Zillow Advice: Home Buying - How do people feel about the Market in Las Vegas

Yes, I am a cheapskate so ...

Fri, 13 Mar 2009 20:13:00 GMT

Yes, I am a cheapskate so I do want to good old days. The cheap buffet, free drinks and low minimum at the table. I would visit Vegas now for that, but I wouldn't buy in Vegas now because of the important points that you raised. He said he'd take us all to Vegas for free. How can you pass that up?

Sunnyview, Las Vegas has ...

Fri, 13 Mar 2009 17:17:00 GMT

Sunnyview, Las Vegas has two problems; 40% of the houses in the boom years were speculators/investor driven and now sit empty. Vegas blew it when they decided a buffet was worth $45 bucks instead of $1.99 LOL, and the cost of rooms and entertainment went through the roof. Blackjack at $5.00 min was affordable for most, at $100.00, it wasn't. Now they are talking about getting back to the good ole days...we'll see.

Me..me, invite me!! With ...

Thu, 12 Mar 2009 16:29:00 GMT

Me..me, invite me!! With all this bad news, Vegas is looking pretty good from that standpoint. Heck, the stock market trashed the 401K's around the country I think the blackjack table would be a preferable way to invest. At least the drinks are free.

I don't have an opinion, ...

Thu, 12 Mar 2009 16:28:00 GMT

I don't have an opinion, but Zillow does have data on this topic. Here are charts and graphs for Las Vegas from our latest real estate market reports for Q4 (or here is the spreadsheet with all the raw data).

I judge Vegas by the comps ...

Thu, 12 Mar 2009 16:17:00 GMT

I judge Vegas by the comps the hotels are giving me. A year or so ago, the offers were for two free nights in a regular room and $100 credit for food.

Now the deal is three nights in a suite plus $500 in chips. I've read that vacancy is extremely high and the average amount of money spent per visitor is dropping big time. I don't believe a bottom, much less turnaround is coming anytime soon in Vegas. If it gets a whole lot worse and the hotel gives me an entire floor, I'll invite all the Zillowers here to join me (especially doomers, 'cause who else is going to have money to throw around?).

I read this morning on Yahoo ...

Thu, 12 Mar 2009 15:50:00 GMT

I read this morning on Yahoo news that 1 in every 60 houses in Las Vegas is now in foreclosure. Those numbers are terrible, so do your homework and don't rush.

I would ignore the RE types, ...

Thu, 12 Mar 2009 03:53:00 GMT

I would ignore the RE types, I haven't run into one yet that you can trust. That doesn't mean they don't exist, but not in my experience.
That said, here is what I've been seeing on my many trips a year and having a second home there. It's a mixed bag in both location, and type. North Vegas is ughly in all types, condo's, town homes and single family. The stick houses, those butt ugly 2-3 strory jack in the box types are by far the worst and even if they were a bargin, who would want it?
I like Henderson, overall it's a better area as you know, easier to get around and decent schools if that's important. I think the "District" on Green valley is a pretty good indicator of that area'. The stores seem to do a good business, the restraunts have good traffic and other retailers are relocating to that area. I remember when they built the "District", and some wondered if it could make it out there. Well, it has and it's doing fine even in this economy. Settebello Pizzeria moved there recently, and they are smart people.
So, you are in a good area at least and the prices have taken a sizable hit already and will stabalize sooner than most. I would look up the history on the house you are thinking about and see what it sold for, what it's listed for now and any others in the area. That should give you at least some idea. If they haven't fallen 35%-40%, I would be leary. If they have, I would still expect or be prepared for an additional 5%-10% potential drop. What concerns me most is not if LV will come back, it's how long. And, how secure is your job! We have people in the trades calling up here looking for work, one today from an electrician in LV, that's not encouraging.

good luck

I'm sure lots of today's ...

Thu, 12 Mar 2009 00:18:00 GMT

I'm sure lots of today's foreclosures are people that thought they found 'the ideal house that makes sense'...

just never end on here, of course it matters if prices are going to keep going down. Vegas is parallel to Phoenix, and still has tons of foreclosures to go, and in most zips, a long ways to drop in price.

Does the word Double Down ...

Wed, 11 Mar 2009 22:44:00 GMT

Does the word Double Down mean anything there in Nevada?

There was huge speculation in Las Vegas and the gaming industry has been hit hard. What I tell all my buyers (not in your area) is if it makes sense and you find the "ideal" situation in the long run dont worry about it. Right now it is cheaper to own than rent in some places. Everywhere there are high demand areas due to schools or amenitites.

This is a distorted view but $150k is not that much and will buy a lot of house out there. Here are some guidelines. 1) DON'T max out on your family budget on a home, buy less than what you can afford and 2) buy with a 15 year or 30 year and make double mortgage payments. 3) Buy in the best area you can afford. The market will recover and when it does you will be fine. 4) Don't refinance.

Even if it takes 10 years with a 15 year note you will almost have the house paid off and when it goes up. Then increasing the amount of leverage in a new home might make sense.

I totally agree. Do not let ...

Wed, 11 Mar 2009 18:32:00 GMT

I totally agree. Do not let your realtor convince you the bottom has come to LV real estate. You have time to buy when you are not pressed by a timeline with your current rental. As someone with a family, I understand because that really colored my thinking when I was renting waiting to buy too. I am afraid that LV will drop a bit more as the economy slows down. I wish I knew how many unmarketed foreclosures sitting on the bank books that will come off the back burner soon there, but I don't. Even waiting 6 months, would really help you find a more stable point to buy into that market. If it drops, that is money your would have lost. If it stabilizes, you will still have time to buy before the prices go anywhere. Do not let your tight timeline push you into a house now. take you time to make the right decision and find the right house. It took me about a year to find the right house. I was picky and had an eye on the future stability of my area, but my neighborhood is great, my neighbors are great and when I come back to my happy house it makes me smile. You can take your time and be picky. This market allows that no matter what anyone tells you. Learn about available neighborhoods, talk to the people in them, look at every listing in your target areas and be mindful of what you want in a house. Listen to yourself and your gut not anyone else.