[Tarara Boomdea]

I should have said "About to renew my lease".

Like so many others, I am frustrated by the lack of SFH inventory and multiple offers. My lease is up on October 31, but only have a few more days to commit to another year or give a 30 day notice.

The rent is approximately $800 more a month than a mortgage would be with 20% down/30 yr. lease. The owner said he'd sell it to us and I'd like to buy it, but he wants $20K more than the highest web estimate. He says that's what he owes; no comps even approach that amount. I know some are gladly paying that, but it looks like the neighborhood is changing. I'd risk it for the right price.

Month to month is the other option. The PM said they may raise the rent.

Need advice. Also real estate news headlines from six months in the future

[braindead0]

Good luck.. Seems the market in Vegas is nuts.. We moved to Reno (from Ohio) and got in before things started getting a bit weird there.. nothing like Vegas from what I can tell though...

Seems like things setting up for a mini-meltdown though.

[Tarara Boomdea]

Yeah - future very cloudy.

I read many housing blogs ( patrick.net , thehousingbubbleblog.com , ochousingnews.com ) I read the OC web site because they have invested heavily in rental properties here. I watch the youtube videos/blogs by Bryan Lebo, Jared Jones and Steve Hawks. Also, the "Real Estate Live" show which is all over the radio.

Some say this mini-bubble is about to pop by February/March.

If it's a good time for sellers to sell, why would it be a good time for buyers to buy?

[braindead0]

No clue. To me a house is a collection of materials on a plot of land that provides some utility to my family, nothing more. That's all the 'value' I've ever placed in housing, the rest is completely imaginary.

[demoknite]

Curious as to how the neighborhood is changing.

[Tarara Boomdea]

House on next block, all single guys - day laborers. They and another new family hang out on the front lawn in the evening and drink. House up the block, new occupant sitting on curb across the street in front of foreclosed house, no shoes, hunched over chain smoking cigarettes, looking more than weird. Same family - I was picking up an old guy who fell on the sidewalk, girl comes out, wags her head back and forth, stares and sneers at me. I thought she was going to help. Out of state owner/empty house across the street, garbage strewn lawn. Was considering cleaning it myself, but my 84 year old neighbor beat me to it. House across the street neighbor constructed a wooden frame outside the garage with plastic sheeting on all sides to work on cars. Somebody finally complained and he took it down. Fourth of July neighbors were on tv news complaining they were afraid because fireworks were landing on their rooves and didn't stop until 5 in the morning. They wouldn't appear on camera because they were "afraid of retaliation." Someone's living in a huge RV in front of a house on the next block.

I don't get out much and I've seen all of this in the last 6 - 9 months or so.

I'm no snob; I grew up in a five floor walkup in a crummy neighborhood in NYC. Nothing surprises me. Some of this doesn't even particularly bother me. But there's been a change since we got here; it was much nicer.

[dano]

I am on the other side of the trade (landlord) with a lease expiring 11/30/12. Spread is roughly the same between rent and P&I but neighborhood is Summerlin/Peseos/Barcelona. It is gated with only 1 house currently on the market. It has gone through most of the foreclosure/short sale turns and has come out relatively unscathed. I think I can get the $130/foot that gets me out whole. My delima is to sell or continue lease month-to-month. Tenants are good and not planning on raising (or lowering) rent. At this time I think I will sell if Obama is re-elected and continue to rent if he is not.

[AA702]

I think if your planning to stay in Las Vegas for the near future (decade or so) then wait and buy. If you think you are even going to relocate again then I would just rent (maybe something else since your neighborhood is getting bad).

[MollieW]

Did no one hear that Romney said that if he was elected that he is going to have all the government owned homes in Las Vegas sold???? That should do wonders for the economy-NOT - especially if they all come on the market in a very short time. I can see house going for 40-50,000

[Tarara Boomdea]

I worry about what will happen when people who are not paying their mortgages have to move out of their homes and start paying rent. It will be a real shock to the local economy when the mad money stops being spent in the local stores and casinos.

I get the impression not too many people are rushing to beat the deadline for the The Mortgage Forgiveness Debt Relief Act and Debt Cancellation which is over after 12/31/12. Going to be a lot of big tax bills due in the coming years