patrick.net

APOCALYPSEFUCKisShostikovitch says

There is a name for people who would think about living in Las Vegas and they're called ASSHOLES! and no one wants to be called an ASSHOLE!

Some people wouldn't mind being called ASSHOLES for a chance to live in Las Vegas.

You could give me a free house in Las Vegas and you would still have to pay me to live in it.

time to scoop up from the desperate sellers...

https://lasvegas.craigslist.org/apa/d/extravagant-southeast-retreat/6731924806.html

For the price of a SF studio you can rent a resort in vegas.

clambo says

You could give me a free house in Las Vegas and you would still have to pay me to live in it.

Why? Don't you like to sin?

If somebody has a pet scorpion named Cleo, you know they live in Vegas.

It’s dusty and dirty and hot year round. Yuck! No thanks.

Not really. Vegas is actually very family friendly city to live in. Everyone knows Vegas because of the stupid strip. But that is not what Vegas has to offer only. New neighborhoods, great parks, reasonable housing prices, good schools, no traffic, great tennis clubs - Andre Agassi grew up in Vegas and I believe he moved back there from Fucking overrated bay area. You can live very well in Vegas without ever visiting casino ever.

BlueSardine says

time to scoop up from the desperate sellers...

I was thinking the same thing.

Goran_K says

BlueSardine says

time to scoop up from the desperate sellers...

I was thinking the same thing.

Is it yet time? Remember the proverb from the long ago Classic Patnet about "catching a falling knife."

Took almost 3 weeks to sell a appropriately priced house in Central Maryland. Will do a thread about that when I get the time, but it was in interesting experience using a listing only agent (pay an agent to list it on the MLS only).

zzyzzx says

Took almost 3 weeks to sell a appropriately priced house in Central Maryland. Will do a thread about that when I get the time, but it was in interesting experience using a listing only agent (pay an agent to list it on the MLS only).

I presume by "listing only agent" you had an agent who, instead of the typical 6% with a 3% split to buyer's agent, does a reduced commission like 4%, and keeps 1% for herself while the buyer's agent still gets the typical 3%. Or maybe the flat fee listing of $2,500, but still 3% to a buyers agent that shows up.

Well, one does get a 9%+ State income tax relief from California living in Vegas. Plus that crap SDI tax of $250 bucks a month I pay. I already have Disability insurance but I have to pay California's anyway. Can't opt out.

rocketjoe79 says

Well, one does get a 9%+ State income tax relief from California living in Vegas. Plus that crap SDI tax of $250 bucks a month I pay. I already have Disability insurance but I have to pay California's anyway. Can't opt out.

I have a high earner relative who has his practice in California, but officially lives in Las Vegas. He maintains a beautiful house and a car in Vegas, which he visits every few weeks.
Don't think he pays any California income tax.

@ strategist, I like sins of the flesh as much as the next guy, but that's available in more interesting places than Las Vegas.

I like recreation outdoors so Las Vegas would probably bore me and going out hiking in the summer would maybe kill me.

You can walk from one extreme to the other in “central Maryland “

And if you are talking the Hancock area, you can walk from walk across the whole state border to border during an afternoon lunch break.

I have a high earner relative who has his practice in California, but officially lives in Las Vegas. He maintains a beautiful house and a car in Vegas, which he visits every few weeks.
Don't think he pays any California income tax.

Some States levy an income tax on anyone employed in the State, regardless of residence. People who live in Iowa and commute to Omaha, NE to work are required to pay Nebraska state income tax. I am surprised California does not have a similar policy.

HeadSet says

I presume by "listing only agent" you had an agent who, instead of the typical 6% with a 3% split to buyer's agent, does a reduced commission like 4%, and keeps 1% for herself while the buyer's agent still gets the typical 3%. Or maybe the flat fee listing of $2,500, but still 3% to a buyers agent that shows up.

It's a flat fee for the listing agent. The buyer's agent still gets 3%, but one who made an offer is asking for 3% plus a flat fee on top of that. I will name ans shame them as much as I can at some point. Something like this:
https://www.mrlisterrealty.com/
Which is cheaper than Redfin.

APHAman says

Central Maryland lacks enough context to mean anything.

About half way between Baltimore and DC.

It's a flat fee for the listing agent. The buyer's agent still gets 3%, but one who made an offer is asking for 3% plus a flat fee on top of that. I will name ans shame them as much as I can at some point. Something like this:
https://www.mrlisterrealty.com/

I like it. While we cannot dispense with realtors (the average house buyer does not have the confidence to buy without a realtor), the 6% fee is way to high. In England the "Estate Agents" manage to do the job for 1%.

Quigley says

It’s dusty and dirty and hot year round. Yuck! No thanks.

It’s not dusty and dirty. It’s hot from May through September. I just got back from four days there and it was jacket weather all day long. I’d argue that March and October weather there are as nice as anywhere in the country. November through February are cold.

Probably going to retire there. I’ve got 11 years to go. Took the wife on a drive through the Area surrounding the Scotch 80’s. She liked it a lot. Many mid century modern and ranch style homes built in the 50’s to 70’s. It’s close to the strip and Fremont Street. Can’t afford the actual Scotch 80’s places($500k+) but the homes surrounding are still nice and run $275-500k depending on size condition and location.

clambo says

@ strategist, I like sins of the flesh as much as the next guy, but that's available in more interesting places than Las Vegas.

I like recreation outdoors so Las Vegas would probably bore me and going out hiking in the summer would maybe kill me.

Mt Charleston is half hour north of Las Vegas and typical summer highs are in the low 80’s. I agree though that May through September you are mostly staying indoors. It’s why you rent an air bnb place on Oahu for a month in August.

HeadSet says

Some States levy an income tax on anyone employed in the State, regardless of residence. People who live in Iowa and commute to Omaha, NE to work are required to pay Nebraska state income tax. I am surprised California does not have a similar policy.

California is pretty rigid about collecting taxes and determining residency. Of course, individuals and companies are desirous of doing business without the crippling taxes and regulations. ATTEMPTING to claim Nevada residency is a common ploy.

I had a neighbor for a while years ago who owned company and he bought a multi acre ranch outside of Reno, which at that time were running a few hundred thousand dollars complete with 2000 to 4000sq. ft. homes. His cars always had Nevada license plates. Apparently, there are high desert ranches kept by individuals and companies for this purpose. I imagine they have ways of creating fake paper trails to mimic occupancy for the requisite periods. These ranches had no direct mail service, just a postal and delivery center for all packages. They could have the handymen use their car and credit cards, because where you spend your money, bank, travel and drive can easily be tracked.

I think it is a tricky business to do this, but it probably saved the guy millions of dollars a year if he succeeded. They were not the kind of people to spend over six months a year in an isolated ranch in the high desert, so I imagine the ranch was a tax Potemkin. California is very aggressive in trying to overturn these facades and going after taxes and penalties. I don't think the risk is worth it, but I looked up a bunch of these ranches years ago and many were owned by companies and corporations as well as individuals.

I had a neighbor for a while years ago who owned company and he bought a multi acre ranch outside of Reno.....probably saved the guy millions of dollars a year if he succeeded

If this guy is a potential windfall of millions in tax receipts, I am sure he is getting lots of attention from California revenuers.

HeadSet says

If this guy is a potential windfall of millions in tax receipts, I am sure he is getting lots of attention from California revenuers.

It was a successful medical firm. Don't know anything about the shareholders et. alia.

Las Vegas Real Estate in February: Sales Down 7% YoY - Inventory up 105% YoY

This is a key former distressed market to follow since Las Vegas saw the largest price decline, following the housing bubble, of any of the Case-Shiller composite 20 cities.

The Greater Las Vegas Association of Realtors reported Local home prices dip below $300,000 as homes sell at slower pace, GLVAR housing statistics for February 2019

Local home prices dipped below $300,000 in February while fewer properties changed hands and more homes were on the market than one year ago. That’s according to a report released Wednesday by the Greater Las Vegas Association of REALTORS® (GLVAR).
...
The total number of existing local homes, condos and townhomes sold during February was 2,508. Compared to one year ago, February sales were down 7.6 percent for homes and down 5.9 percent for condos and townhomes.
...
At the current sales pace, Carpenter said Southern Nevada now has less than a four-month supply of homes available for sale. That’s up sharply from one year ago, but still below what would normally be considered a balanced market. By the end of February, GLVAR reported 7,134 single-family homes listed for sale without any sort of offer. That’s up 95.3 percent from one year ago.

For condos and townhomes, the 1,754 properties listed without offers in February represented a 158.3 percent jump from one year ago.

The number of so-called distressed sales also continues to drop. GLVAR reported that short sales and foreclosures combined accounted for just 2.6 percent of all existing local property sales in February. That’s down from 3.8 percent of all sales one year ago and 10.6 percent two years ago.

1) Overall sales were down 7% year-over-year from 2,704 in February 2018 to 2,508 in February 2019.

2) Active inventory (single-family and condos) is up sharply from a year ago, from a total of 4,332 in February 2018 to 8,888 in February 2019. Note: Total inventory was up 105% year-over-year. This is a significant increase in inventory, although months-of-supply is still somewhat low.

3) Fewer distressed sales.

https://www.calculatedriskblog.com/2019/03/las-vegas-real-estate-in-february-sales.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+CalculatedRisk+(Calculated+Risk)

Is not getting an offer in any particular month that big of a deal?

fuck it, im moving to vegas. austin is filled w dorky a$$ hipsters anyways

CBOEtrader says

fuck it, im moving to vegas. austin is filled w dorky a$$ hipsters anyways

Yes, the Beto "Gringo" O'Rourke sycophant types

How much did the home prices in your Las Vegas ZIP code rise last year? Find out here



A new analysis of the Las Vegas housing market shows that home values rose throughout the valley during 2018, with the median price of new homes rising 9.8 percent and the price of resold homes climbing 14.4 percent over 2017.

In an annual report, real estate analyst SalesTraq said the median sales price of new homes jumped nearly $35,000 to $383,714, while the price of resold homes increased $32,500 to $258,500. But the number of resales dipped 2.8 percent to 47,875, while sales of new homes
increased 13.8 percent to 9,944.

A comparison of home values in every ZIP code in the valley revealed no surprises in prices, with Summerlin and Henderson leading the way. The two highest values were both in Summerlin — the 89138 ZIP code, with a median price of $464,500, and the 89135 code, with a value of $420,500. The Nos. 3 to 5 codes were all in Henderson.

Meanwhile, areas in the central and northern valley continued a longstanding trend of posting the highest percentage values in increases. That’s largely because home values in those areas are significantly lower than those south and west, meaning they’re more significantly affected by increases in prices. For instance, the 89030 ZIP code posted an increase of 24.6 percent after the median price rose slightly over $30,000. But adding $30,000 to the price in the 89138 ZIP code would have raised the percentage value just 7.7 percent in that area.

https://lasvegassun.com/news/2019/feb/22/how-much-did-the-home-prices-in-your-zip-code-rise/?_ga=2.38932067.116171685.1552239382-1993547149.1552239382

Link to interactive price appreciation map: https://www.salestraq.com/markettraq/interactive-map.html