The most incredible statistic is that almost one in ten homes in Nevada were foreclosed upon in 2010!
I wish I was a few decades closer to retirement than I am. For what I would buy a 1500sqft house in CT I could get almost a mansion in LV.
I feel sorry for anyone who owns a house in Nevada, and needs to sell it to get the hell out of there to somewhere where there are jobs. A LOT of people must be absolutely stuck in Vegas, Reno, etc.
The good news is you can buy a 3 bedroom 3 bath condo for 100K (or less) when it would have cost 275K 3 years ago.
True, bit I would feel very uncomfortable being subject to association dues that could go up up up......Maybe there is protection
against that. I have heard dues amounts in the $1000/month being referenced.
Seems like there is a niche out there for someone starting a property management co. that guarantees saving 15% or more on the homeowners/association dues. No way it can be that expensive for what you get. My condo is paid for but I still pay almost half what the mortgage was in dues and assessments yearly. Sorry, just had to vent...
anal-retentive little Napoleons
Personally, I have lost about half the wealth I've ever accumulated due Vegas real estate prices falling 60%.