[Dr. Vox]

I was wondering if this seemed like a good investment opportunity to many of you.I have an uncle who owns a property management company in Las Vegas. The price was too good to pass up.

Brand new home(fell out of escrow 3 times)- and desperate to unload it

thousands of upgrades to home(real wood floors throughout entire house, upgraded granite counter tops, stainless steel appliances and washer and dryer, beautiful landscaping in front and backyard with top of the line synthetic grass, garage bay windows, plantation shutters throughout entire home)

Home is brand new 5 bedroom, 3.5 baths and 2,100 square feet.

It is located within walking distance to Sam Boyd Stadium and located in a gated community!

I had purchased the home for $133,000! Owner paid all closing costs as well. The home shows like a model home, and is minutes from Galleria Mall!

Do you think this property has a good chance of appreciating in the next 5 years with the price I paid for it, and givenn all of those "free" upgrades?

[airics]

no you overpaid... shouldve done research

[Dr. Vox]

^ Really? All the homes I'm seeing less than $150,000 in that area have multiple offers put on them. A brand new home community located 600 yards away, and half the square footage(with almost no backyard space) is going for only $4,000 less, and that's with 3 bedrooms. Checked the area, and while it wasn't Anthem or Green Valley Ranch, it wasn't the lettered streets in North Las Vegas either. Seemed from my research that I had done, that it would be a good investment, based on all of the upgrades, the fact it is brand new, and the fact it has over 2,100 square feet, with a lot size over $5,000 square feet. I tend to disagree with your assessment.

[von949]

What about the homes surrounding the property? Neighborhood? HOA? When you say "brand new", what year was it built?

In 5 years that house can be surrounded by meth heads that can bring the property value down even with all those free upgrades or Paula Dean can buy the house next door and increase the value. No one knows what will happen. Just focus on renting it out to tenants that will take care of the inside.

[ToeJam]

Any idea why it fell out of escrow 3 times and they were trying to unload even after all of the "free" upgrades?

[Dr. Vox]

^ Yes, person lost their jobs and could no longer afford the home. They were strapped for cash, and needed money to move back closer to family in California. Twice prior, the same thing happened to a couple in escrow. The last gentleman who had purchased it, did thousands of dollars of upgrades, and then lost his job due to the economy. The home was built in 2011, and has never been lived in. All homes in the community look very nice.
As far as the HOA fees are concerned, they are only $32 a month, so that was also something that was very appealing as well.
Sam Boyd Stadium has also have some big run concerts like U2, Rolling Stones, and I'm banking on the fact that being able to walk to concerts, and a regional park across the street, could have an added selling benefit in the future. Yes, its a gamble, but with record low interest rates, and a credit score in the 800's, I could afford to take that gamble.

[airics]

think.. if it was such a good deal... the seller wouldnt pay closing costs and it wouldn't have fallen out of escrow 3 times.. it probably didn't appraise

[TheShadow7478]

That wouldn't be 5864 crumbling ridge would it? check your comps I think you are too high for that area

[Dr. Vox]

It appraised, at $4,000 more than I paid for it, in a down economy. Closing costs were paid, because that was part of the deal with the new home builder when I agreed to pay cash outright for the home.

[UTES]

Looks to me like you did do your research and made a good decision, Dr. Vox. I've made similar purchases myself and I also expect the tide to rise.

Regardless of what the naysayers focus on with the history of this particular house, in the real world real estate is either a good deal at a given snapshot in time or it is not. Heck, I've snagged homes others have lost multiple deals on that did not dictate whether it was a value or not. There are too many variables in why deals fail to go by simplistic rules of thumb.

Congratulations on your find.

Bill