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Las Vegas Property.

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  • 01-06-2010 1:44pm
    #1
    JONJO THE MISER
    Banned (with Prison Access) Posts: 12,333 ✭✭✭✭


    Hi guys, recently ive been looking at property in Las Vegas, i was just browsing really but ive been talking to a few people in the last week and have been telling them about this, the prices in Vegas seem to be fantastic at the moment.
    Anyway i now have my sister and a friend that might be interested in buying a property in vegas, we could split it 3 ways and buy for cash as a holiday home and maybe to rent out to cousins or friends if they want to holiday in Vegas.
    Ive been looking at houses in the $150,000 mark and it seems you can get pretty good homes for that price in good neighbourhoods.
    Has anyone here any experience in buying property in Vegas or indeed the states in general, would you be able to get a discount for cash?
    Is there a lot of obstacles for foreigners buying in the states?


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    dont know much about Vegas property bar what I've read. Indications are that Vegas property is still in a bubble and hasnt burst like most of the US market.

    personally i wouldnt be investing there.


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    #3
    JONJO THE MISER
    Banned (with Prison Access) Posts: 12,333 ✭✭✭✭JONJO THE MISER


    D3PO wrote: »
    dont know much about Vegas property bar what I've read. Indications are that Vegas property is still in a bubble and hasnt burst like most of the US market.

    personally i wouldnt be investing there.

    Ive been reading and doing a lot of research into it and vegas house prices have fallen the worst in the country, there really are fantastic properties for $150,000.
    I agree with you about investing but thats not what we are doing its really just a holiday home, maybe me personally spending 2 months a year there.


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    #4
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    http://www.trulia.com/real_estate/Las_Vegas-Nevada/market-trends/

    i dunno you might be right you have done a lot more research than i have Id imagine. But I do recall seeing an article saying they were still way overprices and also remember reading that the state of nevada is struggling badly to keep up with its water demands.

    All Id say is make sure your fully researched before jumping in.


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    #5
    JONJO THE MISER
    Banned (with Prison Access) Posts: 12,333 ✭✭✭✭JONJO THE MISER


    D3PO wrote: »
    http://www.trulia.com/real_estate/Las_Vegas-Nevada/market-trends/

    i dunno you might be right you have done a lot more research than i have Id imagine. But I do recall seeing an article saying they were still way overprices and also remember reading that the state of nevada is struggling badly to keep up with its water demands.

    All Id say is make sure your fully researched before jumping in.

    Here are a couple of links for houses i was looking at and am interested in, what do you think?
    Again it will be a few months i guess before we buy and will also wait for the dollar to go higher against the Euro.

    http://www.realtor.com/realestateandhomes-detail/8368--Fort-Sedgwick-Av_Las-Vegas_NV_89131_1110486335

    http://www.realtor.com/realestateandhomes-detail/3869--Pumpkin-Creek-St_Las-Vegas_NV_89122_1118242629

    My Favourite
    http://www.realtor.com/realestateandhomes-detail/9136--Doane-Av_Las-Vegas_NV_89143_1118888649


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    #6
    Preset No.3
    Banned (with Prison Access) Posts: 1,385 ✭✭✭Preset No.3


    I do not have any direct experience with buying in Las Vegas, however last year I did buy in Orlando. Initially I looked at city-data.com and sites like that to get an idea what the areas were like. I couldnt afford 'Donnybrook' and I didnt want 'Kilbarrick' but somewhere like 'Ballinteer' or the like if you know what I mean. City data was great because of direct flights from Dublin. Its a tourist town and when I have kids I can go there as they grow up. Finally, its somewhere that I see will grow up.

    I did my first research on ebay. You are looking to buy a bank forclosure, not a short sale. Research the differences between the two.

    I got a lovely 2 bed 2 bath in a gated community in Orlando for $48k. I pay about $200 a month in maintaining the unit

    When you pick a realator, you have to stick with him. Its not like here that you can deal with 3 or 4 companies. When you decide to deal with a company you have to only deal with them.

    What I would say is check every document, get an american lawyer to check documents in terms of contracts, payments, all the small writing etc. Make a mistake and people love to sue there!!!

    Drop me a pm with your number if you want to talk more about the buying process.


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    #7
    Preset No.3
    Banned (with Prison Access) Posts: 1,385 ✭✭✭Preset No.3


    JONJO THE MISER wrote: »

    http://www.realtor.com/realestateandhomes-detail/8368--Fort-Sedgwick-Av_Las-Vegas_NV_89131_1110486335

    Dont know the area, but in terms of getting there, youre talking an hour or more from the airport!!!!


    http://www.realtor.com/realestateandhomes-detail/9136--Doane-Av_Las-Vegas_NV_89143_1118888649


    Dont know the area, but in terms of getting there, youre talking an hour or more from the airport!!!!


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    #8
    Plek Trum
    Registered Users Posts: 1,075 ✭✭✭Plek Trum


    There are expectant serious issues with the level of direct water supply in Nevada so be aware of this.

    The 'draw' of Vegas has lessened alot in recent years and the recession has hit casino's, accomodation and development plans hard. Hotels have slashed prices considerably, even offering free nights in the hope of keeping things moving.

    Question why it is you want Vegas above other areas in the US (better climates and lifestyles are available) and be aware that a huge decline in tourism may be a problem should you ever have to sell that property.


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    #9
    OverseasCafe
    Closed Accounts Posts: 26 ✭OverseasCafe


    One thing to always watch out for in the US is property taxes. They vary a lot from state to state, but they're pretty much always the largest cost you're going to have with a property in the US no matter where it is.

    Here's some brief guidance for Clark County, Nevada, which should allow you to do at least a cursory calculation.

    http://www.bartaustin.com/lasvegas/property-taxes.html


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    #10
    Preset No.3
    Banned (with Prison Access) Posts: 1,385 ✭✭✭Preset No.3


    My property tax yearly is 1% of the purchase price.


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    #11
    Antonio01
    Closed Accounts Posts: 1 ✭Antonio01


    Selling your house is a major decision and should be done with the right mortgage company. One has to have the upper hand on business transactions. Las Vegas is one of the best cities to live in. The energy and the spirit of the moment can be found in this area, it has so many things to offer.


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    #12
    delllat
    Closed Accounts Posts: 1,388 ✭✭✭delllat


    Preset No.3 wrote: »
    Dont know the area, but in terms of getting there, youre talking an hour or more from the airport!!!!

    it doesnt look that far on the map to the nearest airport anyway


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    #13
    dan_d
    Closed Accounts Posts: 2,819 ✭✭✭dan_d


    Brief input - Vegas as a holiday destination?? For a couple of days maybe, but for several weeks a year?

    Would you be better off looking elsewhere in the States?


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    #14
    Permabear
    Closed Accounts Posts: 39,022 ✭✭✭✭Permabear


    This post has been deleted.


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    #15
    dory
    Moderators, Recreation & Hobbies Moderators Posts: 4,493 Mod ✭✭✭✭dory


    There's an interesting article in the week's Economist about Las Vegas. Basically the fact that there is no income tax there, that they make their revenue from gambling, and that people don't have the money to gamble any more, so things are looking bleak there and incresed migration from the area is expected. You should read before thinking about buying there.


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