Las Vegas Single Family Home Advice Please?

Question

I researched a lot on the web and visited Las Vegas to get an idea of different areas to purchase a home. My main concern is a good neighborhood that won't depreciate in value. I really liked the northwest area 89129, south 89123 and southwest 89147, 89117. My budget is 250,000-300,000, 3br 2bath 1500-2000sf. Why are there so many homes in the 89129 area that are for sale?? Do you think the future development of the strip expanding to the areas 89123,89147,89117 have a negative impact on single family home prices?? Any advice, opinions or comments would be appreciated.
Also do you think house prices will continue to depreciate, should I wait it out??

Answer 1

I took part in building many of the homes out in the vary area your speaking about, I lived in Vegas for about twenty years, it was an empty void when we started building, probably built some of the homes your looking at. Back then the three bedrooms were going for less then $1000,00 to just over $150,000.00, now I know they've gone up due to the heavy influx of people. Back then there were 360 people a day coming into the city and 280 leaving per day, today it's the highest city for repossessed homes in the country, it was high back then. An average home owner stayed less then two years, some less then six months. The population in 1980 was 135,000, when I left it was 2 million and growing , along with prices, gangs and violence, it was no place to raise a family.
Although he pay was good for my wife and I, we didn't drink, didn't party and didn't do drugs, the people are very untrusting, unfriendly and you can't get credit for two three years anywhere down there.
Unless you have a large bank account, get yourself a weapon and a permit to carry some training. I carried a .38 special and in my vehicle a 357. I carried large sums of money, I had to pull my gun several times.

It's not a city to retire to, several of my friends tried and came back with sorry tales.
All I can say is good luck.


P.S. if your that interested see "Award Realty" on the West end, thier very good to excellent.