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Old 01-18-2021, 08:50 PM
 
Location: Lone Mountain Las Vegas NV
17,297 posts, read 7,363,189 times
Reputation: 8189

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Quote:
Originally Posted by Willy702 View Post
That's an interesting take because most sources state that Phoenix prices are about 5-10% cheaper. Besides 300k is pretty much lowest price point you're going to find in most desirable areas of Las Vegas and if the house is more than a few years old the average buyer will say it needs at least 20k of work. Not really comparable markets though, nothing in LV is like Tempe or Scottsdale.
Not so. Good Summerlin and Henderson are more than equal to Scottsdale or any where else in Phoenix. In fact if you did not know where you are you would never be able to tell them apart. And many have views that cannot be matched in Phoenix.

When we moved to Las Vegas our next alternative was Scottsdale. But we found Lone Mountain and decided we liked that more than anything we had seen in Scottsdale.

And I would point out that cheaper housing in Phoenix is almost entirely driven by an older housing mix. If you compare built after 2000 I do not think you will find that to be true.
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Old 01-19-2021, 01:56 PM
 
88 posts, read 340,877 times
Reputation: 65
I am glad I am buying this year and not next year. I am in escrow on buying an awesome townhome at Eastern/Sahara. I figured this would be the best chance rather then rent another year and see where the rates would stay. A lot of people are cashing out now because of the uncertainty of this next year and beyond with the pandemic still going on.
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Old 01-19-2021, 02:06 PM
 
902 posts, read 376,417 times
Reputation: 1064
Quote:
Originally Posted by Traypaul View Post
I am glad I am buying this year and not next year. I am in escrow on buying an awesome townhome at Eastern/Sahara. I figured this would be the best chance rather then rent another year and see where the rates would stay. A lot of people are cashing out now because of the uncertainty of this next year and beyond with the pandemic still going on.
Totally agree. Especially if you are planning on owning long term it doesn't matter what happens next year to prices (up or down) as you will be locked in at historically low mortgage rates. Agreed! Good luck with your new home!
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Old 01-19-2021, 03:59 PM
 
596 posts, read 164,173 times
Reputation: 544
Vegas houses will continue to climb in value because of the "new normal". The Vegas economy is no longer the driver as many businesses have realized they can be profitable with people working from home. Employees are realizing they don't have to live in pricey metropolitan areas like San Francisco, San Diego, and the like and can move to affordable cities like Las Vegas. And at their current salaries, they will live like Kings as this becomes Vegas' new economy. This may be the new driver for the next few years at a minimum. Anyone that thought housing was going to plummet thanks to the Pandemic was completely off base and should have actually bought prior to the start of it.

I can't say I'm too disappointed by this. Far too many tend to cheer for others demise just so they can get a bargain. In many ways, it's poetic justice.
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Old 01-20-2021, 02:17 AM
 
Location: Tucson/Nogales
20,494 posts, read 24,246,140 times
Reputation: 28423
Quote:
Originally Posted by luckydogg View Post
All very good points. I am hoping later in the year as vaccines get rolled out and more people feel comfortable traveling again that the Vegas economy will really start to be improve. The savings rate is the highest it's been in years and lots of people all over are just waiting to get out and have some fun and spend (myself included), so it could improve very very quickly.
I'm not too worried about tourists coming back to Las Vegas, but the fate of conventions should be the most worrisome.

One thing that could boost the housing market would be cancellation of student debt. The Progessives within the Democratic party are all but banking on some student debt cancellation from Biden, which he needs no approval from Congress or the Senate to do so. And I've heard a $10k cancellation being bandied about, with proviso's. But the Progressives are not going to be happy with that.

All that money going to pay off student debt could be transferred to a mortgage.
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Old 01-20-2021, 10:17 AM
 
Location: Southern Highlands
2,215 posts, read 1,405,842 times
Reputation: 1938
Quote:
Originally Posted by tijlover View Post
I'm not too worried about tourists coming back to Las Vegas, but the fate of conventions should be the most worrisome.

One thing that could boost the housing market would be cancellation of student debt. The Progessives within the Democratic party are all but banking on some student debt cancellation from Biden, which he needs no approval from Congress or the Senate to do so. And I've heard a $10k cancellation being bandied about, with proviso's. But the Progressives are not going to be happy with that.

All that money going to pay off student debt could be transferred to a mortgage.
We should also repay everyone who paid for college without taking out a loan, and cancel all mortgage debt as well. Then we should cancel all credit card debt and pay reparations to every aggrieved group. This is something a dictator can do with no approval from Congress.
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Old 01-20-2021, 01:23 PM
 
Location: Las Vegas 89146
319 posts, read 111,138 times
Reputation: 506
^ Right?!

Can we cancel my car loan as well? Exactly like students, I know I signed up for the loan, agreed to the terms, and promised to pay it back with interest...but I just don't like it anymore
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Old 01-20-2021, 01:41 PM
 
Location: Lifelong SoCalian
597 posts, read 260,624 times
Reputation: 1856
Quote:
Originally Posted by BobPhipps View Post
Vegas houses will continue to climb in value because of the "new normal". The Vegas economy is no longer the driver as many businesses have realized they can be profitable with people working from home. Employees are realizing they don't have to live in pricey metropolitan areas like San Francisco, San Diego, and the like and can move to affordable cities like Las Vegas. And at their current salaries, they will live like Kings as this becomes Vegas' new economy. This may be the new driver for the next few years at a minimum. Anyone that thought housing was going to plummet thanks to the Pandemic was completely off base and should have actually bought prior to the start of it.

You're overshooting here.

The majority of tech workers who migrated out of the Bay Area during the pandemic, moved over to Hollister, Sacramento, Tracy, Mountain House, Manteca, Lathrop, Fairfield and Vacaville. A significant percentage of them also moved downstate to San Diego, Orange County and other parts of So Cal. These people are smart enough to realize that staying in the state of California but moving to outlying areas keeps their California wages intact while lowering their overall tax burden because the outlying counties have lower taxes and neighborhoods with good schools for their kids, which many tech workers prioritize. Also, they are still within a couple hours drive to headquarters should the need for a periodic in-person company meeting arise. Another factor you're forgetting is that many tech workers have extended family in the Bay Area and Northern California and are rooted in the region. This is especially true for the Asian and Indian tech workers. Moving to the Central Valley exurbs and Sacramento is a win-win for these people on so many levels. Of those who moved to San Diego were a lot of white tech workers.

Only a very small fraction moved out of state, and those mostly went to Arizona, Florida and Texas first, with Nevada a distant fourth.

Another thing is that we're not seeing the full effect of the pandemic on the economy yet. The bottom hasn't truly fallen out yet in terms of population shuffle and housing prices. That's still coming.
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Old 01-20-2021, 01:48 PM
 
Location: Lifelong SoCalian
597 posts, read 260,624 times
Reputation: 1856
Quote:
Originally Posted by Cold Warrior View Post
We should also repay everyone who paid for college without taking out a loan, and cancel all mortgage debt as well. Then we should cancel all credit card debt and pay reparations to every aggrieved group. This is something a dictator can do with no approval from Congress.

For the government to charge interest on student loans to US Citizens who wish to advance and become better-contributing members of society is in itself egregious!

If nothing else, they could at least cancel interest. We are the only so-called First World nation that financially cripples its citizens for wanting to get ahead and do better. That's shameful.
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Old 01-20-2021, 04:16 PM
 
596 posts, read 164,173 times
Reputation: 544
Quote:
Originally Posted by apple92680 View Post
You're overshooting here.

The majority of tech workers who migrated out of the Bay Area during the pandemic, moved over to Hollister, Sacramento, Tracy, Mountain House, Manteca, Lathrop, Fairfield and Vacaville. A significant percentage of them also moved downstate to San Diego, Orange County and other parts of So Cal. These people are smart enough to realize that staying in the state of California but moving to outlying areas keeps their California wages intact while lowering their overall tax burden because the outlying counties have lower taxes and neighborhoods with good schools for their kids, which many tech workers prioritize. Also, they are still within a couple hours drive to headquarters should the need for a periodic in-person company meeting arise. Another factor you're forgetting is that many tech workers have extended family in the Bay Area and Northern California and are rooted in the region. This is especially true for the Asian and Indian tech workers. Moving to the Central Valley exurbs and Sacramento is a win-win for these people on so many levels. Of those who moved to San Diego were a lot of white tech workers.

Only a very small fraction moved out of state, and those mostly went to Arizona, Florida and Texas first, with Nevada a distant fourth.

Another thing is that we're not seeing the full effect of the pandemic on the economy yet. The bottom hasn't truly fallen out yet in terms of population shuffle and housing prices. That's still coming.
Don't think I am. As long as they're maintaining that income, Vegas COL will be far superior to the metropolitan areas many of them live in. My understanding is Californians make up 20% of people migrating to Las Vegas and that number will only go up.

And again, the Vegas economy is no longer just limited to the local jobs.

https://thenevadaindependent.com/art...new-california
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