Re: making first home purchase in las vegas, advice requested
Couple of real estate investing points:
1. I know LV has been growing fast - but why the recent run-up? Why havn't the prices been growing steadily? Are passive investors not homeowners driving the market?
2. If you are a buyer and buy an entry level condo for $200K - you need to know who your potential buyers are if you're thinking that you will sell at $400K. Retirees can always afford this type of rise but recent grads can't swing this type of coin. How much of the population in Vegas actually makes over $150K per year - I assume its much less than in New York, LA, San Fran or Boston where high income drives high RE prices.
3. Beware of investing in places like LV that don't have shortages of land or a commuting friendly zone around a city - the developers can just keep increasing supply. Buy in a high end-neighborhood, a golf course or near a lake for more stable values.
4. Finally - be patient - this definely looks like a bubble - wait for a price adjustment - then jump in.
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