[pentel]

If you can buy a house in Las Vegas at each of these price levels, where would you buy? What kind of house can you get at that location? What is best?

$100,000
$200,000
$300,000

I know "best" means different things to different people. Just assume that you want to be in a reasonably safe area, but it doesn't have to be the Beverly Hills of Las Vegas.

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[olecapt]

Race is imaterial in the areas in Las Vegas hard hit.

In general below $150K watch out for neighborhoods that have gone rental. If you get more than about 1/3 renters you begin to have problems.

I also suspect the higher end neighborhoods will recover quicker. The best deal is a foreclosure in an area with few foreclosures. They will not be quite as inexpensive as elsewhere but they will also recover much more quickly.

In hard hit foreclosure areas the higher priced offerings will do better. They simply are not suited to investor purposes. So they return to owner occupied.

If you are talking about where you are going to live...$3l00K will get you the works. A house that was well above $500 K or even $600K at the peak. Pools,. stone, nice backyards, 3500 SF.

[pentel]

Thanks for the info. Would you be able to give specific locations?

[olecapt]

Hard hit...

89131,89143,89084, 89149,89178,89141,89052,89138,89015

Little impact..

89129,89134,89144,89128,89135,89139,89117,89147,89 074,89012,89002

[nwlv]

Look on Meterorite Cir., 89128. Well above average area. Approx. 100K. I did notice one sexoffender on the street. You can mention that with your lowball offer.

[Buzz123]

The house to my right (approx 3400 sq ft) would have cost new approximately $350,000+ with few upgrades. But the guy who bought it added so much stuff it brought it up to nearly $700,000. This is already a nice neighborhood of Santa Fe (Sedona, Pueblo Revival, Territorial) style homes. At one time he placed it on the market for 1.2 million, but it was just before the crash so that didn't last long. They were only there part of the time, as they owned other homes around the country. Anyway, I don't know what happened, but his business must have failed, and this house went into foreclosure. An LLC bought it for less than $300,000 from the bank. After doing some fix up/paint up they are asking something like $450,000, but the feeling is they will probably get much less than that, probably under $400,000.

The house to my left (approx 2800 sq ft) was sold a week or so ago as a short sale only because my neighbor passed away suddenly and his wife couldn't keep it up. Nor did she want the memories. I think it sold for about $275,000, just under what they paid for it for new seven years ago, but they had added a pool-spa, and some other things on their own. It is really a beautiful home in a great gated neighborhood.

There is one that the owner couldn't sell due to the crash and had to rent it out that is going to auction. Most of these homes are owner occupied and doing OK. There is another one (approx 2600 sq ft) that the owner moved out of and has had on the market for over a year. He is asking $699,000. It's probably worth in today's market about $375,000. I'm guessing at the sqaure footage, but am probably pretty close. All have pools.

[lvkewlkid]

89121/89120 McLeod and Casey Drives, many houses in there for mid-200s on wayyyy up, very nice custom area, plenty of great shopping and restaurants...

that's where we'd live if we could afford to buy that high, my family is just in love with the area...

[olecapt]

Originally Posted by lvkewlkid

89121/89120 McLeod and Casey Drives, many houses in there for mid-200s on wayyyy up, very nice custom area, plenty of great shopping and restaurants...

that's where we'd live if we could afford to buy that high, my family is just in love with the area...

But the median house is about 120K...and the low end is around 35K.

It has some lovely neighborhoods...homes up to 5 million. But it needs local knowledge.

There are lots of wonderful neighborhoods in the central city. But very difficult unless you have been around a while. And even then you may not be able to send your kids to the local schools.

[rpachigo]

Originally Posted by olecapt

Hard hit...

89131,89143,89084, 89149,89178,89141,89052,89138,89015

Little impact..

89129,89134,89144,89128,89135,89139,89117,89147,89 074,89012,89002

All it takes is one beachhead and then the huns invade and the village is overrun.

89128 (3 properties under $150,000 built after 2001 available - the tumor first spreads to the liver)

89129 (146 properties under $150,000 built after 2001 available - the body's defenses have started to shut down)

89139 (193 properties under $150,000 built after 2001 available - sepsis has completely consumed the patient and we're left with a dying corpse)

[olecapt]

Originally Posted by rpachigo

All it takes is one beachhead and then the huns invade and the village is overrun.

89128 (3 properties under $150,000 built after 2001 available - the tumor first spreads to the liver)

89129 (146 properties under $150,000 built after 2001 available - the body's defenses have started to shut down)

89139 (193 properties under $150,000 built after 2001 available - sepsis has completely consumed the patient and we're left with a dying corpse)

Does not work that way. First off everywhere is effected. But to vastly varying degrees. 89128 is hardly touched though there are a few exceptions...If for instance you look at condos the two conversion in the Desert Shores areas are both wiped out. But the Shores and the Summerlin section have little problem with it.

There are parts of 89129 and 89139 that are heavily impacted. Most of both however have only light impact. The low end corridor off Cheyenne is in fact my favorite place for hunting in the low 100s. There are a few but the neighborhoods are stable. Note that they mostly go in a week or two. Note that the Garhine elementary school there is in the top ten. Perhaps the only way to get into a top ten school for under 200K.