[smooches]

My fiance and I love visiting Las Vegas on vacation and come fairly often since we live in Los Angeles and the drive is not that bad. We normally stay on or around the stip. No kids and we are in our 20's.

Lately we have been considering purchasing a vacation home in a surrounding area such as Summerlin or what is called Red Rock CC on ziprealty (but doesn't seem to be in the actual country club so I'm a bit confused on that). After reading all the posts about burglary now I am worried we would come for the weeked to the Vegas house and it would have been broken into since we were last there, says 2 weeks prior. Is this as much a concern as it seems from reading the board?

Other question. Should I just stick to staying at hotels and not consider buying a house? We would probably keep the house 10 years plus so it is also somewhat of an investment. The budget is $250,000 and we are looking at 2 bed 2 bath minimum.

Please be nice as this is my first post and I have tried to educate myself about this forum since I found it about a week ago.

[cjski21]

Sure, we would love to have your property taxes. But seriously, I would look into it because it is a good tax write off. On the other hand, how many years will it take to spend 250K on the strip???

[ackackack]

I wouldn't recommend it, not yet. The market here is still getting worse, and may continue to do so for some time. If I were in your situation, I wouldn't invest in any Las Vegas real estate, you worked too hard to earn it so don't waste it on a losing proposition. It wouldn't hurt to wait until the market here starts to rebound: meaning a month over month increase in values and a considerable drop in inventories. For starters, I'd reconsider several years from now, when all these vacant homes are occupied. It is an investment you are looking at, and I wouldn't invest in something that will be less tomorrow than today. However, I'm sure some realtor's will pop up and do their best to convince you that this is a buyer's market, and some other's out there will also tell you that you can't lose in a town that "over 5,000 per month" move to. Just visit, stay in a hotel or rental, and save your hard-earned money for the casinos. Think of the worst case scenario for you and your family. What if you needed that money. You would have a hard time getting it out of your investment, and when you did, it wouldn't be worth the same as when you put it in.

[olecapt]

Second homes are almost always short term losers financially. Whether Vegas or Big Bear or Baja or a boat in Long Beach Harbor you likely will not make money for the five or eight years if ever.

If however you use the place a good bit...and it needs to be a good bit..you will do well off the investment.

The risk is the classical time share syndrome...you buy it and then don't use it. You will lose a great deal of money if you unload it quickly.

Given the present market in Vegas there is no need to proceed quickly unless you will use the place a lot soon. AcK^3 is correct that you certainly will not lose anything and may make a bit by waiting some months. That is your call...is a whole lot of immediate use likely? If not wait a while.

[jfkIII]

Originally Posted by smooches

My fiance and I love visiting Las Vegas on vacation and come fairly often since we live in Los Angeles and the drive is not that bad. We normally stay on or around the stip. No kids and we are in our 20's.

Statement supports the fact that LV is quickly becoming known as LA's weekend playground. East Los Angeles?

[olecapt]

Originally Posted by jfkIII

Statement supports the fact that LV is quickly becoming known as LA's weekend playground. East Los Angeles?

You just noticed? Where have you been the last 40 years? Have you been on 15 on Friday evening?

In any number of ways it is the eastern suburb of the LA basin.

[jfkIII]

True...but more and more the 'bad element' of LA is now making it presence felt and known there. I'm not totally sure about this, but haven't some recent strip shootings involved LA gang members? The one recently in front of Margaritaville (Flamingo)?

[olecapt]

And who told you that? The "bad element" from LA has been coming to Las Vegas just as long as the good element.

The only thing noteworthy in recent years was the famed allstar game...when Vegas decided pretty strongly they did not care for that particular crowd from LA and everywhere else.

Be rather curious to see if it comes back again.

[toyojo]

Originally Posted by olecapt

You just noticed? Have you been on 15 on Friday evening?

the 15 is terrible on a friday evening. i moved our furniture on a rainy day by myself once to our house in vegas and it was 9 hour trip from socal.

i was about ready to turn around lol

[J_Chavez]

I would hold off... I just overheard that they are trying to rule out "vacation homes" in the las vegas area... look into that first before getting to involved in this poor market...