patrick.net

I heard cannibal anarchy is going to begin from LV. :)

If all that inventory out there never gets sold off and converted to rentals also.

Anyway, I heard rents there are pushing down to the $800-900/mo range in several areas for 3bd/1ba homes.

Like this:

http://lasvegas.craigslist.org/apa/2863853997.html

or this:

http://lasvegas.craigslist.org/apa/2906575870.html

$950 for a 1400 sq ft house which can easily sell for 1 million in CA !

I will rent 10 of them and rent out !

xenogear3 says

I will rent 10 of them and rent out !

To whom?

LASVEGASWINNER says

There are 157 HUD Properties selling below $90,000 that can rent for $1000 a month, giving the investor 13% to 15% ROI if you get 10% down investor financing thru HUD.

Larry Roberts who runs OC housing (formerly Irvine housing) blog has started an investment fund focused on these kinds of deals in Las Vegas.

Tons of rentals on the market not renting and many now offering rental specials because they have been sitting vacant for months..Too many dumb investor sheep doing the same thing.

Go to hudhomestore and you will see this guy is a liar only 5 homes offered from HUD for investors in Clark County.All of them wrecks.Since he claims there is much more is he suggesting investors commit fraud and buy Hud homes listed for sale to owner occupants only.

Las Vegas winner is a realtor. Of course he wants you to buy, and he wants you to think that the economy is turning around in Vegas. It's not.

LV Sun Newspaper says

"There was a time when experts thought Nevada would be well on the road to recovery by 2012. But we're not.

There is strong consensus, though, that we're turning the corner. Yes, we've heard that before, too, but this time there is greater confidence. The important numbers are trending well."

http://www.lasvegassun.com/news/2012/jan/01/economy-2012-forecast/

I spend a chunk of time in Vegas - there are rentals in the $800-$1,000 range all over. But even in the best neighborhoods, the safety factor is an issue. The "bad" areas are everywhere, encroaching on the best of areas. There are so many people out of work, no longer qualifying for unemployment, that simply aren't counted any longer. Panhandlers everywhere; there's a teenage girl living behind a (huge, decorative) rock at an intersection in a "good" area. I've been by there at night, she's sleeping there.

And then, there's the tunnels:

http://www.amazon.com/Beneath-Neon-Tunnels-Travel-Holiday/dp/0929712390

During the boom, they threw up so many houses so quickly (and many are the color of vomit); they're poorly built, crammed on top of one another, and poorly maintained. It and it doesn't matter what the newspapers & realtors say, Vegas has a ways to go in its recovery.

I work with people who are suffering due to the economy, who can't afford to put mom in a nursing home because they need her income. Who can't afford caregivers, who can't pay for their bills and are clearly stressed. Many of my social worker friends see the same thing... It's horrible, and buying a crappy house as a rental doesn't mean that the people you rent to can afford the payment.

You can't compare houses in Vegas to those in California. It's like comparing oranges & parched cactus stems.

LASVEGASWINNER says

LAS VEGAS "could" be the best city in America for Rental Houses...

...but it isn't. Give it a year or two after it bottoms.

So why does no ever talk about Vegas's upcoming water shortage?