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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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The Las Vegas Jackpot...
As you boyz know housing prices apreciated by 52% last year in LV, The highest in any metropolitian area in the USA...What you don't know is that the zip code I live in had the highest appreciation in LV at 56%....Hoooray something went right for a change!!!!
Further John Restrepo of Restrepo Consulting Group has said of the LV housing market " The appreciation rate in 2005 has the potential to match last years because of strong job growth, in migration, relatively stable interest rates and a constrained land market." He further said that as long as the economy remains strong and LV has supply constraints in the terms of land there will be no housing bubble.... Housing prices in LV are now begining to rival many areas in SO CAL...I have always said LV is LA's newest suburb.... The advantages in LV over SO CA ...are NO STATE INCOME TAX, slower pace of life (less congestion), positive business enviroment, world class amenities....and a housing market that while becoming more expensive is still cheaper than CA.. As of now the biggest down side to LV and NV in general is Property .Taxes...there is NO CAP on how much they can raise them....and come July many people are going to be faced with 20% to 50% due to the rapid appreciation in the value of their homes. The State Legislature is exploring different ideas on how to keep Property Taxes affordable....one is a CA Prop 13 type of plan and another is placing a 6% cap on amount they can raise taxes in any year.... Also I have found out that NV is the ONLY state where Construction Defect Laws make you whole....everyother state leaves you in the hole after attorneys fees etc. But the NV Builders will get that changed eventually. And finally if Yucca Mountain gets approved we won't even need electricity anymore, cause we will all glow in the dark... 
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02-23-2005, 01:40 PM
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Location: Tucson AZ USA
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Yeah..it's those pesky property taxes..The great equalizer.
What does LV plan on doing with the economic windfall? Whining like every other City that they need even more?
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Bob S. former owner of a 1984 silver 944 |
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02-23-2005, 01:44 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Spend it...I assume...
Anyway another thing I forget to mention....Most of the land in the LV area is owned by the BLM...which holds semiannual sales....the last sale brought in 298K per acre UNDEVELOPED..with the streets sewers and utilities that boosts the price to 600K an acre...up until now the money generated form these sales went back into the community....NOw the BUSH Administration sees how much money is being generated from these sales wants to take a portion away to help defray the the National Deficeit...that is going over like a Lead Zepplin here in NV...Hope our Dem State Sen...Harry Reid can forstall that one...
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02-23-2005, 01:53 PM
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24 hr. booze - check.
24 hr. babes - check. 24 hr. gaming - check. Roller coasters and factory outlets - check. Scorching hot climate - check. Water...I...need...water. |
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02-23-2005, 08:42 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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LV ihas such a dry climate that you need to drink water whether it's hot or not....U don't realize that until you live here....
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02-23-2005, 11:38 PM
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Tabs
Since the BLM owns the land and is a federal agency...wouldn't it be appropriate for any return on the land to go into federal coffers? Personally, I find the housing in LV is very overpriced. Maybe if you are coming from CA, it is reasonable....but from most other places it is crazy. The lots are far too small and the houses are right next to each other...at least the ones in my price range are. Congrats on the big appreciation, but I am finding it hard to bring myself to spend so much for so little (Of course I am not shopping in your price range either). On the other hand, I will be kicking myself if I miss the boat and get priced out in the spring.
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74 Targa 3.0, 89 Carrera, 04 Cayenne Turbo http://www.pelicanparts.com/gallery/fintstone/ "The problem with socialism is that you eventually run out of other people's money" Some are born free. Some have freedom thrust upon them. Others simply surrender |
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02-26-2005, 08:22 PM
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Information Junky
Join Date: Mar 2001
Location: an island, upper left coast, USA
Posts: 73,189
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Quick-- refi on the equity, and up-grade to that double-wide, you've been dream'n of.
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Everyone you meet knows something you don't. - - - and a whole bunch of crap that is wrong. Disclaimer: the above was 2¢ worth. More information is available as my professional opinion, which is provided for an exorbitant fee.
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02-26-2005, 08:52 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Knowing our government I would rather the money stayed here...but if I didn't live here......
After checking my zip code with Realtor.com I find that 3700 sq ft in my area is going for apx 750K....yet the asking price in my developement are 650K with a pool.....this just drives me crazy... Prices ain't goin down here not with developers paying 600K an acre....that will only drive prices
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02-26-2005, 11:11 PM
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Location: Wisconsin
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I laugh at your property taxes.
We, in Wisconsin, invented high property taxes. I'm not sure what kind of comparison I can offer. I'll just tell you what I paid in a suburb of Milwaukee. Mostly upper-middle class, white color neighborhood. Older, traditional homes. I paid 6k a year for my 3000 sq ft house 8 years ago. I think it's gone up just a little since then. I won't bother telling you what I pay now, as I live in the country and it's less, but still not cheap. The typical lake home (2000 sq feet at most) a mile east of me pays over 20k a year. A friend of mine had a 4500 sq foot house on the lake in the same suburb I was in. 27 Grand a year! Last edited by SLO-BOB; 02-27-2005 at 07:53 AM.. |
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02-27-2005, 07:51 AM
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Location: Tucson AZ USA
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Mine were $1,450 last year. Far cry from back east with half the house and three times the taxes. To be fair, a lot of that was winter related (snow removal, sidewalk repair/plowing, repaving (freeze/thaw damage).
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Bob S. former owner of a 1984 silver 944 |
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02-27-2005, 10:11 AM
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1.75% annual based upon the original sales price of our home. We purposefully avoided builder upgrades that we could do after the fact (flooring, tile, countertops, paint, exterior doors, etc...) to keep the sales price as low as possible. My dad owns a $1M dollar home in Santa Barbara which they bought in 1965 for $22K. Their property taxes are something like $600/yr.
Last edited by dmoolenaar; 02-27-2005 at 10:58 AM.. |
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02-27-2005, 10:55 AM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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YIKES>>>27K a year....sounds like a redistribution of wealth program to me....I'm paying 4K a year now and am crying....
I now know one place I'm not going to move to..... DM...no offense but your Dad must live in a shack in Santa Barbara to be only worth 1M.... Oh BTW....I read an article that said that property values in SB are the 2nd most inflated in the US along at 30 some odd percent...LV is 10th at 24%.....
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02-27-2005, 02:36 PM
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Most people wouldn't believe this, but Nebraska has some of the highest property taxes in America. Million dollar homes around here (and there aren't a lot of them) carry $30,000 a year taxes. A nice, $200,000 house in midtown Omaha means a tax bill of about $5,000 a year. Compared with what I have seen in a lot of areas around the country, where $2.5 million homes have $5,000 worth of property taxes a year, Nebraska (and Omaha in particular) have very high property taxes.
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Steve Wilwerding 1998 3.4L Zenith Blue Boxster 2009 Meteor Gray Cayenne |
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02-27-2005, 02:50 PM
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Geeez, what are they spending it on - that'd be a huge percentage of household income.
Tabs - help me out here - constrained land market I've been to LV, and there is desert in every direction. Any land constraint is entirely artificial, yes?
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1975 911S (in bits) 1969 911T (goes, but need fettling) 1973 BMW 2002tii (in bits, now with turbo) |
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02-27-2005, 02:56 PM
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Location: Wisconsin
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Sounds like Nebraska and Wisconsin have a lot in common tax-wise. Those figures are damn close to typical for our region.
Know this, that the home that was taxed at 27k a year would cost many millions of dollars in most other areas. Right on the lake-huge, lots of land. It was valued at 650k at the time. Probably closer to 1.5 mil now. Lots of west coast folks bought in on some of our best housing because it was pocket change to them. I'll bet they didn't factor the heavy tax burden, however. Tabs-I pay 4k a year too. But, I'm 30 miles north of the city in a small town. The house values here are relatively low. For this same house in my old neighborhood I would be paying near 10k for taxes. |
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02-27-2005, 03:10 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Quote:
However the land is all owned by the Federal Government...Bureau of Land Management.....and they very sparingily sell off a bit every year....and the prices have skyrocketed.....
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02-27-2005, 03:29 PM
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Quote:
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02-27-2005, 04:45 PM
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Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,557
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All older folks in California still living in their homes bought prior to prop 13 should say a prayer of thanks to Howard Jarvis...maybe these prayers will offset the bureaucratic cursing...
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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02-27-2005, 04:59 PM
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another round please
Join Date: Sep 2004
Location: Carmel In.
Posts: 4,452
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Wow, you guys scare me. Im in a 2000 sf house, all brick, 2 story, 3 or 4 bedrooms, 2&1/2 baths, 2&1/2 garage, 1-1/2 acre, and Im paying, now get this, $771.00 per YEAR. This is a small town just east of Indy. but I cant believe those prices. Where will it end, and where will all the money come from?
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02-27-2005, 06:38 PM
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What I don't understand is how folks can afford homes in places like So. Cal or Vegas. How many folks have a large enough salary to pay $600k or $800k for a home? Maybe it is because I am new to Vegas, but I fail to see many jobs that are not service related. Do folks really make that kind of money?
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74 Targa 3.0, 89 Carrera, 04 Cayenne Turbo http://www.pelicanparts.com/gallery/fintstone/ "The problem with socialism is that you eventually run out of other people's money" Some are born free. Some have freedom thrust upon them. Others simply surrender |
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02-27-2005, 07:46 PM
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