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RE in Las Vegas

Discuss culture, living, traveling, relocating, dating or anything related to North America. For those looking to relocate within the US or Canada, discuss your experiences and pros/cons of each domestic region.

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momopi
Elite Upper Class Poster
Posts: 4760
Joined: September 1st, 2007, 5:44 am
Location: Orange County, California

RE in Las Vegas

Post by momopi » March 15th, 2010, 7:52 am

Currently there are many, many hundreds of properties on the market in Las Vegas. For those looking for sub-$50k investments, most of the 2-bed condos in older neighborhoods are pretty beat up. But if you go north on the 95 (take I-15N to 95N) you will find many condos built around 2005 when the RE market was at its peak.

The properties are newer, but most of the builders are long gone so you won't be able to get the 10 year warranty. The prices for previous-owner beat up 2-bed condos is around $40k-$50k and turnkey 2-bed condos around $50k-60k. Basically a lot of buyers paid $160k+ for the condos in 2005, and when the RE market crashed, the value dropped to $40k and they couldn't get the bank to modify their loan. So a lot of owners got pissed off and decided to take a hammer to the property before they vacate.

I visited several properties where the previous owner did a lot of cosmetic damage to the doors, drywall, ripping off cabinets, etc. Basically it'd take a few thousand dollars to fix them up. Make sure you check under every sink and flush all toilets -- if the previous owner had poured cement down the toilet, you'd have to rip out the pipes. The "owner beat up" properties are at a great price point and can be had for low $40k range offers. The HOA is around $160/month and you can rent the unit out for $750+/month. But you will have to spend some time and $$ to fix it up. Be warned that Vegas has higher property manager fees and most will want $100/month, so call around and shop carefully.

I'm not a professional financial advisor and this is purely informative and should not be considered a recommendation to buy. Always do your due diligence and watch out for pitfalls. Someone else's loss can be your gain, but don't step into quicksand. Good luck.


p.s. the Rio has "all day buffet passes" for $24. You buy once and can eat there all day with re-entry.

globetrotter
Experienced Poster
Posts: 1023
Joined: November 20th, 2009, 8:45 pm
Location: Someplace Other Than This Forum

Re: RE in Las Vegas

Post by globetrotter » March 15th, 2010, 8:51 am

momopi wrote:CI'm not a professional financial advisor and this is purely informative and should not be considered a recommendation to buy. Always do your due diligence and watch out for pitfalls. Someone else's loss can be your gain, but don't step into quicksand. Good luck.


Another problem with America. Liability and Exposure issues. Everyone thinks like a lawyer in a deposition before they open their mouths. Anywhere, anytime, any social setting. People have become circumspect to the point of paranoia and the breaking of most social bonds.

I am in China, so I would just post this:

"Vegas has cheap condos. Come and get it!"

starkeep
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Joined: July 19th, 2009, 2:03 am
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realestate

Post by starkeep » March 16th, 2010, 2:37 am

8) now is definately a good time to buy if you have credit. I had a new house in las vegas that went from 340000 to 140000 the drop in realestate
in the southwest is incredible.
fed up

momopi
Elite Upper Class Poster
Posts: 4760
Joined: September 1st, 2007, 5:44 am
Location: Orange County, California

Post by momopi » March 18th, 2010, 2:16 am

IMO the biggest problem is that a majority of the properties are in short sale, and those are a royal pain. You place your offer and wait, and wait, and wait, and wait... even if you offer all cash, you still have to wait, and wait, and wait...

Those that are not in short sale are easily purchased with all cash offers. If you don't have the $$, get pre-qualified for the loan and make multiple bids. The success rate is lower but there's no rule that says you cannot make 10 bids and back out of the ones that you don't want later.

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