[luckydogg]

Originally Posted by JonathanLB

Hahah right, exactly! I lived in Los Angeles, downtown in a luxury condo near Staples Center. That was when I first started considering a Vegas move. I made a pros and cons list and for me it was a matter of what I’m getting for what I’m paying and what’s available at each. I just felt you get more for your money in Vegas but I also am a man of principle. I don’t have an issue living in a “blue state,” I’m socially liberal and not a Trump “fan,” but I’m a libertarian / independent and I felt like living in CA was a tacit approval of the way the state manages money and taxes me into oblivion. I simply cannot live that way. You can call it a character flaw but I call it personal pride - I will never take any (poo) from anyone, and I’ll always be the biggest dog. CA made me feel like I was knuckling under and I can’t live every day thinking of myself as a wuss, which is how I felt there. I won’t tolerate that. I’d sooner move to the Cayman Islands than live in a place that’s stupid liberal.

The quality of entertainment in LA is good; it doesn’t compare to Vegas whatsoever. I grew up hating LA sports and I still do, and I couldn’t understand being kicked out of a bar at 1:10 am because it’s 50 minutes from “closing.” NYC felt like a world class city to me, so does Vegas, LA didn’t. It felt like a sleepy town where everything closes early and there’s no “there” there. It’s 150 small towns put together, there’s no major city to be found, and when it wasn’t boring, it was dangerous and expensive. Going anywhere took hours sometimes, I didn’t have motivation to leave the house because of traffic. I found it inferior in almost every way to what Vegas offers. It seemed to me more for families and not for guys without kids. I only had “career” on my pros list and that place made me depressed. I don’t care if I have $100M I won’t move back to LA. I prefer Vegas and I prefer the people I’ve met in Vegas. Whatever one may say about them, they were still more real than anyone I met in LA. No thanks.

Pretty much the same for me, I consider myself libertarian so as far as California is concerned it doesn't matter to me either way, I just want out and that's that.

I also think the entertainment in Vegas is way better than LA for sure. When I turned 21 in the 80's me and my friends would regularly go to Vegas for the weekend from SoCal and party there so I can attest to that. . And it's only gotten better over the years. I remember the days when Vegas was a dusty gambling town from when there was almost nothing south of Tropicana but vacant desert and the Las Vegas sign was still on the side of the road all by itself in the middle of nowhere as you got off I-15 and drove in towards the Hacienda. Now it's an international resort destination with things to see and do at any hour of the day or night. I love it. And I also get bored really easily so I need that kind of over the top visual/audio stimulation to keep things interesting, whether it's lights, sounds, interesting and diverse people etc. Can't top Vegas for all of that.

For me now at this point in my life I am thinking ahead towards having a full time consulting business in Vegas in a couple years and then eventually I will retire there as I have no desire to be in California as a resident anymore. I still have friends in LA so I will be there often visiting, which is an easy drive on I-15. Well as long as it's not on the weekend, or a holiday, lol - that traffic is horrible. But I look forward to the day when I can finally say goodby and good riddance to California - and this time it's for good!

[vegasfan1985]

Originally Posted by 08grad

I don't buy it. This summer is the first in 6 years where I've been getting more alerts about price cuts than homes going into contingency. Everything is selling under asking price, where in previous years there would be multiple offers above asking.

Year-over-year we are up 5%.... maybe. Meanwhile the stock market is up 10-15% and doesn't require you to pay property tax or maintenance, or pay 6% realtor commission when you want to sell.

There is a difference what an asking price is and what something sells for. I understand that.

Still a more affordable market than most cities.

[Scott456]

Originally Posted by 08grad

I don't buy it. This summer is the first in 6 years where I've been getting more alerts about price cuts than homes going into contingency. Everything is selling under asking price, where in previous years there would be multiple offers above asking.

Year-over-year we are up 5%.... maybe. Meanwhile the stock market is up 10-15% and doesn't require you to pay property tax or maintenance, or pay 6% realtor commission when you want to sell.

If you are buying Vegas property as a pure investment, the return will not be as good as stock market or properties in many other cities/states. But it's a good deal if you buy and live in it.

[08grad]

Originally Posted by Scott456

If you are buying Vegas property as a pure investment, the return will not be as good as stock market or properties in many other cities/states. But it's a good deal if you buy and live in it.

It only becomes a better deal than renting after 5 years. Before then you're better off renting due to the costs to get a loan ($4000) and real estate commissions ($17,000) to sell the home. Not to mention if anything needs repair, you are responsible for it.

People who buy a house love to say "I love how my money is going towards equity and not rent" when in reality you're renting from the banks and the city/county as 75% of your mortgage payment goes towards interest/property tax. You're also stuck in that house so if a job opportunity opens up across town or out of state, you can't move like if you were renting.

The big reason to buy a home is that it offers someone a chance to invest when they don't have capital, while also reducing your monthly rent. In addition, home ownership allows you access to some communities that don't offer rentals.

[lvmensch]

Originally Posted by 08grad

It only becomes a better deal than renting after 5 years. Before then you're better off renting due to the costs to get a loan ($4000) and real estate commissions ($17,000) to sell the home. Not to mention if anything needs repair, you are responsible for it.

People who buy a house love to say "I love how my money is going towards equity and not rent" when in reality you're renting from the banks and the city/county as 75% of your mortgage payment goes towards interest/property tax. You're also stuck in that house so if a job opportunity opens up across town or out of state, you can't move like if you were renting.

The big reason to buy a home is that it offers someone a chance to invest when they don't have capital, while also reducing your monthly rent. In addition, home ownership allows you access to some communities that don't offer rentals.

Nope. We have actually been running 18 months breakeven over the last couple of years. Kind of insane. But even at this point it looks like 2.5 years. And it is better at the low end where the landlords do better. Renting gets to be a better deal above $300 or $400K where the landlord return gets pretty low...in fact for most deals an appreciation play.

Loan costs are a cost of buying not selling. And things like high cash or VA can vastly limited the cost going in. The total cost of selling should run around 8%. So that is what it takes to break even. And in the present market that should occur in well less than 2.5 years.

[JonathanLB]

I don’t personally buy houses to make money. I’ve lost money on some, made money on others. I buy houses because I’m buying specifically what I want to live in. You can’t just go rent a perfectly laid out house that’s also upscale. It’s not even an option. Even if you could, you wouldn’t be able to make the modifications I want to a home so it’s kind of a moot point.

Whatever the Vegas market is like now, I can tell you my market is ice cold. 0.1 appreciation last year and I listed my house at only 3% more than what I paid 3 years ago! I’ll lose my butt thanks to 5.5% agent commission and $50K of improvements :/ Ouch.

[airics]

Originally Posted by JonathanLB

I don’t personally buy houses to make money. I’ve lost money on some, made money on others. I buy houses because I’m buying specifically what I want to live in. You can’t just go rent a perfectly laid out house that’s also upscale. It’s not even an option. Even if you could, you wouldn’t be able to make the modifications I want to a home so it’s kind of a moot point.

Whatever the Vegas market is like now, I can tell you my market is ice cold. 0.1 appreciation last year and I listed my house at only 3% more than what I paid 3 years ago! I’ll lose my butt thanks to 5.5% agent commission and $50K of improvements :/ Ouch.

Redfin 1%. Buyer agent 2.5%

[JonathanLB]

Haha I didn’t go that route, I wanted someone I’ve worked with before and trust to sell fast. I need to move this thing to close on my Vegas house. Fingers crossed we can find a buyer quickly at least. I’m not as concerned about losing some money as I am about making sure we have a smooth move to Vegas. I have about $25,000 out in non-refundable expenses already from flooring and the pool / hot tub deposit / hole digging.

[airics]

Redfin had mine sold in 12 HOURS. They kept a journal of who was looking for what. The loan was completely approved pending appraisal. I sold with Redfin for more than 60k above what Berkshire Estimated

2nd home took longer. 26 days.

I’m going to use Redfin here in Florida in a few months when the flip house is ready

[JonathanLB]

That’s fantastic! Sounds like a great process.