vegas guys, help me out. I know there are a few of us here.
 

My little boy's 1st grade school mate is looking to relocate after his father was killed in an auto accident a couple of years ago. She's looking at Vegas. Sell the house here buy a condo for 50-70K. Single mom with 1 kid, so she's looking at something small and start over. Pay it outright and not have to struggle with payments for a while. Help me out with these locations will ya. How's Summerlin, Paradise, Winchester, N vegas? I know N. Vages maybe a little shady. Housing around Universities are usually OK, but I am just not sure about it? We drive out for a couple of days next week, just to check it out so there are no gotchas on these places. If there are better locations we should look at, please let me know. Thanks

Jeff

bump, anyone?

Isn't tabs a Vegan?

Summerlin or green valley is best here. I'm in summerlin and like it a lot. It is more expensive there but if you can find something right on the border of summerlin you'd do well. Lone mountain area has some condos and is nice and not summerlin, but close. Spring valley is more central and close to the nicer areas as well. I'd be willing to help with some ideas if need be.

Jeff,

I am quite unsophisticated with regard to financial things such as the housing market...but I do have friends in the biz.

I have two separate friends (who do not know each other) and BOTH are saying RIGHT NOW that the Las Vegas real estate is going to implode. All the banks are dumping the foreclosures on the market.

She might get a good deal. She might get a great deal. She might be caught on the slide and hosed. Please check with other more knowledgeable people (meaning in the real estate field who have nothing to gain in the vegas market) because it would really be a one-two punch to be in her situation and then put all your money into a market on the downslide.

angela

Thanks Angela. Do you think your friends are willing to talk to us / her (she doesn't need additional stress right now). I am really trying to help her get back on her feet and hate to see her get host on a deal like you mentioned. I don't even know what the job market is like out there. She's had a really rough past couple of years. If there's someone else that are professionals in the field that might like to share some info please let me know.

jeff

Quattro, thanks for the tip. I might be beating on your door for more info soon.

No problem, the job market is slow here as well.

Are people leaving Vegas due to the lack of jobs? Where the heck are they going? There must be a ton of rentals sitting empty. Maybe she can rent for a while? What do you think of the rental market? Tough to get a place? I know its verydifficult out here.

People have stopped leaving. They're coming back slowly. There are rentals and there are homes and condos for sale too. It's a common fear that the banks will dump lots of homes that are forclosing but reason moves against this. The banks want the homes values to stay as valuable as they can keep them. Dumping them all would kill the value again.
Right now the word is that the government is working out how to allow the banks to keep the homes and rent them to keep people in them at reduced cost.
I don't know a lot about this but I know that people are also saying the market is on the climb. Who knows?

Elsewhere in the country is going up, but still there are areas that have and will be stagnant. Our here, people can't buy them fast enough. One goes on the market, its gone and over bidding is the norm.

Said to this happen to Vegas. I hear lots of folks are moving to Henderson.

Jeff, I'll reach out, I think I can find someone to give you a call. Here is what has my friends worried:

Bubbles Bloom Anew in Desert as Buyers Wager on Las Vegas - Bloomberg

Las Vegas Most Exuberant Housing Market - Business Insider

Everyone is SUPER EXCITED about the new Las Vegas housing bubble! YEAH!!! YEAH!!! Problem is that the banks still hold a lot of properties and will be dropping them on to the market to take advantage of this "bubble" and the job economy in the area simply does not back this quick rise in prices. What specifically has my friends concerned is that this is a repeat of the "bubble/bust" cycle where only financial institutions and a few lucky/timely people cash in and the rest of the buyers get left holding the deflated bag.

angela

If I might ask, unless she's going into entertainment why choose Vegas?
It's big, hot, and neighbors don't talk to each other.

It would make sense to first rent a year (or at least m-m), get to know the area, then decide to plunk cash on the table.

True.

Her husband's family is in LA. I suppose she wants affordable housing within a few hours drive so the kids can see their grandparents. Jobs, is the other reason. Tough to get a decent job here since she has not worked in a long time. Where can one get a condo or housing in a large city for under 70k near CA?

I also suggested rent also but she sees it as giving money away.

Quartto, what's rent like out there, do you have any idea?

Thanks so much Angela.

Rent is 2 beds 2 baths for $900 near sumerlin.
3 beds 2 baths 1100-1300.
4 beds 3 baths 1500-1800.

Thank you so much for the info. This is super important for her coming from some one who's from there.

Why not PHX? Maybe not as cheap, but a nicer city and a more stable economy.