Las Vegas 2 bedrooms won't sell at 25k

Discussion in 'Economics' started by wilburbear, Sep 6, 2011.

  1. Maverick74


  2. move that house to singapore, furnish with another $25k and it will sell for $2.5M

    99% of any real estate price is location.
    only very few locations around the world attract wealthy people.
    all the rest will fall immensly.
  3. Simply amazing.
    in the city where i live, median income is 2x lower vs Vegas.

    but the avg price per sqft condo is $300, not $22....
  4. anyone know what kind of neighborhood this is. maintenance?

    not interested for me, just curious what 25k buys
  5. Yeah I used to live in Vegas. Its right by the air force base (like 2 blocks). And let me tell you...jets take off every 5 minutes. I was trained for my Commercial drivers license about a block away and I still remember the jets were just so loud there. Also, a block away from that area is the police shooting range so you will hear gunshots all the time. Its also very dusty in that area (at least when I lived there) because it was right on the edge of town.

    I sold my house there at the top of the boom (mid 2005). I was shocked at how much prices went down and I have always been tempted to go back with the cheap prices,but I'm very concerned about the water level in lake mead and that it might just dry up one day and there will be no water and then it would be like a ghost town.
  6. Lucrum


    I was just in Vegas recently. There were whole swaths of housing apparently uninhabited and possibly abandoned.

    Personally I never understood anyone wanting to live there to begin with.
  7. noone3


    Not necessary to live there if you buy. At these rates it's like a cheap vacation home
  8. Maverick74


    Not to mention the radiation in the ground out there. You know we detonated nuclear bombs underground out there that contaminated all the soil.
  9. S2007S


    Very true, near me they have co-ops that are 600 SQF selling for over $100k, the kitchens are the size of bathrooms! Least you get a 1000 SQF for only $25,000, cant go wrong on that.

    There are still inflated prices around the US, housing needs to come down at least 40% before the market finds somewhat of a bottom, until then you are paying way too much.
    #10     Sep 6, 2011