U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-09-2021, 08:16 AM
 
Location: City of North Las Vegas, NV
11,579 posts, read 8,366,794 times
Reputation: 3159

Advertisements

"North Las Vegas is expected to dominate new home sales for the next 10 years, according to a report from Coldwell Banker.

According to Bob Hamrick, Chairman and CEO Coldwell Banker Premier Realty, North Las Vegas grew to 27% of the market share in Southern Nevada in 2020.

One big reason: affordability.'


From:
North Las Vegas establishes strong spot for growth in new home sales | | Northwest News


NLV has the most room for growth in the valley. The southwest is filling up quickly. Areas around the Northern Beltway 215 are experiencing rapid new homes construction. Many from out of state are moving in as well as the steady incoming Nellis military personnel. Indeed, do expect this area to boom.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 04-09-2021, 08:20 AM
 
Location: Dallas, TX and Las Vegas, NV
7,001 posts, read 5,898,871 times
Reputation: 15779
Good news for the whole valley. Maybe some of the junky areas will become gentrified.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-09-2021, 09:35 AM
 
214 posts, read 92,818 times
Reputation: 450
Quote:
Originally Posted by WorldKlas View Post
Good news for the whole valley. Maybe some of the junky areas will become gentrified.
I think that is the next step in the real estate market for LV. The inventory problem will only get worse, not better over the next 10 years due to people locking in low interest rates and the problem that there is nothing to buy if you sell, and there is only so much land left to expand further out. Those will be a premium and probably not great for anyone who wants a location closer to the strip.

I see more infill of smaller developments, there are pockets of undeveloped land here and there inside the 215 and we will start to see more gentrification in the areas that were less desirable as people buy up the houses and rehab them.

I don’t see real estate getting any more affordable ever again here.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-09-2021, 11:52 AM
 
23,279 posts, read 42,616,515 times
Reputation: 23999
1. It's an educated prediction and may very well work out as predicted . . . if nothing happens. Economists have predicted 8 of the last 3 recessions. Rosy scenarios or doom/gloom predictions rarely live up the hype. The country has been growing since the Mayflower landed, predicting more growth isn't all that visionary. If the only amenable land is on the north side then of course most development will move that way. It's kind of like Denver where developers can't build homes on the sides of mountains west of Denver so the only amenable tracts of land are east of town so we see Denver building out to Kansas some day.

2. I hope they put in the needed roads as they build up the area and not try to retrofit after gridlock sets in. You should worry about this since there's no income tax and I suspect NVs budget for capital improvements may be on the lean side. I know, I lived through exactly that in Fairfax County, VA where they built for years but didn't build roads and highways because the idiot county executive told the state to stick its road money. That area is in the top five in the nation for gridlock. Still. After all these years.

3. Changes in tax rates and tax laws could play hell with using homes as investment vehicles. A chunk of today's booming housing market is because hundreds of billions of dollars of tax cut money is sloshing around looking for investible assets. IMO much of that "free" money is creating bubbles in both the stock and housing markets as there are damned few places to park that money and get a return on it. (According to Bankrate ... the average rate for a 1-year CD is 0.19 percent. The average rate for a 5-year CD is 0.32 percent. The average rate for a 1-year jumbo CD is 0.21 percent. No one is parking money in CDs.) If tax rates go back up to cover infrastructure or other areas of federal spending then a lot of the steam will evaporate from the markets. If Congress gets serious about revising the tax code for the sake of sanity and ends the depreciation allowance for SFHs and THs, then watch how fast the investment mania for rental housing collapses. If you're buying a home to live in it long term as your personal residence then none of this really matters to you as over time you will do well, but if these changes happen, and if you are an investor in housing, see item 4.

4. As always, due diligence is essential when buying a home as an investment.
__________________
- Please follow our TOS.
- Any Questions about City-Data? See the FAQ list.
- Want some detailed instructions on using the site? See The Guide for plain english explanation.
- Realtors are welcome here but do see our Realtor Advice to avoid infractions.
- Thank you and enjoy City-Data.

Last edited by Mike from back east; 04-09-2021 at 12:12 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-09-2021, 01:12 PM
 
Location: Aliante
3,415 posts, read 2,643,249 times
Reputation: 2848
There's so much construction up here it's crazy where I live. If I drive one mile North it's all brand new construction going on for miles. Tons of developments are planned further North across the 215 highway edging up against the mountains all the way east, and the NW is going gang busters.

We looked at several modern homes in the NW. I really wish for more modern home options to choose from up here that are more north central cuz the NW is so far out from everything beside Mount Charleston. We need something close to the shopping and the VA like Aliante but modern homes. I've seen some Lennar but I really prefer Toll Brothers.

On NextDoor we're asking for a sit down Restaurant row of chain and non-chain options cuz of it, and an additional grocery store in the area because lines are getting long everywhere. We need a spanish grocery store too. Traffic is still light though compared to the more central areas.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-09-2021, 02:10 PM
 
Location: Las Vegas
913 posts, read 846,218 times
Reputation: 1213
https://www.reviewjournal.com/homes/...homes-2262345/

I liked the look of the more homes Pardee (now Tri-Point) is building. Not sure where they are building now.

I lived in Providence for a year in a house on a 1/2 acre lot with a nice interior. It wasn't modern, but more contemporary than it looked from the facade. There are some nice modern homes in that zip code (89149). Prices for modern homes are higher, I'm not sure why. It's similar construction, just different looks to the interior and exterior.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-09-2021, 02:20 PM
 
194 posts, read 321,221 times
Reputation: 245
Quote:
Originally Posted by Mike from back east View Post
2. I hope they put in the needed roads as they build up the area and not try to retrofit after gridlock sets in. You should worry about this since there's no income tax and I suspect NVs budget for capital improvements may be on the lean side.
Statements like this are why people should stick to commenting on things with which they have at least a bit of familiarity. There are 6/8 lane roads all over little-developed parts of the valley that were prebuilt for exactly the purpose of accommodating future growth. I don’t give southern NV credit for a lot, but anticipating future growth needs where infrastructure is concerned is one area this place has always excelled.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-09-2021, 02:53 PM
 
214 posts, read 92,818 times
Reputation: 450
Quote:
Originally Posted by Mike from back east View Post

3. Changes in tax rates and tax laws could play hell with using homes as investment vehicles. A chunk of today's booming housing market is because hundreds of billions of dollars of tax cut money is sloshing around looking for investible assets. IMO much of that "free" money is creating bubbles in both the stock and housing markets as there are damned few places to park that money and get a return on it. (According to Bankrate ... the average rate for a 1-year CD is 0.19 percent. The average rate for a 5-year CD is 0.32 percent. The average rate for a 1-year jumbo CD is 0.21 percent. No one is parking money in CDs.) If tax rates go back up to cover infrastructure or other areas of federal spending then a lot of the steam will evaporate from the markets. If Congress gets serious about revising the tax code for the sake of sanity and ends the depreciation allowance for SFHs and THs, then watch how fast the investment mania for rental housing collapses. If you're buying a home to live in it long term as your personal residence then none of this really matters to you as over time you will do well, but if these changes happen, and if you are an investor in housing, see item 4.

4. As always, due diligence is essential when buying a home as an investment.
Tax incentives have already been impacted for most homeowners. That’s already happened with the 2017 tax cuts from trump that limited mortgage interest deductions and the SALT cap. Most people are now subject to a standard deduction which makes part of your argument moot.

Housing is a demand driven market that is highly elastic for sellers but almost completely inelastic for buyers. People don’t sell houses unless they either need to for moving (they could keep it and rent it), cannot afford their mortgage due to drop in income (but that is not typical), or upgrading their current home for more/less room. Builders create new homes based on demand, and a certain amount of profitability. Look at the low inventory of homes built from 2009-13.

Buyers will always be in a position to either accept the prices for rents or purchases. Unless they choose to move to a more affordable market or go homeless ( not many)

So, given that on average population is growing in the valley by 20k a month, I’m guessing that we’re going to see sustained strength in the housing market here for rental or ownership. There is more than enough idle capital to consume any housing at the given prices.

Anyone who thinks inflation is going to be long term needs to take some economics classes and understand that the the real root cause of true inflation is stemmed from wage inflation, which won’t happen considering the lower middle class to lower classes have been hammered with job losses across the board and have little collective bargaining power and we’re going to see a huge wave in automation and overall reduced need for workers as businesses learned from COVID they can get by with less people.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-10-2021, 12:09 AM
 
1,123 posts, read 953,525 times
Reputation: 717
North Las Vegas mayor has also switched to Republican. May bother some pending Liberal buyers here.

https://www.newsweek.com/north-las-v...ialism-1581438
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-11-2021, 12:19 AM
 
Location: City of North Las Vegas, NV
11,579 posts, read 8,366,794 times
Reputation: 3159
Last time NLV seen so much growth was before the 2008 crash. At that time 89031 zip code was the fastest growing in the US and in a year or so it went to #1 in foreclosures!

UNLV had plans to open a north campus by the beltway unless it got scratched.

A neighbor of mine moved here in NLV instead of Henderson from Utah because it is a shorter drive for him to visit family in that state when he wants to.

There's less traffic up here so far but that is changing as in the area of 215 and N. Decatur.

The smelly pig farm is gone and is being build up.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top