[airics]

Originally Posted by phillip green

Why is the housing market so bad with all the foreclosures and short sales, etc. Is it because it's hard to find work out in Vegas?

I am thinking of buying a house cash maybe around 70k, so that I would not have to worry about a morgage.

Is this a bad idea, is there any work out there?

Jobs are tough. 70k (unless condo) puts you in a rougher area

[airics]

Good schools??? Umm no. Worst in country

Originally Posted by clb10

Yeah, I don't get it either.

Some of the cheapest housing in America

Great climate (except for summer)

Diverse population

Low taxes

Good schools

Light traffic

Plenty to do

Cheap food

Great for outdoorsy types

The only thing LV doesn't have is jobs. But with all of the above pluses, the jobs should be rolling in soon.

Why not get in on the ground floor?

[Sheryl_Jones]

Originally Posted by airics

JUICE! or start at the very bottom.. 10-12 an hour or VEGAS experience... I started off the strip at the M.. my wage skyrocketed once I hit the strip, however i couldn't get to the strip without experience or juice.

What does "JUICE" in order to get a job mean?

Does that mean you have to know someone in order to get a job?

[Sheryl_Jones]

Originally Posted by airics

Jobs are tough. 70k (unless condo) puts you in a rougher area

For "rougher" area, if you were to rank the top ten worst LV zip codes for being the "roughest" and the top ten best LV zip codes for being the least "roughest", do you have an opinion on that, based on having lived there a while and seeing the condition of the neighborhoods, which ones look the most run down and which ones look extremely well kept? Or which ones, for the lowest price, offer the best bargain for someone wishing to live there, not buy as a rental property, but actually live there, full-time, year round?

[007 license to sell]

This article points out how low prices of properties have gotten. On thing it doesn't point out is everyone is looking for that $100,000 property and that means multiple offers. Also it doesn't point out in this article that some properties that sold for over $300,000 in 2006 is in an area that has had so many problems that if a person were to purchase in there they need to hold on to that property for at least 10 yrs.

The $100,000 home making a comeback

[007 license to sell]

[quote=phillip green;18836549]Why is the housing market so bad with all the foreclosures and short sales, etc. Is it because it's hard to find work out in Vegas?

I am thinking of buying a house cash maybe around 70k, so that I would not have to worry about a morgage.


There are allot of things that are keeping Vegas from recovering, the economy all around the US, if people don't have jobs or their income is cut they can't afford to go on vacations. Yes we still have allot of tourists coming to Vegas but on the cheap. Heavily discounted rooms, and visitors are bringing there own booze, food to places like the Bellagio and Caesars etc and not spending money in the restaurants or bars. The shows are still doing ok .

Some of the casino's have hired summer help but that is only temporary. Some of the casino's are either going to file bankruptcy or have filed or decided to shut down entirely or only open portions of the properties. Right now according to the gaming reports casino's are losing money in Vegas and if it weren't for their casino's in Macao they would be in more trouble.

The continuing foreclosures are everything from people losing their jobs to people who have tried to modify their loans and were unsuccessful. To people trying to short sale their homes because they either have lost their jobs or their mortgages have reset and they no longer can keep their homes, or they just want out because they owe 50/60/70% more on their homes than their worth and they don't see it coming back in their life time.
They are cutting their losses like selling a nonperforming stock.

Vegas has a problem it's not diversified in the types of industry here and because of that it has hurt Vegas to the core. Even with having no state income tax and great weather it has failed to draw other industries. Some analyst say it's because we have one of the worst school systems in the US and families refuse to relocate their families here because of the poor state of our schools.

Allot of investors are purchasing properties still is they can see there is a huge demand for rentals and the grossly under valued properties they can make more money in rental income than in having money in the stock market.

Also with the new mortgage lending getting stricter it's harder and harder for a person to get a loan. Not impossible but very difficult. And due to the high foreclosures and short sale's those people are going to need to live somewhere and they won't be able to purchase a home for a while they will need to rent.

And investors know that even though these renters may have bad credit they may still be able to make a rent payment they will look at the renter differently, they will look at time on the job,monthly wage, debt to income and may even ask for personal references, and a or a co-signor on a lease.
Most investors and analysts see Vegas starting to recover in 5 yrs some even believe 10 yrs it all comes down to the economy and what Vegas is going to do to reinvent itself to be able to continue.

Our unemployment rate dropped to 13.3% but it is believed it's more like 20% unemployment. This is a problem as well and like I said before if the economy in other states don't straighten out and jobs come back to those places there will be no real recovery. Also now that gas has gone up our California visitors that drive to Vegas is down according to NDOT.

Vegas isn't down for the count she will come back, maybe a little different than in the past. Any one purchasing a property in Vegas or just planning on moving here needs to look at their own finances and real reasons they want to move to Vegas and decide if this is a good time for them to make the move.

Like I said earlier we're not the only state having problems but because of the other states problems Vegas is experiencing problems.

I don't tell bloggers this to discourage them from coming to Vegas but to help them make an informed decision if this is the right for them.

I have lived in Vegas for 7 yrs now and weove it the weather is great the shows are awsome the food is great. However it's been hard to make a living here and we have had to adjust our life style and the way we do business. We plan on staying and seeing how this show plays out because we believe in Vegas.

Sorry to have made this so lengthy I could address even more but what's the point I think you get the picture.

[RCCCB]

Out here where Obama was scoring campaign cash we have nearly $5 gas which goes up to probably closer to $6 by summer. That IMO is one big disincentive to drive to Vegas for a vacation. I think that is among the biggest problems facing Vegas this summer.

I think all the Indian casinos in CA have also taken a good deal of the Vegas clientèle the last decade. Vegas has it's historic reputation and shows packed with talent to help out, but NOTHING is easy anymore IMO.

How's getting loans now in Vegas for a house, because here in CA the loans are not flowing.

[Swigchow]

As always, there is usually a confluence of reasons why a perfect storm develops. However, I suspect that one issue that will need to be addressed is the now overly restrictive lending requirements. It seems that the average FICO score of 703 for loan approvals is suppressing the market.

http://portal.hud.gov/hudportal/docu...?id=olcurr.pdf

[Pimpy]

What about North Las Vegas near the Gold's Gym? Is that a bad area? I'm seeing several nice-looking houses is nice-looking neighborhoods in the $75-100K range.

[Scott456]

Originally Posted by 007 license to sell

This article points out how low prices of properties have gotten. On thing it doesn't point out is everyone is looking for that $100,000 property and that means multiple offers. Also it doesn't point out in this article that some properties that sold for over $300,000 in 2006 is in an area that has had so many problems that if a person were to purchase in there they need to hold on to that property for at least 10 yrs.

The $100,000 home making a comeback

The title makes it sounds like the $100K houses are in good demand and prices are going up. But when you read the article, it is actually saying the $100K are the average price in LV now instead of the high $200 before the bust.