Now I'm confused... where to live in LV (Las Vegas, Henderson: real estate, foreclosures)

LV_Newbie · 06-12-2009, 08:30 PM

I have been reading all the posting... now I'm more confused than ever. I guess it's usually the case when you read too much into anything.

My husband and I are thinking about buying a 3 br, around 1500 sf, fairly new house in LV. Would someone please recommend some general area beside Summerlin, Henderson or Green Valley? How is the SW areas like Arlington Ranch, along I-160 blue diamond, or along I-15 (South of airport). How is the SW compared with NW? Our concerns are: safety, school districts, and of course the future value of the property. We want to keep our price below $100K. Thanks in advance.

horseplayer · 06-12-2009, 09:12 PM

I give Summerlin thumbs up. It would be stealing one at that price. I did see a few on Meteorite Ct., just across Vegas Dr. from the Summerlin border. Everything I've heard about the South is good except maybe the airport noise.

radraja · 06-12-2009, 10:09 PM

Summerlin and Green Valley hold a lot of "prestige", so to speak, but they aren't the only nice areas.

The far northwest (Centennial Hills) is quite nice. Silverado Ranch is nice. The southwest valley is mostly nice, but the lot sizes tend to be a bit smaller.

Really, the only places to avoid would be the northeast and central valley neighborhoods.

olecapt · 06-12-2009, 10:14 PM

Does not compute.

You have champagne taste and a beer budget.

ft_chief · 06-13-2009, 01:01 AM

[quote=LV_Newbie;9268233]I have been reading all the posting... now I'm more confused than ever. I guess it's usually the case when you read too much into anything.

My husband and I are thinking about buying a 3 br, around 1500 sf, fairly new house in LV. Would someone please recommend some general area beside Summerlin, Henderson or Green Valley? How is the SW areas like Arlington Ranch, along I-160 blue diamond, or along I-15 (South of airport). How is the SW compared with NW? Our concerns are: safety, school districts, and of course the future value of the property. We want to keep our price below $100K. Thanks in advance.[/quote]

Well, with your budget, you are going to be limited the NW(cheap areas), Northtown, North Las Vegas, and Eastside. Even then, you are looking at houses in foreclosure which are going to require lots of $$ to make them livable.

JohnG72 · 06-13-2009, 03:39 AM

Quote:

Originally Posted by LV_Newbie

Our concerns are: ...... and of course the future value of the property.

Aside of seconding what everyone else told you, I wouldn't buy any house right now with the expectation of making money in the near future. I realize many people are under the mistaken impression that this whole thing is gonna rebound in 1-5 years, but what is economically going on in Las Vegas does not bear that out.

The market on the low end may very well level out(it might have already). I don't think it has, but I could be wrong on that one. However, this does not mean that prices on real estate will do anything but remain stagnant or appreciate minimally for quite some time. The unemployment rate in Vegas is huge right now and may remain that way for a while, and there are many indications that foreclosures will continue for a few more years.

So point is, I would buy because its cheaper than renting(and that is certainly the case in North Las Vegas). I would not buy thinking that its going to be an investment unless you are in this for the very long term, in which case your money still might do better elsewhere.

007 license to sell · 06-13-2009, 06:07 AM

Quote:

Originally Posted by LV_Newbie

I have been reading all the posting... now I'm more confused than ever. I guess it's usually the case when you read too much into anything.

My husband and I are thinking about buying a 3 br, around 1500 sf, fairly new house in LV. Would someone please recommend some general area beside Summerlin, Henderson or Green Valley? How is the SW areas like Arlington Ranch, along I-160 blue diamond, or along I-15 (South of airport). How is the SW compared with NW? Our concerns are: safety, school districts, and of course the future value of the property. We want to keep our price below $100K. Thanks in advance.

All those area's are nice, however if your trying to keep your price below $100,000 finding those prices in those area's will be difficult unless your looking at a condo. The homes that are usually in that price range usually have been damaged. I suggest you rent for 6 months to get a feel of the area and then move. Prices are still going down however interest rates are going up, interest rates hit 5.9% yesterday and if you are having to get a FHA loan those loan rates are higher on those kind of mortgages.

Good Luck

JackieB23 · 06-13-2009, 11:40 AM

I think there are great deals to be found up here in the far Northwest. Decent schools, and lots to do close by. However, under $100K you'd have to be lucky to find what you're looking for. If your budget is closer to $150K or less you might be able to find things.

Our house was a foreclosure and not much was required for it to be a great house to live in, and we got it for $136K. But you have to sift through a LOT of troubled properties to find houses like it.

LV_Newbie · 06-13-2009, 04:23 PM

Thank you for your insights and honest opinions. We want to buy a vacation home in Vegas, but we are not in a hurry. On another hand, properties are cheaper in Vegas and interest rates are still reasonable. We are not looking for something to flip. We just don't want the value to depreciate in 5-10 years either.

Now I have a question regarding the price in Vegas. We saw some properties for under $100K in SW or S, like 89123, 89178 zip codes. Now I'm concerned that we won't be able to find a house in these areas with our budget. So can we offer 5-10% below the list price, at list price or above list price? And what percent? What is the norm in Vegas? Again, thank you for your opinions.

yukiko11 · 06-13-2009, 04:56 PM

I have also been searching for a retirement home in Las Vegas in the price range you are talking about. I am particularly attracted to the SW area in zip 89146. So far, I have made two cash offers on houses and lost both of them. They were both on the market for almost 1 year. They both sold for less money than I offered to people who financed through FHA. I think that perhaps local people are favored over out of state buyers as the first pick to purchase properties that would usually go to first time buyers. So it may be difficult getting one of those homes offered in that price range unless you are willing to make an offer they can't refuse. On the other hand, if you can go to 150K the inventory is much larger and you would have a better chance. Unfortunately, I can't do that so I am now looking in the Phoenix area.
Good luck in your search.