Where to buy in Las Vegas?

[quote author="Goofy" date=1235620420][quote author="usctrojanman29" date=1235619420][quote author="Goofy" date=1235615497]What are the best golf course communities in Las Vegas? If I were looking for a townhome on a golf course with some views, and a public golf course to play on weekends, which ones are good? There are so many golf courses in Vegas that its hard to narrow down on one from afar. Google searches just give very vague descriptions.</blockquote>
Red Rock CC is a nice one (not public) as is Bear's Best (also not public) and both in Summerlin. Angel Park near the JW Marriott and SunCoast Casino is a very nice public course in Summerlin. Summerlin also has the TPC course where the pros come out to play (not public). Badlands is another nice course (Queensridge golf course community).</blockquote>


Thank you for the info. From the homes I saw while playing Bear's Best, I don't think I"ll be buying a home there anytime soon unless the CA lottery comes my way or a nice progressive slot payout.



For a course-front townhome somewhat near the city, would summerlin still be the choice? Looks like summerlin is the community of choice based on what i've seen on this thread.



Since redfin doesn't work which home website is good for vegas? trulia and homeseekers are also weak in LV.</blockquote>
You can try realtor.com for las vegas. The zip codes that include Summerlin are 89134, 89135, 89138, and 89144. Summerlin will probably hold up the best in terms of sub-markets out there. Other areas you can look at is Green Valley Ranch and Anthem. Depending upon your budget, you can get a nice home in the Red Rock CC community. Bear's Best only has true customs that are going to run an arm and a leg even in this market. If you PM me the parameters of the homes you'd like to look at I can e-mail listings from my Las Vegas MLS. It'll give you an idea of what you get for your dollar out there.
 
[quote author="Oscar" date=1235488994][quote author="usctrojanman29" date=1235474697][quote author="Oscar" date=1235380656]<a href="http://www.forbes.com/2009/02/12/cities-ten-top-lifestyle-real-estate_0212_cities.html">Ouch</a>



<blockquote>Still, empty neighborhoods are becoming an increasingly daunting problem across the country. The national rental vacancy rate now stands at 10.1%, up from 9.6% a year ago; homeowner vacancy has edged up from 2.8% to 2.9%. Richmond, Va.'s rental vacancy rate of 23.7% is the worst in America, while Orlando's 7.4% rate is lousiest on the homeowner side. <strong>Detroit and Las Vegas are among the worst offenders by both measures--the Motor City sports vacancy rates of 19.9% for rentals and 4% for homes; Sin City has rates of 16% and 4.7%, respectively.</strong> </blockquote></blockquote>
What is the source of their data? I call BS because my friend who works for BofA in Las Vegas has some appraisals (CRBE and Grubb & Ellis appraisals) dated in mid-late Jan. 09 and the apartment vacancy rate is a little more than 8% (up from over 4% and change back in 2006).</blockquote>
According to the article and slide show, the source is the U.S. Census Bureau. That might explain the discrepancy in the numbers as one uses the Las Vegas MSA while the other probably ignores North Las Vegas altogether.</blockquote>
No, those appraisals include the entire Las Vegas MSA in the vacancy numbers including North Las Vegas and Henderson. I'd venture to say that the US Census Bureau vacancy figures are inaccurate at best especially compared to instituitional information coming from large national appraisal firms.
 
[quote author="usctrojanman29" date=1235623327]No, those appraisals include the entire Las Vegas MSA in the vacancy numbers including North Las Vegas and Henderson. I'd venture to say that the US Census Bureau vacancy figures are inaccurate at best especially compared to instituitional information coming from large national appraisal firms.</blockquote>
What leads you to believe that? If there is going to be a bias causing errors in the results, I would think it would be less likely in the ones from the government.
 
[quote author="Oscar" date=1235624481][quote author="usctrojanman29" date=1235623327]No, those appraisals include the entire Las Vegas MSA in the vacancy numbers including North Las Vegas and Henderson. I'd venture to say that the US Census Bureau vacancy figures are inaccurate at best especially compared to instituitional information coming from large national appraisal firms.</blockquote>
What leads you to believe that? If there is going to be a bias causing errors in the results, I would think it would be less likely in the ones from the government.</blockquote>
I dont even trust the gov't reporting on inflation figures, let alone vacancy rates. I would venture to say that the govt's +/- error rate is very high so yeah I'll take the word of large instituitional companies that do it on a regular basis.
 
[quote author="usctrojanman29" date=1235631523][quote author="Oscar" date=1235624481][quote author="usctrojanman29" date=1235623327]No, those appraisals include the entire Las Vegas MSA in the vacancy numbers including North Las Vegas and Henderson. I'd venture to say that the US Census Bureau vacancy figures are inaccurate at best especially compared to instituitional information coming from large national appraisal firms.</blockquote>
What leads you to believe that? If there is going to be a bias causing errors in the results, I would think it would be less likely in the ones from the government.</blockquote>
I dont even trust the gov't reporting on inflation figures, let alone vacancy rates. I would venture to say that the govt's +/- error rate is very high so yeah I'll take the word of large instituitional companies that do it on a regular basis.</blockquote>


I'm not trying to argue a point here, I'm just curious as to your reasoning and data used to make that judgement. Any actor will have some bias when they have an interest in the outcome, but I don't see a government interest in overestimating vacancy rates. Grubb Ellis, on the other hand, has a vested interest in low vacancy rates. So what is it that I am missing here?
 
[quote author="Oscar" date=1235642429][quote author="usctrojanman29" date=1235631523][quote author="Oscar" date=1235624481][quote author="usctrojanman29" date=1235623327]No, those appraisals include the entire Las Vegas MSA in the vacancy numbers including North Las Vegas and Henderson. I'd venture to say that the US Census Bureau vacancy figures are inaccurate at best especially compared to instituitional information coming from large national appraisal firms.</blockquote>
What leads you to believe that? If there is going to be a bias causing errors in the results, I would think it would be less likely in the ones from the government.</blockquote>
I dont even trust the gov't reporting on inflation figures, let alone vacancy rates. I would venture to say that the govt's +/- error rate is very high so yeah I'll take the word of large instituitional companies that do it on a regular basis.</blockquote>


I'm not trying to argue a point here, I'm just curious as to your reasoning and data used to make that judgement. Any actor will have some bias when they have an interest in the outcome, but I don't see a government interest in overestimating vacancy rates. Grubb Ellis, on the other hand, has a vested interest in low vacancy rates. So what is it that I am missing here?</blockquote>
I don't get why G&B or CBRE would have a vested interest in reporting lower than actual vacancy rates? I mean, lots of companies/investors/banks/rating agencies/etc rely on their reports and if they believed that the reports had inaccurate data they'd move on to another reliable source. So I would argue the opposite, it is in those firms best interests to be as timely and accurate as possible. The gov't doesn't have any interest one way or the other on reporting vacancy rates, but I'll argue that they're data is inferior to the data coming from the firms that specialize in it. When I was underwriting my loans, I would have to re-verify the appraiser's rental rates, vacancy rates, and expenses using two other sources (i.e. if I had a CBRE appraisal I'd use Applied Analytics and Moodys) and 95% of the time the variance between the various sources are insignificant. I'm not being a Vegas cheerleader because the Vegas real estate is in the ICU with the rental market taking a hit in 2008 and will be like that for years but it does bother me when I see misinformation.
 
My thought was that Grubb & Ellis and others have a financial interest in both seeing their data used, and in procuring investments in their company, and in selling their other services. If vacancies are rising, there is less interest in commercial real estate as an investment, and using their management services eats up more of the profit. I'm not accusing them of collusion, or anything shady for that matter, I'm just trying to understand why there is such a large gap between government numbers and those of the private specialists if they are looking at the same MSA. Your comment about inferior data makes sense.
 
<blockquote>What are the best golf course communities in Las Vegas? If I were looking for a townhome on a golf course with some views, and a public golf course to play on weekends, which ones are good? There are so many golf courses in Vegas that its hard to narrow down on one from afar. Google searches just give very vague descriptions.</blockquote>


How about Lake Las Vegas, or is that too far out? I am now seeing 2000sf condos there - the cool ones right around the lake - at around $200K-220K these days. There's awesome, if expensive, golf courses out there.
 
[quote author="Oscar" date=1235694953]My thought was that Grubb & Ellis and others have a financial interest in both seeing their data used, and in procuring investments in their company, and in selling their other services. If vacancies are rising, there is less interest in commercial real estate as an investment, and using their management services eats up more of the profit. I'm not accusing them of collusion, or anything shady for that matter, I'm just trying to understand why there is such a large gap between government numbers and those of the private specialists if they are looking at the same MSA. Your comment about inferior data makes sense.</blockquote>


Hmm... I would think there would be regulations in the industry in reporting numbers if they were not factual... although I must say the 16% seem to be more realistic, but I don't know much about the rental market there. Meanwhile, prices continue to plummet in Vegas and now I think we're approaching the $85/sf value that I thought would be a reasonable figure...
 
[quote author="gepetoh" date=1236401351]<blockquote>What are the best golf course communities in Las Vegas? If I were looking for a townhome on a golf course with some views, and a public golf course to play on weekends, which ones are good? There are so many golf courses in Vegas that its hard to narrow down on one from afar. Google searches just give very vague descriptions.</blockquote>


How about Lake Las Vegas, or is that too far out? I am now seeing 2000sf condos there - the cool ones right around the lake - at around $200K-220K these days. There's awesome, if expensive, golf courses out there.</blockquote>
Lake Las Vegas is a very nice place, but it is a bit of a drive from the strip. It's more of a vacation home area though. I nevered played on the golf course out there, but I've heard it's really nice.
 
[quote author="gepetoh" date=1236401669][quote author="Oscar" date=1235694953]My thought was that Grubb & Ellis and others have a financial interest in both seeing their data used, and in procuring investments in their company, and in selling their other services. If vacancies are rising, there is less interest in commercial real estate as an investment, and using their management services eats up more of the profit. I'm not accusing them of collusion, or anything shady for that matter, I'm just trying to understand why there is such a large gap between government numbers and those of the private specialists if they are looking at the same MSA. Your comment about inferior data makes sense.</blockquote>


Hmm... I would think there would be regulations in the industry in reporting numbers if they were not factual... although I must say the 16% seem to be more realistic, but I don't know much about the rental market there. Meanwhile, prices continue to plummet in Vegas and now I think we're approaching the $85/sf value that I thought would be a reasonable figure...</blockquote>
You are already beginning to see nice SFRs in Summerlin and Anthem dip down below $100/sf (investors are picking up those SFRs at Trustee auctions for about $85-$90/sf. Maybe the bottom will be around $75/sf +/-.
 
[quote author="usctrojanman29" date=1236404675][quote author="gepetoh" date=1236401351]<blockquote>What are the best golf course communities in Las Vegas? If I were looking for a townhome on a golf course with some views, and a public golf course to play on weekends, which ones are good? There are so many golf courses in Vegas that its hard to narrow down on one from afar. Google searches just give very vague descriptions.</blockquote>


How about Lake Las Vegas, or is that too far out? I am now seeing 2000sf condos there - the cool ones right around the lake - at around $200K-220K these days. There's awesome, if expensive, golf courses out there.</blockquote>
Lake Las Vegas is a very nice place, but it is a bit of a drive from the strip. It's more of a vacation home area though. I nevered played on the golf course out there, but I've heard it's really nice.</blockquote>


I've been to and looked at houses there during the peak, and LOVE that area and homes. Need to golf there one of these days... As for $/sf, I am already seeing some $85/sf. In fact, KB Homes are selling NEW homes at below $100/sf. I'm so tempted, but I don't think rental market is very healthy there. Just an observation though, no facts to back that up.



BTW, cool helmet! I'm class of '08, MBA. Fight On!
 
[quote author="gepetoh" date=1236719421][quote author="usctrojanman29" date=1236404675][quote author="gepetoh" date=1236401351]<blockquote>What are the best golf course communities in Las Vegas? If I were looking for a townhome on a golf course with some views, and a public golf course to play on weekends, which ones are good? There are so many golf courses in Vegas that its hard to narrow down on one from afar. Google searches just give very vague descriptions.</blockquote>


How about Lake Las Vegas, or is that too far out? I am now seeing 2000sf condos there - the cool ones right around the lake - at around $200K-220K these days. There's awesome, if expensive, golf courses out there.</blockquote>
Lake Las Vegas is a very nice place, but it is a bit of a drive from the strip. It's more of a vacation home area though. I nevered played on the golf course out there, but I've heard it's really nice.</blockquote>


I've been to and looked at houses there during the peak, and LOVE that area and homes. Need to golf there one of these days... As for $/sf, I am already seeing some $85/sf. In fact, KB Homes are selling NEW homes at below $100/sf. I'm so tempted, but I don't think rental market is very healthy there. Just an observation though, no facts to back that up.



BTW, cool helmet! I'm class of '08, MBA. Fight On!</blockquote>
Yeah, the problem with Lake Las Vegas is that it's more of a vacation/weekend getaway spot for most folks than it is a place where anyone who lives and works in the Las Vegas basin would live. If you are gonna make any investment it would have to be in a newer, nice parts of town like Anthem, Green Valley Ranch, and Summerlin (homes have began selling for less than $100/sf in these areas). It's definitely gonna get worse before it gets better out in Vegas, but before the dust settles there will probably be some great steals.



Class of '05 MBA here...GO TROJANS!
 
Where to buy in Las Vegas?



Not here...

http://finance.yahoo.com/news/CityCenter-venture-may-file-rb-14764802.html;_ylt=AvCgB8y.NgIgIeW8YRQmJRy7YWsA?sec=topStories&pos=7&asset=TBD&ccode=TBD
 
[quote author="skek" date=1238203518]Yeah, and what idiot was under the impression that project was well-funded just because they had MGM and Dubai World behind it? Oh yeah, <a href="http://www.irvinehousingblog.com/forums/viewthread/3840/#84736">me</a>. Whoopsy! Ten, I hope you can get your deposit back!</blockquote>
If City Center doesn't get done (14,000+ jobs), Vegas home prices may take another 25-30% drop in short order.
 
Not only is it going to create another price drop in Vegas. It'd be interesting on how it affects Las Vegas Blvd.



"On your left, you have Monte Carlo, this nasty unfinished ghost building, and Bellagio..."
 
[quote author="skek" date=1238203518]Yeah, and what idiot was under the impression that project was well-funded just because they had MGM and Dubai World behind it? Oh yeah, <a href="http://www.irvinehousingblog.com/forums/viewthread/3840/#84736">me</a>. Whoopsy! Ten, I hope you can get your deposit back!</blockquote>


You're crystal ball malfunctioned that day.

Yeah, I was with you on that as well.

Looked like a real nice project too.

I didn?t move forward because of the investment loan rate.

Still wouldn?t mind making a move on something there, prices seem decent.



If UNC wins the Tourney, you?ll make me a believer again.
 
[quote author="tenmagnet" date=1238557197][quote author="skek" date=1238203518]Yeah, and what idiot was under the impression that project was well-funded just because they had MGM and Dubai World behind it? Oh yeah, <a href="http://www.irvinehousingblog.com/forums/viewthread/3840/#84736">me</a>. Whoopsy! Ten, I hope you can get your deposit back!</blockquote>


You're crystal ball malfunctioned that day.

Yeah, I was with you on that as well.

Looked like a real nice project too.

I didn?t move forward because of the investment loan rate.

Still wouldn?t mind making a move on something there, prices seem decent.



If UNC wins the Tourney, you?ll make me a believer again.</blockquote>
Just wait a few years to let the dust settle. There are units at Sky and Panorama starting to trade below $400/sf. When you are ready to pull the trigger, talk to me first and I'll give you all the information I have at my disposal.
 
[quote author="usctrojanman29" date=1238564892][quote author="tenmagnet" date=1238557197][quote author="skek" date=1238203518]Yeah, and what idiot was under the impression that project was well-funded just because they had MGM and Dubai World behind it? Oh yeah, <a href="http://www.irvinehousingblog.com/forums/viewthread/3840/#84736">me</a>. Whoopsy! Ten, I hope you can get your deposit back!</blockquote>


You're crystal ball malfunctioned that day.

Yeah, I was with you on that as well.

Looked like a real nice project too.

I didn?t move forward because of the investment loan rate.

Still wouldn?t mind making a move on something there, prices seem decent.



If UNC wins the Tourney, you?ll make me a believer again.</blockquote>
Just wait a few years to let the dust settle. There are units at Sky and Panorama starting to trade below $400/sf. When you are ready to pull the trigger, talk to me first and I'll give you all the information I have at my disposal.</blockquote>


Viva Las Vegas!
 
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