Las Vegas Real Estate Market thread

[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.

Has the market bottomed? Will people moving out create less demand?

When will Las Vegas come back?

Anyway this would be a good place to start discussions. There was one like this on another site but too many personal attacks sort of ruined it.

[woodsy169]

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!!

[DrMarneaus]

All I know is that my fiance just bought a house, it was listed for 360k when it was built in 2006, and was listed for 150k this time around.

I'm okay with a crappy market seeing as i hadnt invested prior! Doesnt look like its falling any farther. Perfect time to buy if you can.

[happy_jeeper]

is the drought situation still an issue? I actually looked at a couple of houses, wouldn't mind getting an investment home and renting to ppl who work for the LV division of my company for cheap. What would be a good area to look at near the Las Vegas area??

[DrMarneaus]

Originally Posted by happy_jeeper

is the drought situation still an issue? I actually looked at a couple of houses, wouldn't mind getting an investment home and renting to ppl who work for the LV division of my company for cheap. What would be a good area to look at near the Las Vegas area??

Lol, there isnt much of a "las vegas area" other than las vegas. You've got Henderson, Vegas, and North Las Vegas all in the valley, anything outside the valley is a paint to commute (Pahrump, Boulder City, or any of the tiny towns out there)

[BillySacco]

I just bought a house for 115k. At the peak it sold for 325k. I would love for values to go back up so I can get rid of the PMI. That said I agree with things maybe never getting back up to where they were. Really the prices were grossly inflated and most people here earning a normal salary could not afford a house. Vegas in general seems in a bit of a decline we should not have put all our eggs in the casino basket. Other industries should have been encouraged to grow here. I really hope things start looking up though the unemployment figures here are sickening.

[Keith]

Does anyone know if people are selling/getting foreclosed to move into rentals/apartments or are they just moving out of LV?

[Gomezy3k]

Originally Posted by DrMarneaus

All I know is that my fiance just bought a house, it was listed for 360k when it was built in 2006, and was listed for 150k this time around.

I'm okay with a crappy market seeing as i hadn't invested prior! Doesn't look like its falling any farther. Perfect time to buy if you can.

I agree, for most of the 10 years I lived here the prices kept going up and up due to greed and investors trying to rip off as much money as they could. Finally houses are at the level they should have been all along and I was able to buy a very nice house for $94K (the seller wanted $105 but VA only appraised it at $94 so to get out from under it they dropped the price, back just before the bust it sold for $250K). It is a nice older house in Henderson and is perfect for me and my fiancee. So I am glad the bottom dropped out so normal people could have opportunities to buy a house and not compete with greedy investors. I hope the market prices stay low for a while so that those who bought for investments continue to lose their shirts.

[theplasterman]

A lot of people would love to know where the bottom is. My guess is when the foreclosures stop the market should level. So I guess the question is, when will the foreclosures stop?

[havasu]

Originally Posted by theplasterman

when will the foreclosures stop?

Boy, if I could answer that, I'd be a rich man! Best guess is 2012 or later, but by that time, will the dollar even be around?