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Old 11-02-2020, 08:21 AM
 
8,471 posts, read 2,686,020 times
Reputation: 14704

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Quote:
Originally Posted by longviewJoe View Post
However, if you take that $500k to Arkansas you can buy a bigger and better house...
I thought the only people who voluntarily lived in Arkansas are in the Federal Witness Relocation Program
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Old 11-02-2020, 08:38 AM
 
8,471 posts, read 2,686,020 times
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Quote:
Originally Posted by strato58 View Post
I don't find the Las Vegas housing market to be very reasonable anymore. Actually it's pretty pricey now. Not for all but for a lot of people.
I'm looking at a couple somewhat comparable houses on Zillow. They are both middle-class tract houses that have sold within the past year in the 2300 sf range for 4 bedrooms/3 ba with a pool.

The Cupertino, CA house sold on April 27, 2020 for $2,670,000 -- about $1,144 per square foot.
The Henderson, NV house (a titch larger) sold on July 27, 2020 for $430,000 -- about $179 per square foot.


https://www.zillow.com/homedetails/1...19638432_zpid/

and

https://www.zillow.com/homedetails/1...63150606_zpid/
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Old 11-02-2020, 10:27 AM
 
Location: Southern Highlands
2,161 posts, read 1,336,873 times
Reputation: 1886
Quote:
Originally Posted by RationalExpectations View Post
I thought the only people who voluntarily lived in Arkansas are in the Federal Witness Relocation Program
I am not surprised. Many Americans have this kind of ignorance.
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Old 11-02-2020, 07:23 PM
 
5,601 posts, read 9,887,959 times
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Amazes me how unsophisticated people are in thinking of housing costs. Unless you figured out a way to pick up that house in Las Vegas and move it to a coastal California city they should NEVER be compared. Housing is always a reflection of the ability for potential buyers to earn an income to pay for it. In this regard Las Vegas has become much more expensive, median household incomes are not rising that much to keep up with housing prices. Then again, if someone already made their money elsewhere and is just buying a second home, a place to WFH while getting higher wages, or a retirement home the impact is not so bad.

The part you have to consider is will Las Vegas employment market eventually reprice, that is will in the face of higher housing costs, will employers be forced to give into paying higher salaries to attract the talent they desire? It can happen over time, even the lower end wages almost have to go up or else service businesses can't stay staffed. What this current trend feels like is the market getting ahead of itself and at some point we'll have to see how employers react. If they don't feel compelled to raise wages, the market will get stuck and prices will stay in neutral for many years. This is hard to predict because while Las Vegas has long attracted people from other areas to relocate, the higher price of housing is the lone thing that could stop that.
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Old 11-02-2020, 09:27 PM
 
Location: Southern Highlands
2,161 posts, read 1,336,873 times
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Quote:
median household incomes are not rising that much to keep up with housing prices
Extremely low interest rates have lowered housing costs even though housing prices rise.
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Old 11-03-2020, 03:56 PM
 
360 posts, read 349,886 times
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Quote:
Originally Posted by RationalExpectations View Post
I'm looking at a couple somewhat comparable houses on Zillow. They are both middle-class tract houses that have sold within the past year in the 2300 sf range for 4 bedrooms/3 ba with a pool.

The Cupertino, CA house sold on April 27, 2020 for $2,670,000 -- about $1,144 per square foot.
The Henderson, NV house (a titch larger) sold on July 27, 2020 for $430,000 -- about $179 per square foot.


https://www.zillow.com/homedetails/1...19638432_zpid/

and

https://www.zillow.com/homedetails/1...63150606_zpid/
Yes! for California its very cheap. For Las Vegas, NV its very pricey. Quite frankly almost anyplace in the country is very cheap compared to California but not everyone has California real estate resale money when moving to Nv.
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Old 11-04-2020, 05:37 PM
 
8,471 posts, read 2,686,020 times
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Quote:
Originally Posted by Cold Warrior View Post
I am not surprised. Many Americans have this kind of ignorance.
Apparently, the comedy wasn't funny. Good thing I never tried to do Stand-Up.
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Old 11-04-2020, 05:39 PM
 
8,471 posts, read 2,686,020 times
Reputation: 14704
Quote:
Originally Posted by Willy702 View Post
...This is hard to predict because while Las Vegas has long attracted people from other areas to relocate, the higher price of housing is the lone thing that could stop that.
Well, that and the ~16% unemployment.
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Old 11-04-2020, 06:05 PM
 
360 posts, read 349,886 times
Reputation: 379
I was so looking forward to moving to the LV area for years. I'm finally close and near retirement but the prices are making me think twice even three times. Im in NJ. My house is worth a bit less than $400,000 and I can't get much in LV for that price anymore. I should have taken the plunge in 2008. Oh well I'll visit one of these days.
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Old 11-05-2020, 12:30 AM
 
Location: ☀️
1,233 posts, read 1,007,984 times
Reputation: 1366
Quote:
Originally Posted by strato58 View Post
I was so looking forward to moving to the LV area for years. I'm finally close and near retirement but the prices are making me think twice even three times. Im in NJ. My house is worth a bit less than $400,000 and I can't get much in LV for that price anymore. I should have taken the plunge in 2008. Oh well I'll visit one of these days.
How much square footage, and which area of LV are you seeking just out of curiosity?
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