the Las Vegas Strip
Las Vegas real estate saw an enormous pricing bubble, much like San Diego, Los Angeles, New York City, Lake Tahoe, Aspen and the Florida Keys. Prices kept rising to incredible levels, but people kept paying so realtors and builders kept cashing in. Eventually, the economic recession, rising fuel and food costs and the mortgage meltdown occurred like a perfect storm, sending many unfortunate borrowers into foreclosure and leaving overzealous builders and house flipping investors with an unprecedented inventory. They say “time heals all wounds” and this is particularly true of Las Vegas NV, where the situation has become much more reasonable.
Southern and northwestern real estate in Las Vegas is a hot buyer’s market right now. There are 25 new-home subdivisions in southern Nevada selling single-family houses for less than $200,000. Boulder Ranch in southeast Las Vegas and Silverado Ranch in the south both have a large range of single family detached homes that are well under $200,000. According to www.salestraq.com, the lowest priced Las Vegas community is Sapphire Springs by Richmond American, which offers a 1,136-square-foot, two-bedroom, 2.5 bath home in the Northern Valley of Las Vegas for just $153,990 (down from $198,990 in February 2007).
The second-best offering is Encantos by Storybook Homes, situated in the Eastern Valley, offering a 1,271-square-foot, two-bedroom, 1.5 bath house for $169,965 (down from $199,240 in February 2007). The next best single-family neighborhoods include: Villas at Cambridge by KB Home in the Northwestern Valley ($174,990), Entrata by William Lyon in Pahrump ($177,000) and Avenues at Tapestry by Astoria in the Northwestern Valley ($179,990). Check out http://CampbellRealEstateLV.com/blog/?p=24 for an excellent listing of the lowest priced communities in Las Vegas Nevada.
Some people come to Las Vegas Nevada for lifestyle rather than affordable housing. According to The Las Vegas Review Journal, The northwest (west of the 95 Freeway) is the most affluent neighborhood in Las Vegas real estate, followed by Summerlin, the southwest segment near the Spanish Trail Country Club and Henderson West (the southeast part of the Las Vegas Valley). For people who want the Las Vegas hotel style living, there are many gated communities offering country club lifestyles with private golf courses, swimming and fitness facilities, tennis courts and zero maintenance, such as Red Rock County Club, Anthem Country Club, Southern Highlands, Canyon Gate Country Club, Spanish Trail Country Club, Las Vegas Country Club, Lake Las Vegas, Queensridge, Tournament Hills, Eagle Hills, Scotch 80s (near the strip), Country Club Hills, Canyon Fairways and Painted Desert. Summerlin and Desert Shores are said to be the most desirable neighborhoods to live in because they’re quiet and affluent hideaways just steps from all the excitement and glamour of the Las Vegas Strip.
The cost of Las Vegas real estate and living in Las Vegas is pretty fair, when compared to several other real estate markets that include: Albuquerque NM, Bakersfield CA, Boise ID, Denver CO, Los Angeles CA, Phoenix AZ, Reno NV, Riverside CA, San Diego CA and Tucson AZ. According to a study done by www.vegasliving.com, the average grocery bill was $107 in Vegas, which was higher than everywhere except Bakersfield ($110) and San Diego ($116); comparatively, the lowest grocery bills reported were $98 in Albuquerque and Boise. For utilities, Las Vegas was cheaper than everywhere else with an average cost of $76, except Boise which averaged out at $69; the highest utilities were in Bakersfield, California ($117). Like Reno, there is no state tax, which is a huge advantage when it comes to cost of living. The average apartment rent was lowest in Bakersfield ($565) and highest in San Diego ($803), with Las Vegas falling mid-high at $764. The average price for a new three-bedroom, 1,800-square-foot home was lowest in Bakersfield ($118,480) and highest in San Diego ($205,998), with Las Vegas coming in fairly low at $144,667.
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