[boatpi]

Some very accurate opinions noted above. I live here and own a number of rental houses. This is a great place to invest and live. And yes, I came from Orange County, too high taxes and elected to start a new business due to the tax climate.

And what is "bad" about an honest family relocating the Las Vegas, don't be a hateful person.


New houses will continue to increase in price, the cost of materials is the primary reason. Just look at new housing tracts, jump in first as it will only increased thousands as the phases go forward. Best home is one that you can afford built from 2004+, as most of these have much improved insulation features. Add the that a lower tax rate, it is a win. Save cash to rehab, you will be ahead in the long run. My product is installed in many new home models, so I get the meet the agents on site after the development opens. Most tell me new over $600K home purchases are being done by locals upgrading. This is a great sign for Las Vegas.

New home sales a a huge shot in the arm form the valley as most are sold with dirt yards, so thousands are spent on landscaping, shade structures (my company), and swimming pools. The local shade structure and BBQ contractors are backed up 1-3 months, and worked through the Christmas holiday, something they have never done in the past 20 years.

[WorldKlas]

We shopped a lot of new housing developments about 10 years ago that had been stalled and never completed as planned due to the 2007/2008 housing bubble burst. Many of those communities were finally finished in the recent 20 months and had a very different character/amenities and also different builders than originally displayed to buyers. A careful buyer should really consider if all falls apart whether the planned community will be completed as promised. I’d buy only one of the the last houses being built in a new development or a resale house in a finished community if I had any concerns about the future economy.

[RationalExpectations]

Originally Posted by boatpi

New houses will continue to increase in price, the cost of materials is the primary reason.

I've been told the cost of land is the primary reason.

[Dom Cobb]

Originally Posted by RationalExpectations

I've been told the cost of land is the primary reason.

Both and because they can. When inventory is so low, they can charge economic profit.

[Dom Cobb]

Originally Posted by WorldKlas

We shopped a lot of new housing developments about 10 years ago that had been stalled and never completed as planned due to the 2007/2008 housing bubble burst. Many of those communities were finally finished in the recent 20 months and had a very different character/amenities and also different builders than originally displayed to buyers. A careful buyer should really consider if all falls apart whether the planned community will be completed as promised. I’d buy only one of the the last houses being built in a new development or a resale house in a finished community if I had any concerns about the future economy.

You pay the most for buying a house at the end of the community, less likely able to pick your lot and or finishes.

You’d be better off buying an existing home if your worried about the community not being built. The master planned communities would not allow a community to flounder indefinitely btw.

[luckydogg]

Originally Posted by Code Stemi

Which homebuilder(s) are you considering going with if you don't mind me asking?

Good thing I checked because the homes I was browsing a few weeks ago from the "high $300's" are now listed as the "low $400's" so I guess the demand is pretty strong. The communities I was looking at was American West and Tri Pointe Homes. Although now those might be out of my budget since I really didn't want to go over 400. Oh well.

[luckydogg]

Originally Posted by WestieJeff

Vegas is still a fairly cheap market compared to Denver and SLC which I consider somewhat similar.

I would also add Phoenix to that list (I used to live in Phoenix so very familiar with the real estate market there). I used to think LV and Phoenix prices were pretty comparable 20 years ago, but Phoenix prices are almost looking like California Inland Empire prices especially in the east valley. For example Tempe which is mostly older dumpy homes, I don't see anything there for much under $300k which is a lot to pay for an older dumpy home that probably needs another $75k in updates. There is new construction in the far west valley for under $300k, but the commute would be brutal to downtown from way out there and murder if you had to commute all the way to Scottsdale. I would never consider moving back to Phoenix at this point, it's just gotten too expensive and LA traffic with six weeks of 110+ while you sit in bumper to bumper traffic. Too bad because I really do like it there but I have my limits.

[Cold Warrior]

Originally Posted by Dom Cobb

Both and because they can. When inventory is so low, they can charge economic profit.

Scarcity is the source of all economic value.

[Dom Cobb]

Originally Posted by Cold Warrior

Scarcity is the source of all economic value.

Add demand to that sentence and yes, that is universal truth.

[Willy702]

Originally Posted by luckydogg

I would also add Phoenix to that list (I used to live in Phoenix so very familiar with the real estate market there). I used to think LV and Phoenix prices were pretty comparable 20 years ago, but Phoenix prices are almost looking like California Inland Empire prices especially in the east valley. For example Tempe which is mostly older dumpy homes, I don't see anything there for much under $300k which is a lot to pay for an older dumpy home that probably needs another $75k in updates. There is new construction in the far west valley for under $300k, but the commute would be brutal to downtown from way out there and murder if you had to commute all the way to Scottsdale. I would never consider moving back to Phoenix at this point, it's just gotten too expensive and LA traffic with six weeks of 110+ while you sit in bumper to bumper traffic. Too bad because I really do like it there but I have my limits.

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.