Some of you seem to never have been out of the bay area and think a semi-decent house = luxury because it has a high price tag. I want to show you what a real luxury house looks like. Recently sold for under $3.4 million. https://www.zillow.com/homedetails/8801-Palm-Greens-Ct-Las-Vegas-NV-89134/116230732_zpid/ 19k square feet. 8 bd 10 ba.
One word- NAUSEATING Looks like something Tony Montana would live in. Almost had a seizure looking at one of those pictures with the gaudy walls and carpet.
I guess you would prefer something like this for around the same price. To me, this is nauseating that anyone would put that much value on this home. https://www.zillow.com/homes/for_sa...372933,37.705485,-122.557469_rect/12_zm/1_rs/
I'll tell ya what though.... personal taste and gaudiness aside... @ $178/sqf.... thats a frickin STEAL from a materials and construction standpoint. It would cost more than double that to re-build. A lot more. Its pretty ugly to be sure. Must have been built by someone from the Middle-East. Kinda has that vibe. Its a lot of house for the money.
If that's the going rate per sqf for this kind of construction in Vegas right now.... pffff... you high dollar "Elite" traders would do well to pull some money out of the market and buy something out there. You will NOT be sorry. Try building a bitch like that... with all that masonry and finish carpentry.... without "illegals". That f'r would cost $800/sqf. Vegas real-estate goes boom and bust.... but with this market creating sooo much new wealth....and shacks in Cali going for millions....there is NO WAY you can wrong at these prices. Talk about low hanging fruit. I am in awe that that house can sell for $178/sqf. I don't care how f'ing ugly it is. You just wait.... no illegals....prices out there go to the moon. There will be no better time to buy a second (or retirement) home in the sunbelt. No state income tax either. Good gosh...Its a no brainer.
The previous owner thought the same thing. He originally bought in in 2010 for $2.8 million. He tried to sell it a couple years later for $22.5 million. A little over a year later he came down to Earth and tried to get $5 million for it. Right before it got foreclosed on, he tried to unload it for $4.4M Bank took it and put it on the market for $4m with no offers. Cut the price 1/4 million, finally got an offer for $400k below asking. It's almost impossible to get a home sold for over $4m in Vegas because there is so much available and so much to choose from. Water level is getting pretty low in hoover dam though. I know Vegas doesn't get much power from the dam as most of that energy is sold to CA and AZ, but it's still going to be a shit show in a few years when the dam stops generating power. The water level right now is 1088 feet and will probably drop to 1068 by end of summer. The dam has concerns if they can generate below a 1050 foot water line. Water level seems to be dropping about 10-15 feet per year on average. There is a countdown clock on the website of the las vegas sun of when they will run out of water. https://lasvegassun.com/news/topics/water/ Some people don't believe it though. It's a little like climate change. Some believe, some don't, both give evidence but nobody will know for sure if its true until it's too late.
Interesting about the dam and the water. One good winter though and that dam will be overflowing. Look at that one in Norcal that was almost breached. They had a drought too. Couldn't get water outta that bitch fast enough. Vegas isn't going away. That guy who bought the house was right, he was just early. There is NO WAY construction costs and material costs are going down in our lifetime. It just ain't gonna happen. $178/sqf for existing ultra high end construction residential property in gated communities in Las Vegas is a friggin steal. With all due respect to future-shock...you can mark this post and check back in three years banning financial Armageddon. Could happen I guess...and that's a whole new thread. But you will NEVER be able to build quality like that, EVER, for $178/sqf. Ever. Edit: ... That is unless Elon Musk announces he's creating a start-up that grows houses from crystals. He's saving that one though for the next time TSLA dips below $230.
So this entire thread is answered because of the above: supply and demand. One man's trash is another man's treasure and all that.
It will. Right now they are buying water 100+ miles away. The water behind Hoover dam won't get refilled in 1 winter. Vegas is an abomination, just like gold courses in Phoenix. "Both Lake Powell and Lake Mead reservoirs are half empty, and scientists predict that they will probably never fill again. The water supply of more than 22 million people in the three Lower Basin states is in jeopardy." https://www.glencanyon.org/glen_canyon/fill-mead-first
Well, it looks pretty low. But what happened in '55 and '65? Maybe we need to do some T/A here. I think its hitting a support level at @ 1080. Don't believe scientists...Scientists are like FA's . Any Surf hater worth their salt will back me on this. I see a major bounce off of 1080 support on increased volume.