[owelles]

I bought in the spring of 2011 but certainly don't feel the need to brag about it. My estimated home value is higher now than then, but the current estimate is meaningless until it's time to sell. That number could go up or down significantly between now and whenever the home goes on the market.

[Sloppy_seconds]

They laughed at me too. Now my net worth is 10 fold while I sit in my office with a beautiful view of the strip. Life is good thanks to real estate.

[Exaday]

I have no plans to sale myself, so what it is worth is not really important to me. I just hope the community I live in does not go to pot...

or meth for that matter.

[VegasVicsezhowdy]

Originally Posted by VegasVicsezhowdy

If I were renting a home in a "rent restricted" community, I would keep it on the downlow.

BTW, was that a "Primary Residence" Mortgage?

[topaz420]

I'm up 50% since I bought in June 2012.

The average in the valley during the same period is somewhere around 30-40%, so anyone who bought around that time should be doing very well right now

I'm fixing to cash out ASAP!

[aardogfsu]

Originally Posted by Kevin_nlv

Las Vegas home ownership is at the lowest point that has ever been. I just had one couple who changed their mind and decided to buy in Austin TX becuase they don't want to live and own a house in a neighboorhood full of renters.

I think that's exactly what's going on...but not just renting the houses to families...I have owners on my street that looks like they are renting out individual rooms.

I only say this because I've never lived anywhere where there are so many cars parked up and down the street like it's a block party, even when every house on the street has a 3 car garage.

I'm just outside Summerlin in a nice area too. I can't even tell you the name of one neighbor, they just come and go.

[aardogfsu]

Originally Posted by Kevin_nlv

"real investors", "short supply"........you drank the kool aide didn't you?
Those so called "real investors" will jump the ship as soon as the other better opportunity becomes available somewhere else or in another declining market. Just because they are paying cash for a house purchase today it doesn't mean that it's not borowed money.

I disagree, from what I see and hear and know, a lot of it is cash. Not borrowed money.

[VegasVicsezhowdy]

Originally Posted by aardogfsu

I think that's exactly what's going on...but not just renting the houses to families...I have owners on my street that looks like they are renting out individual rooms.

I only say this because I've never lived anywhere where there are so many cars parked up and down the street like it's a block party, even when every house on the street has a 3 car garage.

I'm just outside Summerlin in a nice area too. I can't even tell you the name of one neighbor, they just come and go.

That area is famous for Chinese indoor gardening...

After third drug raid, officials think grow houses might be connected - Las Vegas Sun News

[Willy702]

Originally Posted by aardogfsu

I disagree, from what I see and hear and know, a lot of it is cash. Not borrowed money.

Lots of it is foreign cash too. To people with money from the rest of the world, Vegas real estate is dirt cheap and could go up a long ways before they would pause. Prime Asian markets see price per sq ft levels in the $2000 range in prime markets and $300-400 per sf in fairly distant suburban markets. Old European capitals are close to the same prices. Even places in remote areas of Italy and the UK go for $250-300 per sf. None of these places have higher wages than Las Vegas either so its not a wage issue.

So if you have cash to spare and your choice for a vacation home is either a tiny studio apartment in a building with sky high HOA fees for $600,000 or a palatial 4000 sq ft almost new home with no maintenance and almost no HOA fees for the same price in one of the premier vacation spots in the world, which sounds better? Oh yeah, as a bonus buy the home and if you are from one of the countries not part of the visa waiver program buying the house gets you easy entry access into the US. Should anyone be surprised foreign cash buyers are finding their way to Vegas?

[VegasVicsezhowdy]

Originally Posted by Willy702

Lots of it is foreign cash too. To people with money from the rest of the world, Vegas real estate is dirt cheap and could go up a long ways before they would pause. Prime Asian markets see price per sq ft levels in the $2000 range in prime markets and $300-400 per sf in fairly distant suburban markets. Old European capitals are close to the same prices. Even places in remote areas of Italy and the UK go for $250-300 per sf. None of these places have higher wages than Las Vegas either so its not a wage issue.

So if you have cash to spare and your choice for a vacation home is either a tiny studio apartment in a building with sky high HOA fees for $600,000 or a palatial 4000 sq ft almost new home with no maintenance and almost no HOA fees for the same price in one of the premier vacation spots in the world, which sounds better? Oh yeah, as a bonus buy the home and if you are from one of the countries not part of the visa waiver program buying the house gets you easy entry access into the US. Should anyone be surprised foreign cash buyers are finding their way to Vegas?

Those "prime asian markets" are all in massive bubbles too and about to implode. The last place anybody wants to be when the economy crash comes is in a city or in a desert. But it all sounds good on paper!