Las Vegas Housing Market: 20 years to recovery?

[EL PRESIDENTE]

http://finance.yahoo.com/real-estate/article/109131/americas-most-underwater-housing-markets

"We all knew in our hearts it was unsustainable and there had to be a correction," says Larry Murphy, the president of SalesTraq. That correction came as the housing bubble popped and the economy tanked: Home prices in Las Vegas fell more than 56 percent from 2006 to the third quarter of 2009. This steep decline has pulled a vast swath of mortgage borrowers underwater.

"If you bought a home in Las Vegas since 2004 up to about 2007, whatever you bought--I don't care if you bought a big house or a little house, in a great neighborhood or a crummy neighborhood--it's worth about half what you paid for it," Murphy says.

More than 81 percent of single-family home mortgages in Las Vegas had negative equity in the fourth quarter of 2009, according to Zillow. And it may take 20 years for some of these home values to climb back to the levels they hit at the peak of the housing boom, Murphy says.

pretty insane. but yeah, houses there are cheap and will be for a while.

 

[Fez Hammersticks]

Miami will take years to recover as well.

They saturated the condo market with their decision to build as many high rises as possible.

 

[Fez Hammersticks]

$1M+ homes in Scottdale, AZ in 2007 are selling for half of that as well.

 

[THE HCP]

My boy was down in Vegas from '00-'03 and MADE A KILLING!!!!!

 

[blazerboy30]

Eh. To recover 56% over 20 years requires 2.3% appreciation. Depending on what inflation does, that 2.3% isn't THAT bad. Still could be worth leveraging.

 

[tlongII]

Might be a good time to buy a 2nd home in Vegas.

 

[EL PRESIDENTE]

in cash. I'm looking to buy a first house there, since no way in fuck I can get anything good in SoCal.

$500k can get a mcmansion again! you can get a 90k row house built in the last 5 years too!

 

[Fez Hammersticks]

Vegas is cool to visit but no way would I want to live there.

This is the time to get a house if you have the money.

North Scottsdale, FTW!

 

[EL PRESIDENTE]

I still think we have about 3-5 years before prices start going up in heavily foreclosed communities.

 

[EL PRESIDENTE]

I like Vegas because of the proximity to LA. I could drive back and forth pretty easily. I think Vegas is kind of hellish though.

 

[EL PRESIDENTE]

Vegas is cool to visit but no way would I want to live there.

This is the time to get a house if you have the money.

North Scottsdale, FTW!

that house has got to be over a million right? I'm thinking over 2.

how is arizona? My friend went there and said it was strip-mall hell in Phoenix. I flow through there and everyone there seemed pretty friendly/upbeat. kind of reminded me of San Diego.

 

[Fez Hammersticks]

I just like the neighborhoods in North Scottsdale and Paradise Valley. The fall/winter climate is really nice. Summer is hell on earth.

Phoenix sucks. It's a city with a metro population of 5mil. but doesn't really have a downtown. It's like L.A., a bunch of suburbs spread out in search of a downtown.

 

[Fez Hammersticks]

that house has got to be over a million right? I'm thinking over 2.

how is arizona? My friend went there and said it was strip-mall hell in Phoenix. I flow through there and everyone there seemed pretty friendly/upbeat. kind of reminded me of San Diego.

Right now, this house is an even $1,000,000.

Three or more years ago this house is easily worth a lot more.

 

[EL PRESIDENTE]

I just like the neighborhoods in North Scottsdale and Paradise Valley. The fall/winter climate is really nice. Summer is hell on earth.

Phoenix sucks. It's a city with a metro population of 5mil. but doesn't really have a downtown. It's like L.A., a bunch of suburbs spread out in search of a downtown.

yeah, i was wondering "where the fuck is the downtown"?

 

[mook]

Phoenix and Las Vegas have the same things going for them: pleasant winters. Other than that, I really don't get why anyone would want to live in either place. Sure, land is cheap, but then most things that really suck tend to be cheap. The land is a wasteland of cactus, rattlesnakes and oppressive summer heat.

 

[mook]

Vegas is cool to visit but no way would I want to live there.

This is the time to get a house if you have the money.

North Scottsdale, FTW!

Sure, it's a great house. And the owner gets a fine view of....a big pile of dirt in the background with a few cactus sprinkled about. Yay.

 

[Denny Crane]

Phoenix and Las Vegas have the same things going for them: pleasant winters. Other than that, I really don't get why anyone would want to live in either place. Sure, land is cheap, but then most things that really suck tend to be cheap. The land is a wasteland of cactus, rattlesnakes and oppressive summer heat.

I lived in Vegas for 5 years. It's cold in the winters, and we had snow on the ground every winter.

The heat never bothered me, and there's two seasons there when the weather is downright awesome - spring and fall. I found that 110 degrees was a lot more comfortable than 90 or 95 in a humid climate like Chicago or Florida. To each his own, though.

I found Vegas was a lot like California (Bay Area). The place is mostly urban sprawl, lots of suburban type areas and strip malls. The big difference is that the freeways aren't always jammed.

I wouldn't knock the nature of the desert. It has real charm in its own right, and I find it has great beauty. The drive from Vegas to LA is a spectacular scenic one, that changes from desert to ... another kind of desert.

 

[mook]

I have to admit I've only been to Vegas twice in the winter. It was quite pleasant then (especially compared to Idaho at the time).

I live near a desert, although it's not the cactus variety. Growing up I spent a lot of time in open desert country antelope, sage hen and deer hunting, and in the desert mountains chukar hunting. It's kind of pretty, I'll admit, for about an hour. After that I just want to get in some trees.

 

[BLAZER PROPHET]

I have to admit I've only been to Vegas twice in the winter. It was quite pleasant then (especially compared to Idaho at the time).

I live near a desert, although it's not the cactus variety. Growing up I spent a lot of time in open desert country antelope, sage hen and deer hunting, and in the desert mountains chukar hunting. It's kind of pretty, I'll admit, for about an hour. After that I just want to get in some trees.

Or ocean beaches.

 

[maxiep]

I'll take green ground and grey sky over brown ground and blue sky every day of the year. I guess I really am a child of the Willamette Valley.

 

[Sean.ivity]

I lived in Vegas for 3 years (2005-2008) and The only things i miss is spring, The food, the freeways and the barriers in the middle of the roads(Yes I like them, I always felt like it made traffic flow so much better when people aren't trying to cross traffic all the time), and the fact that everything is open 24 hours oh and pumping my own gas... But I tell people all the time that its a fun place to visit but living is a different story. Im way happy to be living back up in the great north west.

edit: I also miss the $1.25 full breakfast that some casino's had.

 

[Fez Hammersticks]

If I had the money I'd look first at the Dunthorpe neighborhood on the Willamette river.

Though, you're not going to get a deal like you would in Nevada or Arizona.

 

[EL PRESIDENTE]

yeah, i love staying in the hotels...the pools, chillin, restaurants, etc. It'd be nice to have a big fucking sprawling mcmansion though. dunno...might get sick of it after a while.

a little house in Portland on a nice bus route/max line would be probably more fun.

 

[Fez Hammersticks]

For $2m you can buy the Farris Bueller house

 

[maxiep]

For $2m you can buy the Farris Bueller house

Is Mr. Frye's Ferrari still in the back yard?

 

[Denny Crane]

I lived in Vegas for 3 years (2005-2008) and The only things i miss is spring, The food, the freeways and the barriers in the middle of the roads(Yes I like them, I always felt like it made traffic flow so much better when people aren't trying to cross traffic all the time), and the fact that everything is open 24 hours oh and pumping my own gas... But I tell people all the time that its a fun place to visit but living is a different story. Im way happy to be living back up in the great north west.

edit: I also miss the $1.25 full breakfast that some casino's had.

The fall is just as nice as the spring. In all, maybe 4-5 months of rather mild weather.

The glaring thing missing from Vegas is water. People put in water features in their yards to have water to look at.

Though I lived about 10 minutes from the Hoover Dam and many many people spent hot summer days on their boats on the lake.

 

[Fez Hammersticks]

I talked to a buddy and he knows a person who bought a house in Vegas in 2006 for around $310,000 and recently sold that same property for $95,000.

The 20 year recovery forecast doesn't seem exaggerated anymore, wow!

 

[andalusian]

I found that 110 degrees was a lot more comfortable than 90 or 95 in a humid climate like Chicago or Florida. To each his own, though.

Yeah, I agree. I love dry heat.

I'll take green ground and grey sky over brown ground and blue sky every day of the year. I guess I really am a child of the Willamette Valley.

Not me. Gray sky suck. I love everything about Portland except the weather. If Portland was situated in the desert it would have been perfect. As is, it is fantastic with an exception of the rain, sky and wetness. Good lord, people are not trees, living here for 14 years and I feel as if I have moss growing all over me.

Having just spent 2 weeks in the desert - I already miss it. Brown and red is beautiful when it is not monotonous and situated near some mountains.

 

[THE HCP]

Yeah, I agree. I love dry heat.



Not me. Gray sky suck. I love everything about Portland except the weather. If Portland was situated in the desert it would have been perfect. As is, it is fantastic with an exception of the rain, sky and wetness. Good lord, people are not trees, living here for 14 years and I feel as if I have moss growing all over me.

Having just spent 2 weeks in the desert - I already miss it. Brown and red is beautiful when it is not monotonous and situated near some mountains.

You do realize that the reason Portland is so beautiful and attractive to people all around the world is how green it is year round right?

 

[barfo]

Good lord, people are not trees, living here for 14 years and I feel as if I have moss growing all over me.

You say that like there is something wrong with having moss growing all over you.

barfo