[Aqua Bliss]

Hi everyone, I was in Vegas a few weeks back looking for a vacation home with the prices being so much better than So-Cal I couldn't resist some window shopping. I found that some of the newer construction homes and condo's are really reasonably priced. I know they have HOA/LID/etc. but I still think they will be affordable based on the low mortgage.

After spending 2 days looking at Mountains Edge, Summerlin, Green Valley, Henderson, we really liked and got a good feeling when we visited Inspirada on the outskirts of Henderson. I like the feeling of a planned community with parks/greenbelts/pools and don't mind paying the extra HOA for that.

I've searched the forums and seen a few posts on Inspirada but was wondering if anyone can share some recent experiences as new homeowners or your opinion from looking at the offerings in the area. My budget is between $150k - $180k so probably will need to get a condo if we purchase in Inspirada which is fine with me actually. I saw a post that said they may be pulling back the shopping center and other planned developments. If so it could get to be a pretty lonely island out there in Inspirada but I still like the community.

Appreciate any insight or suggestions on nearby communities in SE LV in that range (but not mountains edge or blue diamond, we didn't like the area so much).

[olecapt]

Originally Posted by Aqua Bliss

Hi everyone, I was in Vegas a few weeks back looking for a vacation home with the prices being so much better than So-Cal I couldn't resist some window shopping. I found that some of the newer construction homes and condo's are really reasonably priced. I know they have HOA/LID/etc. but I still think they will be affordable based on the low mortgage.

After spending 2 days looking at Mountains Edge, Summerlin, Green Valley, Henderson, we really liked and got a good feeling when we visited Inspirada on the outskirts of Henderson. I like the feeling of a planned community with parks/greenbelts/pools and don't mind paying the extra HOA for that.

I've searched the forums and seen a few posts on Inspirada but was wondering if anyone can share some recent experiences as new homeowners or your opinion from looking at the offerings in the area. My budget is between $150k - $180k so probably will need to get a condo if we purchase in Inspirada which is fine with me actually. I saw a post that said they may be pulling back the shopping center and other planned developments. If so it could get to be a pretty lonely island out there in Inspirada but I still like the community.

Appreciate any insight or suggestions on nearby communities in SE LV in that range (but not mountains edge or blue diamond, we didn't like the area so much).

Wait a year or so...then you may want to wait another year or so.

Anything that ain't mostly built is suspect at the moment. Financing is king. Even developers who appear to be financially stable can't get financing. That is not Inspirada which is quite unstable..

[Aqua Bliss]

Originally Posted by olecapt

That is not Inspirada which is quite unstable..

Thanks olecapt. Can you expand on that last statement. Unstable how so?

[olecapt]

Originally Posted by Aqua Bliss

Thanks olecapt. Can you expand on that last statement. Unstable how so?

Primary developer has run out of cash..I would not want 100s of millions of debts at this time without a cash position to support it all.

[Aqua Bliss]

Where do you see these communities like Inspirada and Providence in the next year or two if things don't pick up? If the developers are out of cash and in the red, assuming they wont be spending money on parks/pools/schools/retail centers, etc. Do you think these will become ghost towns or just stop growth and force residents to drive for all goods and services?

I know it's anybodys guess but would like to hear guestimations.

[jjameson922]

Is Terra Bella by Westmark considered to be part of Inspirada? We drove around that when we were there in May but it really was desolate compared to the marketing literature we had read beforehand. Checking their website the other day, it said building has been suspended. How sad for those who paid $350K plus to be in there.

[lvkewlkid]

no, terra bella is in anthem...

[olecapt]

There is also a completed Terra Bella in Centennial Hills. If you like that style there are loads of foreclosures in that one.

[Aqua Bliss]

If anyone reading this post lives in Inspirada or has recently purchased a new home/condo there but has not yet moved in, would be great if you could give your opinion on the community and the future state of the area.

So tough to judge after a couple days trip when you're considering investing in the area. Thanks in Advance.

[gopheralex]

Gas prices and economic conditions being what they are and what they will be, you can draw your own conclusions about the future of Inspirada. Inspirada is the way it is because recently there was a lot of bank money sloshing around to build it and places like it, based on the expectation that real estate always goes up up up. Now that money is gone. The money is also drying up for people who want to buy there, which explains why so many units are unsold, which explains why the plans have been scaled back. This is a positive feedback loop that is feeding back on itself and will result in more cutbacks.

Pure unsolicited advice, if you buy in a place like that so far removed, expecting it to appreciate or even hold stable in value in the medium to long term, you are going to get your ass handed to you. House values are dropping so fast that few with any idea of what's happening want to buy there. You are also going to find out that a lot can change in just a few years. For example, when developers go broke, swimming pools have a way of getting dirty, lawns have a way of going brown, HOAs have a way of bending you over, cheaply built tract housing (which is what these developments all are beneath the facade of luxury) has a way of prematurely breaking down, etc. Inspirada is interesting but unsustainable. Its very existence depends on HELOCs that never have to be paid back, falling from the sky into your checking account into eternity.

The future will be all about basing your choice of location on your choice of where you work, not the other way around. There is just no fundamental support. If you can afford to sell in the future for a lot less than what you paid, go for it.