[ocean2026]

What you readers think of the many condos offered for sale in the $20-30k range. Many of these sold for $100k five years ago. They seem to be all over town. Are they rentable? What are typical HOA/maint fees in a 1000 sq ft condo?

[olecapt]

Originally Posted by ocean2026

What you readers think of the many condos offered for sale in the $20-30k range. Many of these sold for $100k five years ago. They seem to be all over town. Are they rentable? What are typical HOA/maint fees in a 1000 sq ft condo?

On the west side...west of Jones...there have been about 55 sales this year with lists below 30K.

The vast majority are 1/1s. The few 2s and 3s are either quite old or handman specials or both. Very few are 1000 SF or greater.

The vast majority are also Condo Conversions. The Villas at Desert Shores leads the way. Even then though the larger units are generally over 30K.

How well can you do on these? Not very. With reasonable reserves they would certainly be profitable. 5 to 10% perhaps. With some risk.

[007 license to sell]

This article has maps that show how the different zip codes are doing in regards to continuing depreciation and another map showing average price for homes in the different zip codes. It appears the only places that have increased are close to the strip, Lake Las Vegas and the desert shores area.

This is important information when looking for a property, it will give you insight as to what is the average purchase price of a property in the different zip codes which will help you to understand if that area fits your price point.

In the depreciation map it helps you to be aware that if you purchase in the red area's you will be likely in an area of high rentals and a higher depreciation so any purchase you make, could see a higher than normal depreciation on the property that you purchase. If you plan on staying in the home a long time it won't be an issue.

However looking at the map you can see no matter where you purchase you will more than likely see a depreciation in the value of your home after you purchase. Even though there are some area's are either unchanged or have gone up doesn't mean it could stay that way right now this housing market is very volatile.

Click on the link below:

Las Vegas home prices decline in first quarter in most ZIP codes

Source: Las Vegas Sun

[Sheryl_Jones]

This may not be good news for the LV RE market or the economy overall, but Singapore is in the news as becoming the 2nd biggest gambling mecca in the world, following Macau. This will not be good for LV business or RE as some of the overseas trade might start staying over in Asia as a result.

Singapore 'to overtake Vegas' as gambling hub

[MomMom]

There's a big difference between tourism in Singapore and tourism in the United States, lol

Sheryl...honestly, I think it's time you gave up the idea of relocating to LV, it's just not for you.

Head for Texas, more robust economy, more housing you can afford and less negatives for you to fret about Good luck in your search!

[jhiker1o]

Originally Posted by Sheryl_Jones

This may not be good news for the LV RE market or the economy overall, but Singapore is in the news as becoming the 2nd biggest gambling mecca in the world, following Macau. This will not be good for LV business or RE as some of the overseas trade might start staying over in Asia as a result.

Singapore 'to overtake Vegas' as gambling hub

.........and you can also look at it on a positive note, major gaming companies operating in Macau and Singapore are US gaming companies based in Nevada.

Aside from that fact, tourism in the Southwest of which Las Vegas is in the center of it all geographically speaking is hard to beat. Las Vegas NV, AZ and Utah together with California are destinations offering so many attractions that are some of the best in the world of tourism.

[airics]

Originally Posted by MomMom

There's a big difference between tourism in Singapore and tourism in the United States, lol

Sheryl...honestly, I think it's time you gave up the idea of relocating to LV, it's just not for you.

Head for Texas, more robust economy, more housing you can afford and less negatives for you to fret about Good luck in your search!

I agree!

[Swigchow]

Originally Posted by 007 license to sell

This article has maps that show how the different zip codes are doing in regards to continuing depreciation and another map showing average price for homes in the different zip codes. It appears the only places that have increased are close to the strip, Lake Las Vegas and the desert shores area.

This is important information when looking for a property, it will give you insight as to what is the average purchase price of a property in the different zip codes which will help you to understand if that area fits your price point.

In the depreciation map it helps you to be aware that if you purchase in the red area's you will be likely in an area of high rentals and a higher depreciation so any purchase you make, could see a higher than normal depreciation on the property that you purchase. If you plan on staying in the home a long time it won't be an issue.

However looking at the map you can see no matter where you purchase you will more than likely see a depreciation in the value of your home after you purchase. Even though there are some area's are either unchanged or have gone up doesn't mean it could stay that way right now this housing market is very volatile.

Click on the link below:

Las Vegas home prices decline in first quarter in most ZIP codes

Source: Las Vegas Sun

Why do you think 89103 and 90109 have done so well?

[Sheryl_Jones]

Originally Posted by airics

I agree!

Thanks.

I will.

[JohnG72]

Originally Posted by eventusstultorummagister

Again, as I have said before, fuel prices are the next major threat. High fuel costs make Vegas less viable. If oil continues to climb, home prices will continue to tank.

I disagree.

Most of Las Vegas tourist traffic by car comes from Arizona and Southern California.

And what I've noticed(albeit emperical evidence) is that the layoffs have slowed considerably. Leaving a gap of sorts...those employeed at decent paying jobs...and those sort of perma unemployed(or low wage employed). However, even the employed are budget concious and right now Las Vegas represents an discount weekend/vacation. Considerably so actually. I'm taking my gf there for her birthday in August, and a weekend flight + room + shows(2) + meals(including some very nice ones) + spa treatment + drinks is going to cost around $1500 for two people for 4 days/3 nights. Not bad at all for all that. Hotel plus airfair, including all fees is ~$475 of the cost, and thats for a very nice room at a strip hotel including a Saturday night. And thats very inexpensive. In most other cities, an equivalent room would run $125-150/night.

$20 extra each way to pay increased gas costs is not going to slow the flow of traffic from outside Las Vegas(though increasing the cost of rooms by much will).