Outrageous !!!!!!!

Yes the cost of homes here in Las Vegas is shocking!!

Let me tell you why the prices of homes have jumped so high, 60% of the

homes are bought by investers most of them live in California.

So what is happening for the last 5yrs. or more affordable houses such as

HUD homes are bought by investors before it even hits the market.So the average family does not stand a chance, because only Realtors have a list of these afforable homes and only Realtors can bid on them!
I tried to buy a HUD condo I was out bidded ,Later I found the same condo being advertised as a rent to own property for a lot more than it was worth!
I went to the property to check it out. Sure enough! I recognized the person renting it out was another realtor from my realtors office.
My realtor gave up my condo to her! She tried to tell me her cousin owned the property!
(because you cant take it off the market for 21 days unless it's a primary residence.You have to live there for at least 2yrs. This law is to protect first time home owners ,Realestate agents somehow, have no trouble getting around this law!)
Any way I found a beautiful home 3yrs.ago ( and yes now its worth more than double what I paid for).with the help of an awesome realestate agent. We became great friends becuase I really appreciate her integrity!
So I hope this gives you some insight about the realestate market in Las Vegas.
Also this is why half of my family sold thier homes and went back East to Tenn. and Virginia! They love it there ! I might join them when I finish nursing school ! Have a great day!

if this property was advertised as "OWNER-OCCUPANT" on HUD then these people are quilty of fraud and need to be reported...it would be difficult to prove that these co-workers did not share the amount of bids..but if you bid on a hud house as owner-occupant then you are required to live in that house for a year and you cannot bid another house in same catagory for 2 years..you can sell that house after the first year but you cannot put it up for sell in a way or fashion until after that first year..these people are not just unethical they are crooks

That's what I thought!
Thank you for your response! I regret not reporting their criminal behavior to the board of real estate!
I can't imagine how many "Owner- Occupant" homes they have purchased illegally!
The second agent told me that they had plenty of properties " rent to own"
Of course they are now double the orginal price!

When we lived in Vegas (90-92, hubby was at Nellis), we bought a house for $90,000 - just a small starter home. We (unbeknownst to us) lived in the middle of a bunch of rental homes. Within six months of buying, it was quite evident we had drug dealers across the street and people running a fencing ring next door. When we got ready to sell, it took almost a year to sell and then we had to sell $20,000 BELOW what we bought for. Never again!

Sounds as though it was a frightening experience!
I lived in an apartment ( I kid you not) with walls as thin as paper! It was really strange, you never knew who's phone was ringing! It felt like everyone around lived in one house!
Every weekend was loud and crazy with lots of police action the fun never ended!
I will think twice before I ever live accross from a High School ( Cimarron) again!

I live in northern Nevada and if we don't buy a house soon, there is NO way we will be able to afford one. We have watched the house prices jump 100% (yes, 100%!!!) in the last 2 years. When we went to get approved for a mortgage right before I was accepted into nursing school, we were trying to get approved for a $165,000 loan, which would have bought us a nice, 3 bedroom, 2 bath, 2 car garage around 1700sq feet in a nice neighborhood. Today, that same kind of house is around $350,000....IF you can find one. There are waiting lists for any of the new home developments.....with over 600 people on these lists!!

The house down the street from us just sold for $229,000...it's a 2 bedroom, 1 bath, 1 car garage...1000 sq feet!!!!! And it's not in the greatest part of town...kind of the middle of the road area. We will be carrying a mortgage of around $2200-2500 and have come to accept the fact. It's ridiculous to this Texas raised gal where my home cost $90,000!!!! Sigh.

I wish we would have bought 2 years ago, but when we found out I was accepted into nursing school, I had to quit my full time job to attend school and we would not have been able to afford a mortgage at that time. So now we will pay dearly for it. It's sad....together, our household income will be around $110,000 and we will barely be able to afford our own home....we don't have huge amounts of personal debt and only have one car loan at $300/month. But we can't leave the state (it could cause my husband to lose custody of his two kids) and we're kind of limited since Nevada isn't the most populated area in the country. So I'm signing my 2 year contract with the ICU at one of the Reno hospitals and we will go from there. We'll see what happens in two years. Maybe everyone will foreclose on their homes and we can pick one up at a decent price.....ROFL!!!!

Melanie = )

Hi Melanie,
Yes..I know what you mean, the housing market is frustrating! Hang in there!You have your priorities in order
Best Wishes!
Twinkie

Glad to hear your daughter is safe.From a locals point of view I would not want to stay around the downtown area. For example around the Statosphere hotel.The hotel is fine but a rough neighborhood.Same with the hotels in the downtown area some are really nice! You just don't want to venture to far from them!Hope they had fun and won some money!
Best Wishes!
Twinkie