Buy a home in Las Vegas?

Yes, I too would think it a good idea but only caution to look at LV properties very cautiously and bear in mind physical condition as well clarity of legal title. Vulture funds are buying in Vegas and some flipping by the Vulture funds is taking place.

The housing boom in this country was built on the
backs of people involved in the manufacturing
industries. I don't see manufacturing ever recovering
to what it was, or even a shadow of what it was.
We're going to find a bottom in the housing crisis and we'll
stay there, perhaps forever. Home ownership will become
a luxury once again, not a necessity. Landlords will rule,
as they have for thousands of years.

What is the thought on condos like the Platnium for both rental and vacation use? They are selling as low as 99K and have rental agencies on site, with higher fees of course.

Alot of those condos have outrageous monthly fees and this notion of buying one to rent out as hotel rooms is great but the rental agencies have a bias towards renting only the higher up units and modest units will simply never see any rental income.

Quote: Wizard

I don't think you need to assume that. Even if prices maintain current levels it will be like getting the renters to pay the mortgage for six years. I'm going to go against you and Bob and approve the idea.

And what is the advantage of getting renters to pay the mortgage for six years? Is it the reduction of principal by a less than 10%? The house could drop in value by 20% in six years. The renters could easily do damage to cause that much loss in six years.

If you buy a house in an unstable market to rent, then the bank will want a very big downpayment. If you wait six years and purchase on your own to live in, they won't care.

Yes, any of those things could happen. The house may also go up in value 20% in six years. I never said it wasn't a gamble.

Quote: Wizard

Yes, any of those things could happen. The house may also go up in value 20% in six years. I never said it wasn't a gamble.

In many areas of the country it appears that Single Family Homes are the hardest hit and require the highest down payments with the strictest guidelines while those who buy apartment houses can do so with five percent down, less stringent rules and often better price appreciation that that enjoyed by Single Family Homes.

In some specialty real estate commentary, the best investments are Residential Air Parks, Single Room Occupancy buildings and Garden Apartment Buildings.

Quote: FleaStiff

In many areas of the country it appears that Single Family Homes are the hardest hit and require the highest down payments with the strictest guidelines while those who buy apartment houses can do so with five percent down, less stringent rules and often better price appreciation that that enjoyed by Single Family Homes.

Yup. The banks are being very tight. Before they will make a loan they will have it appraised, and their appraisals are coming in very low. For example, when I tried to refinance my home it came in at about 80% of its fair value, judging by recent comparable sales in the neighborhood. Not only that, but they want to see the owner put down more.

Quote: Wizard

my home it came in at about 80% of its fair value, judging by recent comparable sales in the neighborhood.

In general, how do homeowner's feel about Zestimates.

Quote: Zillow.com

The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account.

Zillow?