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Thread: would you buy real estate in Las Vegas?

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    God/dess Emily's Avatar
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    Default would you buy real estate in Las Vegas?

    I'm moving there in the next few months and prices have already taken a huge dive...and house prices look like bargains compared to what you get for the money out here.

    I'm just wondering if I should hold out a little longer for more of the foreclosures and short sales to hit the market. It's already flooded with them as it is.

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    Default Re: would you buy real estate in Las Vegas?

    wait at least another year !!! If the gov't's 'subprime' bailout plan doesn't go through, there will be lots more houses headed for the auction block !!! As of today GWB promised to veto the bill as-is, since it rewards irresponsible homeowners at the expense of leveeing higher taxes on their financially responsible neighbors.

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    God/dess Emily's Avatar
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    Default Re: would you buy real estate in Las Vegas?

    that's what I was kind of thinking. I can't imagine the prices going up, but the idea of moving more than I have to makes me want to settle down ASAP...and rent there is not that cheap.

    Besides, I might hate Las Vegas and not want to stay there anyway!

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    God/dess Emily's Avatar
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    Default Re: would you buy real estate in Las Vegas?

    I'm not asking if I should buy real estate in general. It's going to happen as I have about $100,000 in real estate capital gains that I do not want to pay taxes on. It's a question of when and where.

    It's not an investment, but a place for me to live. Whether I will live in the house 10 years. Who knows if they want to live in a house for ten years? I'll say...probably.

    No debts, not renting, and why do I need income aside from my self-employment resources?

    And I hate yard work and home repair. Luckily there are people that you can pay to do it for you.
    Last edited by Emily; 05-09-2008 at 09:43 AM. Reason: none of this really makes sense since the person I was replying to deleted their post

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    God/dess Emily's Avatar
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    Default Re: would you buy real estate in Las Vegas?

    I lived in Las Vegas for 10 years when I was younger. I have been a home owner for 7 years. I know the basics of what is involved.

    Btw, have you looked at the prices on real estate in Las Vegas? It's not overpriced now. It's fucking cheap. compared to here.
    Last edited by Emily; 05-09-2008 at 09:43 AM. Reason: none of this really makes sense since the person I was replying to deleted their pos

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    Default Re: would you buy real estate in Las Vegas?

    I've seriously considered buying there, as well, but have decided to wait. If "the bottom" is still 6-12 months away, that leaves plenty of time for prices to fall even further. And if shit is cheap now, it will be pennies on the dollar soon enough.

    I go to Vegas atleast once, if not twice a month now, and I still can't say I'd want to establish permanent residency there because I hate the city. It's gross, dirty, and generally just seedy. But for the sake of not paying state income tax, it may be worth it.
    ~Makenzie

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    Default Re: would you buy real estate in Las Vegas?

    Quote Originally Posted by Makenzie View Post
    But for the sake of not paying state income tax, it may be worth it.
    I love that part! That alone will save me like $3000/yr.

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    Default Re: would you buy real estate in Las Vegas?

    I've been planning on buying real estate in Vegas for years now. I think I'll be ready to finally do it in a year. Thanks for the info Melonie, once again!

    Still haven't really decided whether I want a condo or house though. I still need to think that through. Also, since prices in California have went so low I'm just now starting to look into the Napa Valley area. It's making me a little indecisive, but I feel my heart still going more towards Vegas.
    "We all must suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons. In order to achieve what others don't, you have to do what others won't."


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    Default Re: would you buy real estate in Las Vegas?

    I would add that, with very rapid increases in the price of electricity (a byproduct of high oil prices) in the price of water (a byproduct of ethanol), and in the price of shipping (another byproduct of high oil prices), the cost of living in 'desert' areas is also rising rapidly. What the long term impact of these rising costs of living may be on the desireability of housing in 'desert' areas remains to be seen, but in theory it will aggravate the fall in housing prices in these areas.

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    Featured Member saphire123456's Avatar
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    Default Re: would you buy real estate in Las Vegas?

    Quote Originally Posted by Emily View Post
    I'm not asking if I should buy real estate in general. It's going to happen as I have about $100,000 in real estate capital gains that I do not want to pay taxes on. It's a question of when and where.

    It's not an investment, but a place for me to live. Whether I will live in the house 10 years. Who knows if they want to live in a house for ten years? I'll say...probably.

    No debts, not renting, and why do I need income aside from my self-employment resources?

    And I hate yard work and home repair. Luckily there are people that you can pay to do it for you.
    i don't think you have to pay captital gains if the house was your primary residence for 2+ years
    These days I like to count my money. I like to wash it delicately and iron it. Sometimes I dry it with some bounty to make it all nice and cuddly. I love my money... did I say that out loud?

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    Default Re: would you buy real estate in Las Vegas?

    Quote Originally Posted by saphire123456 View Post
    i don't think you have to pay captital gains if the house was your primary residence for 2+ years
    True.

    Another thing to look at is interest rates are very low right now... i dont know much about when theyre expected to rise - thats one thing that was getting b and i to buy this fall. Mel?

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    Default Re: would you buy real estate in Las Vegas?

    Quote Originally Posted by Melonie View Post
    I would add that, with very rapid increases in the price of electricity (a byproduct of high oil prices) in the price of water (a byproduct of ethanol), and in the price of shipping (another byproduct of high oil prices), the cost of living in 'desert' areas is also rising rapidly. What the long term impact of these rising costs of living may be on the desireability of housing in 'desert' areas remains to be seen, but in theory it will aggravate the fall in housing prices in these areas.
    with all that, I bet it'll still be cheaper than California!

    Quote Originally Posted by saphire123456 View Post
    i don't think you have to pay captital gains if the house was your primary residence for 2+ years
    I was under the impression that you had to live in it for two years AND use the proceeds to buy another house within a certain time (2 years comes to mind.) If you just put it in the bank, it'd be taxable. Not that I'd do that because I want to be a home owner. I just want to make the best decision as far as timing.

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    Default Re: would you buy real estate in Las Vegas?

    I don't see why not! You sound like you really want to own right now, and you have to take into consideration how much the qulity of life / personal happiness is worth for you!!

    I think it sounds good to me and there are tons of forclosures now.
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    Default Re: would you buy real estate in Las Vegas?

    I've been very tempted to buy in Vegas too. In my case it would be a second residence, since my primary residence would remain in another state for personal reasons.

    It's very very tempting to move to Las Vegas full time, no state income tax is a big motivator too. I agree with Makenzie though, I do not like Las Vegas at all. I could never see myself settling down here.

    I was interested in condo's near the strip, for convenience and also resell ability.
    I've heard to wait a little longer, at minimum another six months. Although commercial real estate is doing well, residential is supposed to bottom out even more.

    LuckyOne would be a great person to discuss this with. I suggest PMing her.

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    Default Re: would you buy real estate in Las Vegas?

    with all that, I bet it'll still be cheaper than California!
    ... absolutely true. No matter what else happens, as long as California has a huge number of illegal aliens racking up social welfare costs and a huge number of gov't subsidized industries like solar and wind enjoying tax abatements and gov't funded infrastructure improvements, California tax rates at both the state and local levels MUST remain higher than in Nevada.


    Another thing to look at is interest rates are very low right now... i dont know much about when theyre expected to rise - thats one thing that was getting b and i to buy this fall. Mel?
    (wiping her crystal ball with windex) ... two possibilities exist, which will be mostly based on election results. If Obama or Hilary win, odds are that interest rates will stay low because high inflation helps poor people who are in debt more than middle class people who invest. Of course, getting approved for a new mortgage loan with a 'prime' interest rate will be much tougher than it used to be ... and particularly so if a new gov't cuts loose with a 'subprime' mortgage bailout plan that legally forces mortgage lenders to accept short payouts and/or reduced interest rates versus their original mortgage loan terms.

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    Default Re: would you buy real estate in Las Vegas?

    have a look around now and if you like something buy it !!!!!!!

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    Default Re: would you buy real estate in Las Vegas?

    Vegas is crashing hard, except for the properties on the strip, which they are selling mainly to rich foreigners. The low dollar makes it more attractive as well.

    It will take another two years to shake it out. This time last year, Nevada (mainly metro Vegas) had a foreclosure rate of 1:140. Now, it's 1:54. This is an incredible number. One out of 54 homes has a foreclosure notice.





    It's estimated that every foreclosure on a street will reduce all property values on that street by 1 percentage point.

    Been downtown recently? There are an incredible number of "luxury" lofts sitting there vacant. They are still asking way too much for them. WAY TOO MUCH.

    If you think now is the time to buy, I would stronly suggest that you do some cursory research on the last real estate bubble. It ramped up through 1989, took a couple years to fully crash, then flattened out in about 1995, then started recovering in 1996.

    We are only midway through the full bubble bursting. This time however, is worse than the last real estate bubble.

    I my professional opinion, prices will not fully bottom out until 2010-2011, with the nationwide median price falling 20%+, and Nevada by more...probably 40%-50%. If you don't think this can happen, look into the last bubble and see what happened to Orange County / LA County real estate prices ;-)

    Never ever listen to real estate agents about future prices. Never listen to the National Association of Realtors' analysis and forecasts. They are complete morons with a very obvious conflict of interest.

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