Good deals on property in the US (Phoenix / Las Vegas)

[Jordan!]

Real estate is the one reason I'm hugging my U.S. passport. I'd have quite a time buying a house at Calgary prices compared to down here.

American dream? It sure does exist. I've loved my 11 months here so far and don't see myself turning back.

For cheap/nice I recommend Goodyear. If you want a nice house in a somewhat blue collar area I recommend Surprise, AZ. Which is where I live.

[troutman]

I spent the weekend in Tucson, and I would have to say it is more charming than Phoenix. Too damn hot in the summer, but a lovely place to be any other time.

[SportsJunky]

I just got back from Tucson and I agree, it has a certain charm that Phoenix lacks. A buddy of mine picked up a 2400 sq.ft. bungalow with in-ground pool in a gated community for $140,000. This is his third property in the same community. I'm getting tempted I must admit.

[troutman]

Originally Posted by SportsJunky

I just got back from Tucson and I agree, it has a certain charm that Phoenix lacks. A buddy of mine picked up a 2400 sq.ft. bungalow with in-ground pool in a gated community for $140,000. This is his third property in the same community. I'm getting tempted I must admit.

Don't forget all the lovely co-eds from California at UA.

[SportsJunky]

I'm more of an ASU guy but I get your drift.

[Shin Pad]

Originally Posted by Bouw N Arrow

Real estate is the one reason I'm hugging my U.S. passport. I'd have quite a time buying a house at Calgary prices compared to down here.

American dream? It sure does exist. I've loved my 11 months here so far and don't see myself turning back.

For cheap/nice I recommend Goodyear. If you want a nice house in a somewhat blue collar area I recommend Surprise, AZ. Which is where I live.

Both nice areas, I just happen to have found what I wanted in Goodyear.

[Jordan!]

Yeah, I don't plan to be in Surprise for too long, way too many old people and rednecks personally. But I love this metro, it's big land wise but to me it's so easy to get around in and the weather is unbeatable. the heat doesn't phase me.. better than 8 months of cold biting your ass.

[Captain_Obvious]

Bumping an old thread as I have been down a few times to Las Vegas to review some properties...

Was wondering if anyone has any experience as a first time buyer (in terms of living in Calgary but buying in the US)

I rent here in Calgary and have never brought property here... but am looking to buy a cheap Condo in Las Vegas as I am down there many times through out the year.

Are there any disadvantages when it comes time for me to buy property here in Calgary (as a first time home owner) if I've already bought something in the US?

I am just trying to figure out if this would end up being more trouble than it's worth.

Am also trying to figure out if I have to pay cash for it vs. how much trouble it would be getting a small mortgage. Am looking at some fairly nice units in the $30 K range and have about 10K to put down. Not sure how to approach the situation in terms of talking to my bank about it or looking elsewhere...

Any input would be appreciated.

[Winsor_Pilates]

If you are eventually wanting to pull money out of your RRSP's for the Canadian home buyers plan (when you buy in Canada), I think you should still be able to do this because the LV home won't be a primary residence.
Perhaps a mortgage broker here can confirm?

The other main benefit of being a first time buyer is being able to do high ratio financing (>80%).
I think you'd still be eligible for this as well.

[blankall]

I've been looking at condos in Vegas as well. Anyone know which areas would be the best for someone just looking at it as an investment? IE which areas are easily rentable.

Would also be curious if anyone has tips on financing options. Thanks.

[Captain_Obvious]

Originally Posted by blankall

I've been looking at condos in Vegas as well. Anyone know which areas would be the best for someone just looking at it as an investment? IE which areas are easily rentable.

Would also be curious if anyone has tips on financing options. Thanks.

I've been down several times now and here's some quick info:

70 - 80 % of the market is foreclosures / short sales.

A lot of the places that come on the market for sale by owner are snapped up quickly, a lot of people buying without even looking. Example: Owner lists a place they paid a ton of money for a year or so ago at 70% less than their buying price. A condo comes on the market for 30K, sells instantly for 35 (with several people bidding against each other).

I am looking in the 30 - 40 thousand dollar range, which consists of some nice 1 or 2 bedroom conods, anywhere from 600 - 1000 sqft, 20 years old (or newer) that were bought for between 100 - 200K just a couple of years ago. Easily 200 - 300K condos if they were here in Calgary.

The market has absolutely crashed in Vegas, and people lost their shirts.

While I don't think there's any guarantee the 30 - 40 thousand dollar condos will sky rocket back up anytime soon, I'm hard pressed to believe they'll drop much more so it seems fairly safe for me.

I also am down there several times a year and would be able to use this as a place to stay while down there.

To answer your questions about areas to buy where it would be easy to rent, look at east of the strip around Tropicana, just north and east of the airport. UNLV is right in that area so there will always potential renters.

[blankall]

Originally Posted by Captain_Obvious

I've been down several times now and here's some quick info:

70 - 80 % of the market is foreclosures / short sales.

A lot of the places that come on the market for sale by owner are snapped up quickly, a lot of people buying without even looking. Example: Owner lists a place they paid a ton of money for a year or so ago at 70% less than their buying price. A condo comes on the market for 30K, sells instantly for 35 (with several people bidding against each other).

I am looking in the 30 - 40 thousand dollar range, which consists of some nice 1 or 2 bedroom conods, anywhere from 600 - 1000 sqft, 20 years old (or newer) that were bought for between 100 - 200K just a couple of years ago. Easily 200 - 300K condos if they were here in Calgary.

The market has absolutely crashed in Vegas, and people lost their shirts.

While I don't think there's any guarantee the 30 - 40 thousand dollar condos will sky rocket back up anytime soon, I'm hard pressed to believe they'll drop much more so it seems fairly safe for me.

I also am down there several times a year and would be able to use this as a place to stay while down there.

To answer your questions about areas to buy where it would be easy to rent, look at east of the strip around Tropicana, just north and east of the airport. UNLV is right in that area so there will always potential renters.

In terms of financing, is the only option a cash purchase? Or are there other options?

I was also looking at some of the newer developments closer to the strip, but those seem more expensive 70-80k. My friend who I am buying with has also been suggesting places closer to UNLV like you are.

He is suggesting a house though, in the 75k range. Seems like a house might be a good idea.

[Captain_Obvious]

Originally Posted by blankall

I was also looking at some of the newer developments closer to the strip, but those seem more expensive 70-80k. My friend who I am buying with has also been suggesting places closer to UNLV like you are.

He is suggesting a house though, in the 75k range. Seems like a house might be a good idea.

The closer to the strip you are, the higher the condo fees are. For instance, I saw (a few months back) pristine 2 bedroom condo units in the MGM Signature and Trump tower selling for 80-90 K... but when you look closer, there are $800 per month condo fees.


Most of the places I've looked at have been gated communities with several two story buildings in the 30 - 40 K range and the condo fees are about $200 per month.

Haven't looked at houses so not too sure about them... I can tell you that most houses (if not all) don't have basements in Vegas.

Originally Posted by blankall

In terms of financing, is the only option a cash purchase? Or are there other options?

This I'm not sure about yet. Was hoping to find this advice here.

Am unfamiliar about setting up a mortgage on a property in the US. Will my bank (RBC) help me with this (haven't asked yet)... would I be best to find a bank with branches in both Vegas / Calgary...

Not too sure.