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Old 11-03-2007, 12:35 PM
 
113 posts, read 358,562 times
Reputation: 49

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Hi all,

I've been lurking on this website for a while and gathering info. I think it's time I asked for advice. A little background. My dh, two kids, and I moved to LV 5 years ago. My dh has an average salary from a public service type job. I am in school right now and have less than a year til I graduate and start work as a nurse. Guaranteed job when I graduate (contract). We couldn't afford anything when we first moved here and at the time I refused to get any loan with the word "adjustable" in it so we've been in a small apt ever since. Now with the housing market the way it is, we can actually afford to buy something. We got prequal. for about 320,000 but I do not want to spend that much. We've looked around at alot of master planned c's and private homes over the past 6 months or so. We both really like southern highlands. There is a house I've been eyeing up for awhile now. It's been on the market over 6 months and started at 360. It's now below 300. I like the development (doesn't look like too many renters, only about 6 houses for sale, some children playing). It has a large lot, 2000+ sq ft and alot of custom options like 18 in tile floors. Built by Kimball it has about 10 years left on its sids/lids. Bank owned. We intend on staying in lv probably 7-10 years before we'd be thinking of resale. Our goal is more space and when we go to move years down the line not taking a loss. That's it. We're not looking to make hoardes of money when we resell.

My questions are: Any opinions on southern highlands? + and - of living in this community? Crime rate? Opinion on schools? Since its a bank we're dealing with and I've heard they take a long time to get back to you once you put in an offer, what's the lowest offer I could probably put in and have accepted? I'll ask my real estate agent these questions too I just wanted some extra opinios and insite.

Any feedback would be really great. Thank you so much for taking the time to answer this post.

Dee
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Old 11-03-2007, 06:11 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,295,775 times
Reputation: 2661
Problems with Southern Highlands will be infrastructure related. Limited services, crowded schools, traffic jams. I would expect no significant crime problem. With the new interchange with 15 a lot of the traffic problems should ease.

I would do a very careful check for non-owner occupied in tracts in places built in that time frame. If it is not above 75% owner occupied think real hard.

You can check out the schools easily enough. Just drop by and ask. They will generally tell you how it is and what happens next. Each school also has an accountability report at the CCSD web site.


It is a bad time to buy. The market at the moment is in free fall dropping a couple of percent per month. That is likely to continue for a while at least. So you might want to think about waiting until spring. Note that if you are uncomfortable in your present arrangements you can do it anyway. It will pretty much all wash over 5 to 7 years.

Repos do not necessarily sell slowly. Mostly in fact banks demand a 30 day escrow. You should discuss with your agent the banks added terms. They often require high earnest money and grab it if you don't close in 30 days. You can live with that generally but get your ducks in line. No screwups once you commit.

Low repo prices may be an attempt to start a bidding war. I would generally work out a fair comp and offer a couple of percent under that. If listed under the comps offer list. Greed often fails to buy houses. A bottom fisherman can offer on eight or ten a day...every month or so he gets one that is a really good buy. The individual buyer probably wants to be more discriminating.

Anyway a nice area with many people whose situation will be similar to yours. You may have a very nice time there.

Good luck...hope it works out.
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Old 11-03-2007, 08:20 PM
 
Location: las vegas nevada
359 posts, read 1,410,449 times
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hey my parents have a house here in southern highlands. and like olecapt said, nice area (actually really nice). but like mentioned earlier, bad time to buy. i think its good if you are planning on staying there long term ?
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Old 11-04-2007, 10:04 AM
 
113 posts, read 358,562 times
Reputation: 49
Quote:
Originally Posted by olecapt View Post
I would do a very careful check for non-owner occupied in tracts in places built in that time frame. If it is not above 75% owner occupied think real hard.

Good luck...hope it works out.
Thanks so much olecapt, I've read alot of your posts and you give great advice. As it turns out the particular house we are looking at had a full price offer placed on it already so we will probably just keep looking for awhile. No rush. We are going through the loan process so we have complete approval and will be able to close very quickly once we find something. One question, How do I find out the owner occupied rate? Do I call the homeowner's association? I know alot of people rent their places out without reporting it to the HOA so I'm not sure where to get this info. Gotta go, looking at about 3-4 houses today. They are pretty much all short sales that have been sitting on the market for 5-6 months or more.

Thanks again,
Dee
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Old 11-04-2007, 10:06 AM
 
113 posts, read 358,562 times
Reputation: 49
Quote:
Originally Posted by toyojo View Post
hey my parents have a house here in southern highlands. and like olecapt said, nice area (actually really nice). but like mentioned earlier, bad time to buy. i think its good if you are planning on staying there long term ?
Yes it does look like a really nice area. Any developments I should avoid that you've heard of in sh?

Thanks, Dee
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Old 11-04-2007, 10:37 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,295,775 times
Reputation: 2661
Quote:
Originally Posted by deefromlv View Post
Thanks so much olecapt, I've read alot of your posts and you give great advice. As it turns out the particular house we are looking at had a full price offer placed on it already so we will probably just keep looking for awhile. No rush. We are going through the loan process so we have complete approval and will be able to close very quickly once we find something. One question, How do I find out the owner occupied rate? Do I call the homeowner's association? I know alot of people rent their places out without reporting it to the HOA so I'm not sure where to get this info. Gotta go, looking at about 3-4 houses today. They are pretty much all short sales that have been sitting on the market for 5-6 months or more.

Thanks again,
Dee
Your agent can do it easily. Search the tax for the tract and the block. Two ways to tell. First off if the tax bill address is the same as the property address pretty likely they live there.

You can also get a pretty good idea by checking the increase in property taxes most places. If they went up 3 per cent it was owner occupied..if more than 3% it was not.

You can also do it through the Clark County Assessors Office web site. It is awkward though as you have to do it one house at a time.
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Old 11-04-2007, 12:13 PM
 
9,124 posts, read 36,447,488 times
Reputation: 3632
Quote:
Originally Posted by olecapt View Post

You can also get a pretty good idea by checking the increase in property taxes most places. If they went up 3 per cent it was owner occupied..if more than 3% it was not.
That's the first time I ever heard that. Are the assessing properties differently now if they're owner occupied? What if it's a second home (and the tax bill therefore goes to another address)?
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Old 11-04-2007, 01:18 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,295,775 times
Reputation: 2661
Quote:
Originally Posted by BobKovacs View Post
That's the first time I ever heard that. Are the assessing properties differently now if they're owner occupied? What if it's a second home (and the tax bill therefore goes to another address)?
Max yearly increase is limited to 3% for owner occupied and 8% for all others. Second homes pay the higher rate. Note that it does not reset on a purchase like CA. It stays the same and goes up according to the occupancy. Can lead to all sorts of strange variations in property taxes though assessed valuation should all track.
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Old 11-04-2007, 04:10 PM
 
9,124 posts, read 36,447,488 times
Reputation: 3632
Hmmmm...interesting. Really makes you want to buy a second home in LV, when you know you're going to get banged at a higher rate than those who live there year-round, even though you're going to use the services less. Gotta wonder how the policitians come with this kinda stuff.
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Old 11-04-2007, 05:16 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,295,775 times
Reputation: 2661
Quote:
Originally Posted by BobKovacs View Post
Hmmmm...interesting. Really makes you want to buy a second home in LV, when you know you're going to get banged at a higher rate than those who live there year-round, even though you're going to use the services less. Gotta wonder how the policitians come with this kinda stuff.

Uhhh what's new? You never noticed Nevada favors taxes that work visitors hard?

And it is screwier than that. A new home owner pays 1% of market value. Given a few years of good appreciation an old home owner may may pay half or a third of that. In CA it has reached 6 and 7 to 1.

Note however that, at its worse, it is a lot less than much of the nation.
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