[gulfer]

MODERATOR is definately right on this one. Not a place for the back and forth ... my apologies folks. Would gladly discuss over a cold beer or whatever you favorite refreshment is.

[observer53]

All of you who have posted today (with one exception) have been members long enough to know that discussing moderation in the forums is a violation of the Terms of Service for this site. So is responding to trolls.


Time to get back to the topic. Remember that in any thread like this one, (or for this forum as a whole) the purpose is not for some of the regulars to sit around and chat or debate back and forth among themselves on a given topic and other related and not so related issues... people coming to this thread (or any similar one) for information have a hard time finding it when they have to wade through some of the extraneous stuff, some of which is inside jokes and inside comments that make no sense to someone just reading the thread, and some is just off topic. And, sometimes they and other posters complain (report). There's a lot of good information in this thread on the topic, it's in everyone's interest to keep it that way.

[gulfer]

Starting to look at properties all around the Vegas area. Wish I had put the foot down and made the move like I was telling the wife two years ago! Oh, well...things happen.

The Northwest I have always liked. As a Retired Veteran, getting to Nellis for groceries and medical is nice, but being that all of that is still in the same city, is fortunate. I also read about the new VA Center that has been put in there.

I asked the question recently in different thread regarding homes with decks in the roof. Looks like Ryland is building them in a North and Southwest. Side by side home, but that may just workout (providing the other 1/2 is a decent human).

Just some ramblings here ...

[latin_racer]

Originally Posted by gulfer

Starting to look at properties all around the Vegas area. Wish I had put the foot down and made the move like I was telling the wife two years ago! Oh, well...things happen.

The Northwest I have always liked. As a Retired Veteran, getting to Nellis for groceries and medical is nice, but being that all of that is still in the same city, is fortunate. I also read about the new VA Center that has been put in there.

I asked the question recently in different thread regarding homes with decks in the roof. Looks like Ryland is building them in a North and Southwest. Side by side home, but that may just workout (providing the other 1/2 is a decent human).

Just some ramblings here ...

Look into Harmony Homes as well. Actually more builders are coming back now.

[gulfer]

I took a look Latin Racer. Thanks for the suggestion!!

[lvoc]

Hey gulfer I still strongly recommend against buying anything new here. The premium is close to 30% compared to near new. I would also note the builders are cutting every corner they can think of to lower cost...not leading to the best quality product.

[gulfer]

Great information lvoc!

While I do like the Roof Top homes, I actually think if I make the move it will be to the Northwest part of the city. I really liked it up there when we were looking hard at Las Vegas a few years ago.

Are people being allowed to sign a lease with an early out clause for someone that purchases a property?

I haven't dealt with rentals really at all other than getting a few people pictures and some information. The folks from City Data needed some help, so was happy to do so.

[esas]

Went out to new subdivision in Summerlin today, Andalusia in Paseos. Homes all right at $400K and pretty much sold out. FWIW, it wasn't there 7 months ago and now almost done.

[fishordie]

Originally Posted by esas

Went out to new subdivision in Summerlin today, Andalusia in Paseos. Homes all right at $400K and pretty much sold out. FWIW, it wasn't there 7 months ago and now almost done.

This is a perfect example of the potential beginnings of the next generation of foreclosures on homes above the low and lower middle prices ranges. The issue at this time is we have very low financing either by a lender or by the developer. Price seems very affordable to those in the right income levels based on historically low interest rates which yields to very low mortgage payments though no one is saving anything on property taxes/insurance, etc.. It appears as if these homes are or have sold strong over the last several, several months. Properties such as these Sound great right??? Hmmm. where's that catch??

The catch is all anyone has to do is pay attention to the national and world wide economic climate to realize almost every country in the world is artificially enhancing their economies and still yielding very poor economic results. Imagine what will happen when there is no monies left to artificially stimulate these economies. America is Tarping, QE'ing, driving interest rates to near zero with an end result of enormous and unsustainable debt. At some point the piper must be paid and it will happen sooner than later.

In America, when the government can no longer stand to lend banks monies at near zero percent return on their money, when taxes have to go up to just break even with the debt payments, when the government finally realizes the inefficiencies inherent in the giant corporation known as State and Federal governments cannot just keep paying high rates of pay and benefits exceeding the private sector and must continue to reduce the public work forces these 400 thousand dollar properties will be worth a great deal less than these present wide eyed and bushy tailed buyers can imagine. As a note, a 400 thousand dollar property usually ends up closer to 450 - 500 thousand by the time some monies are spent in upgrades, closing fees and landscaping is done and probably more if the owner goes crazy and puts in a pool or other major upgrade which generally does not translate into an even return on investment upon resale. Of course I won't even mention the overwhelming urge to purchase new furniture and wall hangings when one buys a brand new home adding either more debt or more of an non recoverable investment when buying a brand new home. After all, didn't the models look exactly like we want our new home to look??

Sure, right now the cost of the mortgage after deductions is excellent as it compares to a rental but at some point, when interest rates rise (Which they must), and just a few folks have to move out of these lovely homes for a variety of reasons, the demand of the homes will be gone and prices will have to drop to meet the new level of demand and affordability at the higher interest rates. In a perfect world every home owner would live in their residence for 30 years and not worry about price fluctuation but that is just not reality. As these resales occur and prices drop as interest rates rise we will see another round of folks just calling it quits on these investments. And yes, regardless what the brilliant experts tell you a home is absolutely an investment and normally the biggest investment you will ever make.

In short, this is one funky world economy and Vegas maybe one of the leaders in funky real estate markets. More importantly I still do not see any new business moving into Vegas to raise income levels. I still do not see large State incentives to bring more business into Vegas. In my opinion, until Nevada and Clark County do something major to bring in higher paying jobs this middle,middle upper and upper real estate market is in for another hit in the near future. For those convincing themselves they must get in now or forever lose this golden opportunity I can only hope you do not have to sell a few years down the road. Looking for short term spikes or drops in the real estate market is a recipe for disaster in these price range homes if that is your criteria for establishing a long term trend. I sure would not want to be on the wrong side of the next swing which this long time investor is sure will be coming.

However, As I have noted for several years now the good news is the lower and lower middle range of homes has been fantastic for investors who have seen enormous returns on their investments. In all my years of real estate I have never seen a better market for purchase to rent and obtain a huge ROI than these last few years.

Please pay attention to national and world events if you are considering buying a residence in Vegas over the 200 thousand dollar price range.

Best of luck

FOD

[WestieJeff]

I've been hearing this for at least two years now, if not much longer.

According to economic textbooks, you're right.

I think a big lesson we've learned is that all economies are relative to other economies. Compared to Europe, the US is looking decent right now.

Fundamentally I agree with you, but I'm not sure when the hyperinflation and every doomsday prophecy will come true. In the meantime, I have a life to live. I won't live forever and buying a home is part of that life. People could easily realistically be waiting since 2007 or even back to 2004 if you were "waiting for the bubble to burst". It's 2012 now. That's 5-8 years and how long should people wait? 5 more years? What if it's still limping along? Wait two decades of my life?

Originally Posted by fishordie

The catch is all anyone has to do is pay attention to the national and world wide economic climate to realize almost every country in the world is artificially enhancing their economies and still yielding very poor economic results. Imagine what will happen when there is no monies left to artificially stimulate these economies. America is Tarping, QE'ing, driving interest rates to near zero with an end result of enormous and unsustainable debt. At some point the piper must be paid and it will happen sooner than later.