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I am looking to buy a new home at the northern part of Las Vegas such as zip codes 89149 and 89130? Which is better? Do you have any recommendation aside from these?
I can't say anything about those zip codes specifically. There are so many zip codes in this town, so I am not sure exactly where those are. But, you mentioned the northern part of Vegas. There is the part several miles north that is newer and considered nice, but as a general rule, most people hear North Vegas and think of MLK and Lake Mead. If this is the area you are considering, I personally do not think of it as nice or safe. I would definitely avoid the Lake Mead/Martin Luther King area as well as what I refer to as number or letter streets (ex. stay away from "J" Street or "3rd Street"). Northwest is good for the most part, especially out toward Summerlin. Northeast has some good and bad areas, but most of it consists of much older neighborhoods.
I am looking to buy a new home at the northern part of Las Vegas such as zip codes 89149 and 89130? Which is better? Do you have any recommendation aside from these?
Thanks
Mel
Mel, right now is a TERRIBLE time to buy a house in Las Vegas. The standing inventory makes it a buyer's market for sure at over 20,000 single family homes for sale posted on the MLS, but the prices are FALLING, and at this time, no one knows where that will stop. I'd rent for now, watch the foreclosures soar and more houses pour onto the market, watch the last of the caught investors desperately try to sell their flip houses, and other homeowners with Interest Only ARM loans that have readjusted to higher rates try to get out of their houses. Now is not the right time to buy in Las Vegas. Wait until the market really tanks and you'll pick up real bargains. If you buy now, you run the risk of holding a mortgage that will soon be larger than your home's falling value, meaning you'll be stuck there with no way to refinance if needed or move as you'd have to pay the lender the difference to get out of the house. And whatever you do...DON'T take out an ARM interest only loan. If you must, take the 15 year fixed, which pretty much parallels the current teaser rates on an ARM. It's not much more than a 30 year mortgage payment actually and you'll have that house paid off a lot faster.
I can't say anything about those zip codes specifically. There are so many zip codes in this town, so I am not sure exactly where those are. But, you mentioned the northern part of Vegas. There is the part several miles north that is newer and considered nice, but as a general rule, most people hear North Vegas and think of MLK and Lake Mead. If this is the area you are considering, I personally do not think of it as nice or safe. I would definitely avoid the Lake Mead/Martin Luther King area as well as what I refer to as number or letter streets (ex. stay away from "J" Street or "3rd Street"). Northwest is good for the most part, especially out toward Summerlin. Northeast has some good and bad areas, but most of it consists of much older neighborhoods.
thanks for the info...I plan to buy a house in the northwest area near 215 and 95 freeway.
Mel, right now is a TERRIBLE time to buy a house in Las Vegas. The standing inventory makes it a buyer's market for sure at over 20,000 single family homes for sale posted on the MLS, but the prices are FALLING, and at this time, no one knows where that will stop. I'd rent for now, watch the foreclosures soar and more houses pour onto the market, watch the last of the caught investors desperately try to sell their flip houses, and other homeowners with Interest Only ARM loans that have readjusted to higher rates try to get out of their houses. Now is not the right time to buy in Las Vegas. Wait until the market really tanks and you'll pick up real bargains. If you buy now, you run the risk of holding a mortgage that will soon be larger than your home's falling value, meaning you'll be stuck there with no way to refinance if needed or move as you'd have to pay the lender the difference to get out of the house. And whatever you do...DON'T take out an ARM interest only loan. If you must, take the 15 year fixed, which pretty much parallels the current teaser rates on an ARM. It's not much more than a 30 year mortgage payment actually and you'll have that house paid off a lot faster.
do you think the prices of brand new homes is going to go down?!? I've read negative post about vegas, is it true? how do you like living there in vegas? Is it a nice place to settle in? is it a nice place to start a family? how are the school system? how is the job opportunities? thanks for all you input. I do learn a lot from people's point of view and I do consider all of your opinions. thanks again
do you think the prices of brand new homes is going to go down?!? I've read negative post about vegas, is it true? how do you like living there in vegas? Is it a nice place to settle in? is it a nice place to start a family? how are the school system? how is the job opportunities? thanks for all you input. I do learn a lot from people's point of view and I do consider all of your opinions. thanks again
Hi..just a little FYI..lived in LV for 5 yrs..moved in 04" back to our home in Michigan. We were lucky to sell our condo during that Crazy real estate boom..and yes, the post above is true to all homes..new and used, so right now is Not a good time to buy...the school system is horrible!!! They are having a real hard time getting teachers..the jobs..well sure there are a lot of jobs, but not always that easy to get. Working for a casino is not the best..your treated like "inmates" but, we did it for a while..the residence , generally stay to themsleves..you really don't make many friends..in fact that was one of the first things we learned when first coming into this town..someone said to us " YOU MEET A LOT OF PEOPLE HERE...BUT YOU DON'T MAKE MANY FRIENDS" that was a true statement lol..also, there is a lot of Crime..more and more, in fact that was one of the reasons we moved..it got to be too much, we lived on the northwest side, moved to the other side because of all the traffic..of course that followed us there as well, because of all the buiding (boom)..when we first moved to Vegas 98" I would think nothing of going out at 2-3am to play bingo, ect...but you woulden't catch me doing that the last yr. we lived there!!! Its a shame, I love and miss Vegas immensley...but the Vegas we knew...not what it has become..sad..do I don't mean to be so negative..but just thought I'd tell you what we experienced...a lot of people move to LV every month..4-5 thousands..but A LOT..move out as well..you will see that by how many times your phone number has been recycled..lol...but good luck anyway..be careful..Jeanne
My son lives there where he quit his last year of college in Michigan . Anyways, he is a dealer at Ceasars Palace makes good money but not enough to qualify.
I was there in March. I used to be stationed there at Nellis AFB. The housing market is sky high way over valued. There are many who bought land lots for $550k just 2years ago and now they are valued around $350k almost a 50% drop!
Small condo's were over $200k ***** that! Jobs. Yes there are many jobs but most will require a two income family just to buy a home. Crime is rated the one of the worst in the country for a booming population growth. And many crimes do not make the news because of loss tourism.
To give you a example when my son relocated there almost 2 yrs ago he was driving a Honda Civic CRX. Loaded with fancy gizmos a real nice fast car. The first week he was there someone smashed his windows and stole his car stereo . He was in a casino .
Later after he got the window repaired only 1 month later he was again parked in a parking lot while he was in a casino and came out to go home but he has NO FRIGGIN CAR! The car was stolen.
After the police was involved they finally located the car about 2 weeks laters completley strip to the frame! Check your auto insurance because its going to be very high.
I will stick to my present idea of relocating to Texas where I can but a new 2000sf home for $145k and rated the second safest city with a population of >600k. Plus over 300 sunshine days a year same as Vegas.
Oh my son lives north of the strip. Nice area but takes him 30 minutes to get there as traffic can be bad at certain times.
Do you mind me asking "where" in Texas? I'm scrambling too looking for a place. Everytime I think I have a spot, I read something about crime, nuclear waste buried, natural disasters in the area, etc.
I know exactly what you mean Jeanne. And Sharinganuser, yes, I think prices of both new and used homes will continue falling for now, there's just too much inventory...though...there may be a brief pause because today the Feds left rates temporarily unchanged... And Jeanne is right, the schools are bad, lots of gang violence and overcrowding, though some areas are better than others like Henderson's Green Valley or Summerlin. You can research home values through the internet, it's easy to do actually, and you might be surprised as to the extent the market is falling. It's not just Las Vegas, it's nationwide. It really is a dangerous time to buy a house, especially condos which depend on their environment for value. The newest neighborhoods where the builders are offering incentives on new homes are tempting in comparison to resale homes where sellers are stubbornly refusing to lower prices yet either because they can't afford to (mortgaged to the hilt), or, because they remember the prices last year and pray for a miracle. The new homes may offer extras worth tens of thousands of dollars as an incentive to buy, which in reality discounts the house, but... most of the people who buy houses nowadays do so with interest only ARMs, meaning it's possible your neighborhood will turn into a ghost town in the next year or two years as they foreclose on their mortgages as rates reset to higher levels, which, if you survived the downtown, would leave you in a new neighborhood with vacant houses that rapidly deteriorate, or, leave you surrounded by renters and unmaintained homes which would sink the value of your house anyway.
I agree with Jeanne. I loved living in Las Vegas. It was, until I moved to Missouri, my favorite place I've ever lived and I've lived in Southern California, San Francisco, California's central valley, Oregon both west and east, Chicago, Virginia, etc. I moved to Henderson at St. Rose Pkwy and Eastern in Nov. 2000. It was still open desert around my division. It was WONDERFUL. I had a view of the entire Las Vegas valley from my house and the traffic wasn't bad in my area, plus I was close to work. I loved the weather (surprisingly cold in the winter and extremely windy, which I didn't expect), and I love the buffets, casinos, entertainment, and open vistas of the valley. When you look out your windows, you don't see for a mile, you see for 30 miles. The air is generally wonderful and clean and I find Las Vegas to be beautiful. I loved it! I also thought nothing of being at at 2am if I felt like it to enjoy 95F of dry heat after midnight, or the walk the Strip with friends who were visiting. But, it's changed and changing. There will soon be over 2,000,000 people in the Las Vegas valley, that's a lot of people... and, water and electricity is extremely expensive. I never faced crime issues, but I know lots of people who did and car theft is rampant. I always parked in my garage at home, even though my neighbors left their cars on the driveways. I never took a chance. If Las Vegas had frozen in time to about the year 2000, it would be almost ideal. I saw the housing crash coming and sold my house in June 05 after tossing for months at night worried I'd be caught in the downturn if I didn't act soon and my goal was converting as much bubble equity as possible into real cash so I could move to the Midwest and pay cash and be debt free. I ended up in retrospect selling at the top of the market as June 05 has since proven to be. Since I sold my house, my neighbor, a very nice lady who bought her 1700 sq. ft. home in Nov. 04 for $355K on an ARM interest only loan has seen its value fall to $343K (last appraisal). I sold in two days with seven offers in June 05 and made over $240K in cash profit capital gains free. It paid for my property in Missouri in cash, but...those days are gone now. Like Jeanne, I miss Las Vegas and those wonderful clear hot days with million dollar views and so much to do. But, I'm glad I moved to Missouri as I was able to take the last year off from work and enjoy the four seasons in my new home. If you move to Las Vegas, another reason to rent is to not lock yourself in while you test the schools. And yes, there are lots of job opportunities, but many center around the casino industry and tourism industry. There are also banks and call centers like HSBC in Summerlin, BofA, etc. Good luck!
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Rent for now
. Anyways, he is a dealer at Ceasars Palace makes good money but not enough to qualify.
