestieJeff

+1 - in most desirable areas, a 2500-3000sf track home with a pool will run 250k+ depending on area.

150-200k should get you 2000sf in a nice area.





Not sure why you would recommend buying without a pool and then building one. Community pool I can understand, but it costs far more to build a pool than to buy a house with an existing pool. The return on building a pool is easily < 50%.

why spend 25k extra on a home already with a pool that you dont know anything about or even if the equipment works... spend 30ish and get exactly what you want.....