Bad News for the Nevada Housing Market

Well, then the new guv already has his excuse- and you have yours.

I'm looking for a 2nd home and it might as well be in Vegas. I can work from anyplace with internet and I've got lots of time to hold the property so I'm thinking a nice condo with mountain views would be a nice change from the flatlands of the TX coast. Any recommendations on a nice area? or a good agent to help me search? Thanks!

Agreed. Homes are selling below what they would sell for in the 1990's. Alot of first time home buyers and investor with cash are taking advantage of the new low prices.

cjen,
You can find a nice average 3 bedroom in Green Valley or Summerlin for 150k all day. Yes you can find cheaper and more expensive but a good average home will run about 150k. Hope this helps.

Have you considered a high rise condo? You can pick them up dirt cheap now-a-days and the viewa of the strip are a far cry from TX flatlands.

Where's Sparky Dog????


He's Mr. housing market.....

If unemployment is still high, and prices are still going down, I see no rush to buy in Vegas. But darn, those prices sure look appealing. Unfortunately, Ive gone through several real estate crashes -- the first in Miami in the 1970s when condos lost 90% of their value -- then the crashes following the oil embargoes, and the crazy interest rates of 1979-80 and so on... and I learned one lesson: never buy thinking you're at the bottom, because prices can still drop. better to let prices bottom out and then buy when theyre moving up again.

about buying and renting? what renters???

DonDiego expects the economy to get a lot worse, . . . before it gets even worse, . . . and then eventually for inflation to kick in and clobber those who've saved for the future. Until the fuel riots and food riots are clearly over for good, DonDiego wouldn't want to worry about a second residence, and especially wouldn't want to be in a large city isolated in the middle of a desert when transportation breaks down. But that's just DonDiego.

Compared to prices, say, 4 years ago condos do look cheap today. One can consider Unit 1502 at Metropolis on Desert Inn just a few blocks behind the Wynn Casinos. It comprises 2 bedrooms and 2 bathrooms within a total of 1783 sq.ft. And there's a truly excellent view of the Wynn golf course and hotels and the whole Strip to the South. Only $225,000, . . . recently marked down 21%. MLS#1076363.

(If this link works, the reader should be able to see this property and the view by clicking on the correct unit : Metropolis )

DonDiego wouldn't touch it.

I would wait at least another year. I would love to get a nice huge house or condo for little that is newer then my house built in 1932

** GOLLY ** It looks like my comments have gotten my ass banned.