[dgermaine]

I am not conventionally employed and live off primarily interest. I am considering moving to Vegas for 2 or 3 years for the tax savings and living expenses savings while I build a few small business ideas and save up for a move to Los Angeles. I do not have enough money to directly move to Los Angeles as it would require about 1.5 million to buy a decent house in a safe Summerlin/Henderson type of equivalent community there, and I do not have enough money to be paying CA state taxes, deal with their business regulations, and experiment with my new business ideas until they are successful. In Vegas, I would have time to (but hopefully not) fail a few times without financial pressure and save up more money for my eventual move to LA.

My concern with Vegas is that it was so hard hit with the housing debacle, would buying a house be a bad idea if I need that capital in a few years when I sell? What if I plan to keep the house forever, and rent it out after I move? How stable are the suburban, bland areas of Vegas such as Summerlin/Henderson? My fear is if I purchase a house for 400K in cash, will it have a possibility of going the way of the Detroit housing market and suddenly be worth $200k if there is a huge recession?

Is it a safer investment if I purchase a condo on the strip and closer to what most people think of "Vegas" as? Are those types of properties easier to rent out if I cannot sell to break even during a recession?

Lastly, I am concerned about safety in Vegas. I understand that Henderson is safe, Summerlin is slightly less safer due to it being a target for burglars due to it's reputation as being a "rich" area. But from first hand accounts of readers in this forum, how prevalent are serious crimes like home invasions or hoodlums carrying guns? I would prefer to live in a highrise condo on the strip as it's easier for my lifestyle being a single person at the moment with no interest in home maintenance but it seems like every few months, I read about a shooting in the busiest areas of the Strip or near the Strip (such as recently in Palms Place when someone was actually killed).

I know feeling safe is relative, but for reference I am looking for an environment that is comparable in safety to the 70s streets in Upper East Side in Manhattan or Irvine in Orange County, or Calabasas in Los Angeles. Is Henderson comparable? Are there any areas in Vegas that would be similar, in that I don't need to worry about home invasions or guns living as a single young woman alone?

Thanks in advance for offering advice.

[Caltovegas]

Why buy? If it's just you and you don't plan on staying rent a condo or something.

[ddrhazy]

Nobody is a fortune teller. If you want to minimize your risk, rent a place while you try to make your business work here.

[LV10101]

I wouldn't buy in Las Vegas at this time but that is just my opinion.

Las Vegas is actually very safe compared to other major cities, yes there are murders but not like Philadelphia/Chicago where at times there are multiple murders sometimes on a nightly basis. Overall if you are smart and stay out of areas that have a higher crime rate at night you will be fine.

I have to laugh a little when people talk about "rich" areas like Henderson and Summerlin when these areas are really mostly middle class. They can't be compared to "rich" areas in the suburbs of most major cities. Also most "rich" area homes in Las Vegas will be gated or in gated communities. I would suggest looking at a gated community if you are going to buy or rent. Again Henderson/Summerlin overall are safe communities so check those areas out. I would take a trip out here prior to moving or rent a temporary furnished rental until you decide what area is best for you. You really don't have to worry about home invasions and guns in homes are more dangerous to the owner than any slight chance of using it to protect yourself.

[Katie the heartbreaker]

Originally Posted by LV10101

You really don't have to worry about home invasions and guns in homes are more dangerous to the owner than any slight chance of using it to protect yourself.

What you are saying is blatantly false on both counts.

[von949]

There is something about finding one of the cheapest cities on a US map, then looking for the safest/nicest area within that cheap city.

[UTES]

Originally Posted by Katie the heartbreaker

What you are saying is blatantly false on both counts.

Nope, they were right. The odds of being involved in a home invasion are very low. And, people defending their homes with guns are three times more likely to shoot a family member or themselves than an intruder.

Bill

[WestieJeff]

Originally Posted by dgermaine

My concern with Vegas is that it was so hard hit with the housing debacle, would buying a house be a bad idea if I need that capital in a few years when I sell? What if I plan to keep the house forever, and rent it out after I move? How stable are the suburban, bland areas of Vegas such as Summerlin/Henderson? My fear is if I purchase a house for 400K in cash, will it have a possibility of going the way of the Detroit housing market and suddenly be worth $200k if there is a huge recession?

Nobody knows the answer to this, if they did they'd already be wildly rich.

I sense you'd like us to calm your fears, but there is always risk.

If you don't want the risk, rent.

[yellowsnow]

Huge risks always equal huge rewards or conversely, huge losses. Don't gamble what you can't afford to lose in Real Estate, Roulette, the currency market, or commodities. If you want a house to live in, great. But no one can promise you won't lose money, especially if you don't plan to keep it very long.

[007 license to sell]

As a potential buyer I think you will find this info most helpful to make an
informed purchasing decison.

Here is the most recent Southern Nevada Economic situation.

Click link below to view, once it's open use the arrow to the right to turn the page.

Southern Nevada Real Estate Report - SNV Real Estate Report-2014-Q3