[olecapt]

Summerlin will work in the upper part of your range. In Summerlin you can get nice established neighborhoods with reasonable lots. The newer sections of Summerlin will be more difficult though workable...fewer pools, smaller lots...good buys though on the foreclosure side.

I like Aliante in north Las Vegas...particularly Club Aliante and some of the Astoria tracts. Nice homes. Pools may limit the choices.

The happiest hunting ground would likely be the far NW 89143/89131. Very nice single stories with pools near the Floyd Lamb park. Virtually new and hard hit by the foreclosures. Tule Springs Ranch, Log Cabin, Iron Mountain Ranch, Silverstone Ranch and such.

Another thought is take on the whole quadrant...or even two...and check out all the hot buys until one hits you. The ultimate foreclosure is one priced well in a neighborhood that has almost none.

[ivanabacowboy]

My sister bought in Vegas earlier this year in 89131. She got a steal of a deal and that is a really nice area. The advice is right to look in a neighborhood with fewer foreclosures. My sister said when she was looking there were some communities where half of the homes were in foreclosure. Ouch!

The house she bought had just gone into foreclosure, but was obviously well maintained. Original owners a year or 2 prior paid $850-900K. They hadnt even landscaped the backyard yet. Now notwithstanding my opinion she bought wayyyy too much house at over 4500 SF for 2 people in some schmancy gated community... She got it for $350,000-375,000 (that was her range).

The one observation I have of Vegas and housing that I do not see here in Phoenix is I remember driving around and seeing dozens and dozens of vacant lots that apparently were in some degree of development/construction that was just halted. Half built homes. Dozens of billboards trying to sell the houses. Many obviously vacant houses. It was so "obvious". Granted things arent a lot better here in most of Phoenix. But it was really "visible" in Vegas. I also work in real estate lending, so it was sort of eery to "see" it firsthand.

[olecapt]

Originally Posted by ivanabacowboy

My sister bought in Vegas earlier this year in 89131. She got a steal of a deal and that is a really nice area. The advice is right to look in a neighborhood with fewer foreclosures. My sister said when she was looking there were some communities where half of the homes were in foreclosure. Ouch!

The house she bought had just gone into foreclosure, but was obviously well maintained. Original owners a year or 2 prior paid $850-900K. They hadnt even landscaped the backyard yet. Now notwithstanding my opinion she bought wayyyy too much house at over 4500 SF for 2 people in some schmancy gated community... She got it for $350,000-375,000 (that was her range).

The one observation I have of Vegas and housing that I do not see here in Phoenix is I remember driving around and seeing dozens and dozens of vacant lots that apparently were in some degree of development/construction that was just halted. Half built homes. Dozens of billboards trying to sell the houses. Many obviously vacant houses. It was so "obvious". Granted things arent a lot better here in most of Phoenix. But it was really "visible" in Vegas. I also work in real estate lending, so it was sort of eery to "see" it firsthand.

Don't think so. There have been virtually no spec houses in Las Vegas for the last 18 months. New build inventory is very low and consists almost entirely of things that have fallen out of contract.

Some of the guys may be building slow to manage cash...but if it is started it is pretty likely to be completed.

There are a couple of big deals that got started and ran out of financing...but there are not a lot of those.

Most of the numbers I see would indicate that Phoenix is in even more trouble than Las Vegas at this point. Inventory for instance.

[returnoftheyeti]

olecapt:

Just curious - whats your initial impression of This House (http://www.realtor.com/search/listingdetail.aspx?zp=89074&typ=1&sid=6d0f343a6f5b 4603b3a2e559f2df6630&lid=1102204434&lsn=1&srcnt=45 5#Detail - broken link)

[Daddys///M3]

Originally Posted by olecapt

Summerlin will work in the upper part of your range. In Summerlin you can get nice established neighborhoods with reasonable lots. The newer sections of Summerlin will be more difficult though workable...fewer pools, smaller lots...good buys though on the foreclosure side.

I like Aliante in north Las Vegas...particularly Club Aliante and some of the Astoria tracts. Nice homes. Pools may limit the choices.

The happiest hunting ground would likely be the far NW 89143/89131. Very nice single stories with pools near the Floyd Lamb park. Virtually new and hard hit by the foreclosures. Tule Springs Ranch, Log Cabin, Iron Mountain Ranch, Silverstone Ranch and such.

Another thought is take on the whole quadrant...or even two...and check out all the hot buys until one hits you. The ultimate foreclosure is one priced well in a neighborhood that has almost none.

Best advice ever.

[GoreeGal]

Thanks for the advice. I have always thought really stay away from high foreclosure areas due to high crime and perhaps those pesky investors might come back and rent out half the neighborhood.

Is North Las Vegas ok? Think I will pass on NW due to the high foreclosure rate.

I really want less than 30 minute drive or around 30 from whereever to around charleston and buffalo

[Daddys///M3]

Originally Posted by GoreeGal

Thanks for the advice. I have always thought really stay away from high foreclosure areas due to high crime and perhaps those pesky investors might come back and rent out half the neighborhood.

Is North Las Vegas ok? Think I will pass on NW due to the high foreclosure rate.

I really want less than 30 minute drive or around 30 from whereever to around charleston and buffalo

North Las Vegas is more saturated with foreclosures than NW Vegas. I live in the NW and it is a very nice area. Very little crime, very quiet, it has a very middle-class suburban feel to it. I work on Charleston between Rainbow and Buffalo and it takes me about 20 minutes to get to the office. North Las Vegas will be a bit more of a commute.

[olecapt]

Originally Posted by returnoftheyeti

olecapt:

Just curious - whats your initial impression of This House (http://www.realtor.com/search/listingdetail.aspx?zp=89074&typ=1&sid=6d0f343a6f5b 4603b3a2e559f2df6630&lid=1102204434&lsn=1&srcnt=45 5#Detail - broken link)

Somewhat obsolesence GV home. Contingent status for financing. REPO. Old enough I would sweat the inspection. One car garages are unusual.

Nice area generally though I do not know that tract...looks ok though.

I would do the pickup truck test. And I would have my agent check for owner occupied percentage. If not above 60% don't go there.

Area does not appear badly hit by foreclosures though there are some active shorts.

A good buy in GV...and GV is a pretty nice place...I particularly like older GV if the neighborhood has held up.

[returnoftheyeti]

I am not really looking, it was just the cheapest house in 89074. And I thought it looked rather different than most places.

It is old for GV isn't it....

[uncle_el]

Originally Posted by returnoftheyeti

I am not really looking, it was just the cheapest house in 89074. And I thought it looked rather different than most places.

It is old for GV isn't it....

in my mind, that's a plus for vegas and the surrounding areas. a house from 1986 is old. the homes in "old vegas"- the mid century moderns built in the 1960s near the strip, are ancient! i.e. most of the stuff is rather new, and you don't have to worry as much as you would in cities where a lot of the stuff is absolutely archaic (boston/new york brownstone's, original craftsman homes in la suburbs, victorian homes, etc.).