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real estate in las vegas (hi-rise)


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Has anyone bought any property in one of the new hi-rise condo buildings going up in Vegas? Seems like it is really booming right now.Curious as to what these places are actually going for, and if anyone thinks they will all actually get built.Thoughts? :-)

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one of the hotest markets right now ( behind l.a and nyc)when i lived there 14 months ago it cost me like 600 for a room in a 3 bedroom flat (at one point), ya it was nice but still !!! you dont get "ALOT" for what you pay for !!5 years ago you could cherry pick you places there !!!condo in the palms goes for 500k + and the polo is a little cheaper but not much from what i understand !

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One of my friends at work were looking at a few different high rises to move into. The one she liked was starting at $280,000. for a 2 bedroom, 2 bath 1100sq ft basement model. Not bad but it's been a while so I'm sure the price has gone up by now.

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Real Estate almost doubled in Vegas in last year. Now they say it's almost stopped and nothing is moving. Perhaps some better buys will be on stuff built next year.

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Whats to stop it just continuing to grow, and for property prices to keep rising?We are planning on getting something soon, but seems everyone is talking about this impending crash, when noone actually knows for sure.Makes me nervous...........

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Article from Dan Fitzgerald in realmoney.com. I read quite a bit of the financial press and there is quite a bit of talk about the housing bubble. Dan is more optimistic about real estate than others that I've read.My take is that if you can make the mortgage payments, plan on living there for awhile, then buying is ok. However, if you can't stand the idea of housing prices going down and it's just an investment to you - there may be better spots/times to buy, and maybe renting isn't so bad.Article below:I absolutely agree that real estate valuation (and "bubblation") are local affairs.Let's take Las Vegas, for example. Fly over it, and all you see is vacant land in the outlying area. Just land everywhere! So why is property appreciating so rapidly in the LV market? Because all that land you see is owned by the Bureau of Land Management. And it'll take an act of Congress to release more of it for sale (and by a two-thirds vote). I doubt that's gonna happen any time soon.Meanwhile, the local economy continues to boom. Constrained supply, increasing demand. Last year, Pulte (PHM:NYSE) got ahead of itself (greed rules, of course), and had to drop prices by 25%. The market has since recovered.Other markets are much more tenuous, and seem to be built on nothing other than the complete "unaffordability" of housing in an adjacent market.Here in Southern California, houses are springing up in such garden spots as Coachella, Brawley, El Centro and Imperial -- all of which bear a remarkable resemblance to Death Valley. Why? Because San Diego, Riverside and Los Angeles are just too darned expensive.So what happens if (or when) the real estate market endures a broad-based decline? I suspect that those outlying areas will be crushed because their sole appeal was their relative affordability.And if oil remains high (and certainly if it continues to rise), the price of gas to fuel a two-hour one-way commute will make folks think twice about the merits of buying an "inexpensive" home in a dust basin. Caveat emptor is the rule. If you want to play, you just might have to pay!I am certainly not "pooh-poohing" the idea of inflated real estate prices (as some readers have accused me of). Rather, I simply note that I do not hear anyone in the media (particularly CNBC) chiding those stockholders of Urban Outfitters (URBN:Nasdaq) for participating in a bubble. After all, the stock hit a low of $1.61 in December of 2000, and now sells at more than $58.What if the styles sold at Urban Outfitters fall out of fashion? Or if another retailer starts to take market share because it found a way to make even uglier clothes that all the kids will buy so they can appear different? Then, in retrospect, URBN was drastically overpriced and was the Mother of all Bubbles. But many arguments favor the continuing prosperity of Urban Outfitters. Hence, the high price.On a related note, CNBC made a big to-do about Google (GOOG:Nasdaq) nearing $300 -- citing how tremendously overvalued the stock was. Now, with Google at $290 -- just 3% lower than the grossly overvalued price of $300, I hear nothing from CNBC.In my opinion (and it's worth exactly what I am charging for it), there is an obvious double-standard. Many in the media and on Wall Street are obviously angry that the unwashed masses are taking away their crayons. There was no compunction by some individuals and institutions to pump stocks that turned out to have a lot in common with Mr. Bubble.But now, all of a sudden these same individuals have gotten religion. They, more than anyone else, know what's best for the average investor. In fact, these same experts in the stock market have suddenly become experts in the real estate market -- how convenient. (I remember when the Personal Finance Editor for CNBC was urging her listeners to remain diversified back in the bubble era. Her advice? Buy the QQQs. Now, I'm sure that similarly sound advice is forthcoming on investing in real estate).A statistic that would be more informative than the percentage of speculators/investors in local markets (currently estimated at 20%-25%) would be the percentage increase of speculation/investing in those same markets.Real estate has always been a consistent creator of wealth -- and not through simple homeownership. Many folks built their wealth through the acquisition and management of income property. So a significant percentage of any local market has always been attributable to investment (and even speculation).No one can argue that speculation has increased quite a bit -- I'd just like to know how much speculation has increased. The raw number doesn't tell me much. Some speculators (certainly a significant percentage of the current market) will ultimately be burned. And burned badly. Viva Darwin. But these things happen from time to time -- folks take a good thing to unhealthy extremes.Construction has always had a significant impact on GDP. That's one of the reasons why an "anti-growth" stance is typically bad for local economies. No jobs. But the anemic GDP growth (ex-residential construction and related spending) cited by Rosenberg only lends more credence to the notion that rates will remain low.The Fed's blunt instrument simply cannot gently deflate the "real estate bubble" without killing the goose that is currently laying the most golden eggs. And the bond market apparently feels the same way.Most importantly, I am not underestimating the adverse impact of falling real estate prices on the economy. I just simply do not feel that the average guy needs to be protected from himself. Unlike many on Wall Street, I believe in the power of the individual to make his own decisions -- certainly without the help of CNBC in calling the top of the real estate market. (As a veteran of the 1999-2000 reversal in the market, I can say confidently that CNBC's record for calling tops ain't so great. The shrieks from the floor of the NYSE each morning at the open are still ringing in my ears.)I'd like nothing better than for real estate investors to instead plow their money back into the market (which is largely dependent on that same anemic GDP cited by Rosenberg). This increased buying pressure would be good for my long positions. But crowds tend to be smarter than the self-pronounced experts realize. That's why staying with the trend seems to work so well on Wall Street.Trend-followers are only wrong at the turning point -- which only occurs once. The remainder of the time, they make money. I've been hearing bearish real estate arguments from some very smart, experienced money managers commentators for the past couple of years. One had even published a New Year's resolution to short the homebuilders. (I hope that was one resolution that went unfulfilled.)Despite very compelling and well-reasoned arguments in favor of a deflationary real estate market, it just hasn't happened.Of course, prices will eventually level off, or even decline. The impact of that reverse wealth effect should not be discounted -- it certainly occurred in 2000-2002 as 401k's became 201k's. But I'm not in the business of picking tops and bottoms, and I have yet to meet the guy who can do it consistently. (He may be out there -- he's just not talking.)Frankly, it seems to me that all this talk about a bubble is simply creating that Wall of Worry that the bulls always climb. As time goes on and prices do not decline as expected, more and more latecomers are likely to start piling in, driving prices higher still. Those that exited early become impatient and re-enter the real estate market at even higher levels.At some point, the party ends. I just don't know when it will be. But with each passing hour as I listen to more and more interviews on CNBC, I have this vision that everyone with a microphone is really saying, "C'mon, leave that real estate party. It's more fun over here. C'mon ... we'll have fun. Really!"

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Whats to stop it just continuing to grow, and for property prices to keep rising?We are planning on getting something soon, but seems everyone is talking about this impending crash, when noone actually knows for sure.Makes me nervous...........
No one does know for sure, but the job market sucks and wage increases are not keeping up with real estate increases.There comes a point where people start saying, "no ****ing way is your house worth that much."We've reached that point in Massachusetts. I see sellers lowering their prices across the board now, and I see buyer's getting $10k-20k lower than the asking price.Viva la revolution.
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pretty good job market in vegas right now !!! not the best ~ but better then bck east. that being said !! you still need two incomes to buy a house in LV !!!! well depending on your income

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pretty good job market in vegas right now !!! not the best ~ but better then bck east.  that being said !! you still need two incomes to buy a house in LV !!!! well depending on your income
I'd be all set to move out there if my fiancee wanted to do it. I have an "in" at Excalibur and we have $55,000 to put down on a house.
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I loved my time in vegas !!I hope the GF gives it a chance !!!good luck
Thank you, buddy. It's not the life for her, though. I know it would be a losing battle to convince her we'd have a nice life there. Doesn't mean I can't go out once or twice each year!
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Vegas is a great place to live. We love it here. Your view on housing will depend on where you are coming from. The price of our very nice home in Dallas TX won't buy a carrage here, but people moving from Southern California are paying cash for nice homes in Summerlin.

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