Originally Posted by Ocean2026
Las Vegas Real Estate peaked in price near the end of 2006 more or less.
Hi-rise condos which sold for 500k are now available for $80k but there are huge HOA fees and vacancies.
Houses have come down in price too.
I moved out to Las Vegas in December of 1995 and was amazed at the housing prices. 3500 sq ft house in Summerlin was $750K+...today, the same house is selling for $200K. I had TONS of friends who had bought a house only to walk away from it less than two years later because they were upside down on the mortgage, they couldn't rent it out, and the market was flooded with empty houses.
On the opposite end, the people who had owned houses prior to the market peaking made a killing selling their houses...what was once a $100K+ house had turned into a $500K+ house...
I moved away from Vegas back in 2008 due to a layoff and still talk to a few friends that are still out there. They have said that the job market, along with the housing market, is starting to move towards the positive...don't think Vegas will ever been like it was in '06, but the current homeowners can keep their fingers crossed!!