[ddrhazy]

Calculated on http://www.building-cost.net/CompMatrix.asp for Las Vegas, Nevada. A standard 2000 sqft house with no fireplace and a 400 sqft garage.

[von949]

Originally Posted by ddrhazy

Calculated on http://www.building-cost.net/CompMatrix.asp for Las Vegas, Nevada. A standard 2000 sqft house with no fireplace and a 400 sqft garage.

The labor cost alone is about what I paid for my home. Not including equipment, materials and plenty of upgrades. Plus I have more square footage. Did I get a deal or what?


Motorola DynaTAC 8000x

[VegasVicsezhowdy]

Originally Posted by VegasVicsezhowdy

Grab your Wall Street bag o' cash (!?!)


Las Vegas Real Estate Boom - YouTube

They’re trying to institutionalize the single-family rental market, subjecting it to the demands of investors rather than the market, I cannot see that ending well.

[VegasVicsezhowdy]

Originally Posted by VegasVicsezhowdy

Grab your Wall Street bag o' cash (!?!)


Las Vegas Real Estate Boom - YouTube

The textbook definition of a bubble consists of speculation chasing an appreciating asset.

The speculative boom has returned, the big run-up in prices in Vegas could collapse as demand collapses, depressing prices and putting the recovery in jeopardy. Any economic downturn would increase rental vacancies and send this entire market reeling. We may not only have a bubble, but already the beginnings of a bust.

If they begin securitizing the rental revenue, watch out! That's the method they used with mortgage-backed securities to ramp up capital in the bubble years.

[von949]

[mod cut-- off topic]
Back to my LV deal of the decade...

It's like I hired some construction contractors for to build a 2000 sqft home for $125K in labor cost. For that price they threw in $280K+ worth of building materials with a little premium stuff on top. Then threw in free land to build on, 200 extra feet of living space, and found someone nice enough to let them use all equipment needed for free.

The owner before me went through the complete opposite. He paid $100K over the average cost to build in 07.

Motorola DynaTAC 8000x

[ScoopLV]

And I paid $100K more than I should have, because I bought in 2007. Still beats renting.

I'm at the point where housing bubbles make no difference. I have houses. I live in one. I rent the others. They go up. They go down. Doesn't really matter to me until I want to sell them. And even then, it doesn't really matter because if housing prices are depressed, they're depressed everywhere. I can sell my underpriced houses and go buy underpriced houses elsewhere. And if they're overpriced, I can sell my overpriced houses here and buy overpriced houses elsewhere.

Using "the bubble" as an excuse for financial stagnation is just that -- an excuse.

[ddrhazy]

Originally Posted by von949

The labor cost alone is about what I paid for my home. Not including equipment, materials and plenty of upgrades. Plus I have more square footage. Did I get a deal or what?


Motorola DynaTAC 8000x

I'm sure you got a deal and I am happy for you brother.

[ddrhazy]

Originally Posted by ScoopLV

And I paid $100K more than I should have, because I bought in 2007. Still beats renting.

I'm at the point where housing bubbles make no difference. I have houses. I live in one. I rent the others. They go up. They go down. Doesn't really matter to me until I want to sell them. And even then, it doesn't really matter because if housing prices are depressed, they're depressed everywhere. I can sell my underpriced houses and go buy underpriced houses elsewhere. And if they're overpriced, I can sell my overpriced houses here and buy overpriced houses elsewhere.

Using "the bubble" as an excuse for financial stagnation is just that -- an excuse.

Hi Scoop,

I did the calculations for an individual who bought in 2007 and for one who rented from 07-13 and then purchased with whatever money he would have saved by not paying down a mortgage for the house you had used as your hypothetical. What the numbers showed that if interest rates being equal between both parties the renter came out slightly ahead in the tune of 25k after both individuals paid off their home loan after 15 years. It seems you got lucky as your house is only 25% underwater at the peak as opposed to the rest of the valley where we're still 50% underwater. So in your case you're right, just stick it out and goodluck.

[VegasVicsezhowdy]

I am trying to address what is occurring NOW, as in "Current Update on the LV Real Estate Market"
Why continue to post these inane and irrelevant comments?
Besides, if what you say is true and you don't really care why are you so vocal? Fear?

[lvoc]

I would think the build estimate above is reasonable for a one off. But The serial build guys are a lot better than that. Astoria at its peak was able to build for under $50 per SF. That would indicate a cost of $100,000 plus land plus builder markup. Perhaps half the one off estimate.