[yasudab]

What does anyone think of the providence community, it seems a little far, but i don't mind the extra few minutes drive. It is in the northwest side of las vegas. It seems pretty new. any opinions?

[Daddys///M3]

Definitely a nice area. I live on the other side of the freeway, and used to work up there. It's one of those wierd areas (like Tuscany in the SE) that had a lot of construction going on a couple of years ago, then suddenly the construction just stopped. I don't know how that will relate to home values, but be prepared to deal with all of the construction traffic once it gets going again. FWIW, yards tend to be smaller over there as opposed to my area (89131).

[olecapt]

Nice place. Be very careful. It is not very far into the development cycle and could easily get caught up in the downturn.

I would stick to pretty well developed neighborhoods for the next year. Don't have to be complete but say over half way. Places like Providence could very easily end up on an indefinite hold.

[yasudab]

olecapt,
do you think they would just stop building there? Has this happened to any other neighborhoods in vegas? If so where? do you think they would begin building again if they did stop temporarily?

[Daddys///M3]

Originally Posted by yasudab

olecapt,
do you think they would just stop building there? Has this happened to any other neighborhoods in vegas? If so where? do you think they would begin building again if they did stop temporarily?

They already have for the most part. There are quite a few neighborhoods that national builders have sold off to smaller developers to finish off. They have also walked away from large parcels (or so I hear) that they were planning on developing because the hold costs were to great given the current situation.

There are 2 Toll Brother's neighborhoods in Providence that I personally worked on. When they first started pre-selling they were starting in the mid $500K range. They are now selling in the mid $300K range, and they will not build anything until a certain amount of lots are sold.

[olecapt]

Originally Posted by yasudab

olecapt,
do you think they would just stop building there? Has this happened to any other neighborhoods in vegas? If so where? do you think they would begin building again if they did stop temporarily?

It is my belief that the resale market is rapidly sorting out but that the new market remains in big trouble. The newer places will take the brunt of it. The large master plan developers are all in some trouble if the development is not well along. Any tract not mostly built is suspect. Any master plan with lots of room is almost certainly in trouble.

And watch for other stuff. The nice park that comes in the next phase? The super club house down the road? Is it in your contract? Then don't count on it.

I would think resale has to get to full recover and maybe over drawn before we will see recovery in new build. Some best buys now. But make sure you can live with a half done neighborhood for five years.

[yasudab]

any updates on the providence area?

[olecapt]

Originally Posted by yasudab

any updates on the providence area?

Getting worse if anything. Don't touch it until 2010. Focus, the primary developer, is going down. The body will hit the street soon.

[jfkIII]

The Providence Community sounds like something lead by Rev. Jim Jones!

(Just don't drink any Kool-Aid if you move there.)

[airics]

wasn't Providence a television show that was cancelled?