Lovecomps
Lovecomps
Joined: Aug 12, 2018
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March 26th, 2020 at 8:39:23 AM permalink
Hi. I have no idea where anybody on this forum lives but this post is directed towards anyone who lives in Nevada in general, and the Vegas area in particular. Long before this virus mess came along the family was looking at retiring in Nevada.

There's no sense of urgency but at the time we thought that the prices were a bit high but with so much of the States revenue coming from gaming, and so many people out of work in the industry, wer're thinking that there might be a huge downturn in the real estate market.

When we looked Henderson and Summerlin kept rising to the top.

If anyone lives out there do they have an opinion?
The best things in life are not free.
DRich
DRich
Joined: Jul 6, 2012
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March 26th, 2020 at 8:56:53 AM permalink
Quote: Lovecomps

Hi. I have no idea where anybody on this forum lives but this post is directed towards anyone who lives in Nevada in general, and the Vegas area in particular. Long before this virus mess came along the family was looking at retiring in Nevada.

There's no sense of urgency but at the time we thought that the prices were a bit high but with so much of the States revenue coming from gaming, and so many people out of work in the industry, wer're thinking that there might be a huge downturn in the real estate market.

When we looked Henderson and Summerlin kept rising to the top.

If anyone lives out there do they have an opinion?



I live in Green Valley which is an area of Henderson, I would expect housing prices to decline this year because of the hit to the economy. The counterpoint is that if you are financing the house you probably won't get a much lower rate then right now.
Order from chaos
MDawg
MDawg
Joined: Sep 27, 2018
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March 26th, 2020 at 9:26:51 AM permalink
We're hurting over the Vegas office building we closed escrow on not so long before this mess started.

It's empty, of course, and we can't even get a contractor to complete tenant improvements at the moment.

We (meaning my one partner and I, he maintains a Vegas residence) had planned on its being empty for a while, but the timeline would have included tenant improvements being on schedule for completion soon. We actually had (verbal) commitments for all of its 16,000 or so square feet but all dropped out.

The long term plan remains to develop the parking lot (total lot size about 3 acres) into an apartment complex. The zoning allows it.

We bought it well below market (partly because it was unoccupied - anchor tenant had moved out) and it was a cash deal, so we have no one breathing down our necks, but no income coming in anytime soon either.


Also of the properties I own locally, it remains to be seen whether my residential tenants will pay the rent at the end of the month. When I spoke to them a couple weeks ago they said no problem, but that was before Cali was shut down. I'm considering maybe applying some of their rent, if unpaid for April, to their security deposits and lowering their security deposits, but I don't want to propose that unless I must.


Due to factors such as the above, I would assume that especially income / investment properties are not so much in demand right now, and the prices should drop, at least temporarily.
Last edited by: MDawg on Mar 26, 2020
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.
billryan
billryan
Joined: Nov 2, 2009
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March 26th, 2020 at 9:45:56 AM permalink
I did a lot of research when I was moving there in 2015. My original plan was to rent short term and then buy. I ended up renting in Henderson, but more for the apartments dog park than for any other reason.
I decided not to buy when I found out the typical house there had not increased in value in a decade. There were wild swings, up and down but the bottom line was someone who owned a house in 2006 hadn't seen what is usually their biggest investment increase in value in a decade.
If I were looking to buy or rent today, I'd look on the west side. Summerlin is great, but expensive. Arlington Ranch and the developments off Blue Diamond are nice, but are somewhat lacking in amenities just now. That will change in the next few years. The area between Tropicana and Desert Inn, around Durango or Fort Apache seemed like where you got the most bang for your buck.
Green Valley is nice but expensive, as are the properties south of St Rose Parkway.
TDVegas
TDVegas
Joined: Oct 30, 2018
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March 26th, 2020 at 10:03:45 AM permalink
Quote: Lovecomps

Hi. I have no idea where anybody on this forum lives but this post is directed towards anyone who lives in Nevada in general, and the Vegas area in particular. Long before this virus mess came along the family was looking at retiring in Nevada.

There's no sense of urgency but at the time we thought that the prices were a bit high but with so much of the States revenue coming from gaming, and so many people out of work in the industry, wer're thinking that there might be a huge downturn in the real estate market.

When we looked Henderson and Summerlin kept rising to the top.

If anyone lives out there do they have an opinion?


I live in Summerlin. Even during and after the 2008 real estate crash....Summerlin and Henderson did not suffer like the rest of Vegas. Yes, declines...but not nearly as bad as other areas of Vegas. I doubt you are going to see any big declines in the two areas you looked. Then again, depends on how long this drags on.

Summerlin or Henderson....2 safe bets in Vegas for putting down roots. You have to be careful with Vegas real estate. IMO, it's definitely location, location, location....not price, price, price.
rdw4potus
rdw4potus
Joined: Mar 11, 2010
  • Threads: 80
  • Posts: 7236
March 26th, 2020 at 10:38:23 AM permalink
Quote: MDawg

We're hurting over the Vegas office building we closed escrow on not so long before this mess started.

It's empty, of course, and we can't even get a contractor to complete tenant improvements at the moment.

We (meaning my one partner and I, he maintains a Vegas residence) had planned on its being empty for a while, but the timeline would have included tenant improvements being on schedule for completion soon. We actually had (verbal) commitments for all of its 16,000 or so square feet but all dropped out.

The long term plan remains to develop the parking lot (total lot size about 3 acres) into an apartment complex. The zoning allows it.

We bought it well below market (partly because it was unoccupied - anchor tenant had moved out) and it was a cash deal, so we have no one breathing down our necks, but no income coming in anytime soon either.


Also of the properties I own locally, it remains to be seen whether my residential tenants will pay the rent at the end of the month. When I spoke to them a couple weeks ago they said no problem, but that was before Cali was shut down. I'm considering maybe applying some of their rent, if unpaid for April, to their security deposits and lowering their security deposits, but I don't want to propose that unless I must.


Due to factors such as the above, I would assume that especially income / investment properties are not so much in demand right now, and the prices should drop, at least temporarily.



You have a 16,000 sqft office building with a 3 acre parking lot? One of those things is not like the other...

Zoning aside, you're sure you have enough room for an apartment building, the office building, and the necessary parking for both buildings while meeting requirements for spacing and runoff?
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
MDawg
MDawg
Joined: Sep 27, 2018
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March 26th, 2020 at 11:47:44 AM permalink
Total lot size is about three acres. It was a very good deal, a very cool deal. At least until fate, in the form of coronavirus, threw cold water on the schedule, and at least as well on the short term economy.

Yes we looked into all that. The escrow dragged out for many months we had plenty of time before and during to research all that. The apartment complex goes UP not across the entire lot.

I haven't done a lot of development projects other than my involvement with family ones, but in my immediate family is a very big developer and he'll help us when the time comes.

We even had a tenant ready to pay $12,000. a month for an otherwise relatively unusable portion of the building with its own access was the way we are going to have it. We actually probably haven't lost him but he can't move in until we are done with tenant improvements.

Sometimes some things seem too good to be true. Like this deal, and the stock market in February. Something sometimes comes along to slow your progress.

As far as the stock market, my thinking (now) is that if it hadn't been coronavirus, it would have been something else. Maybe we were overbought.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.

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