Why are there so many nice houses under $150,000 in Las Vegas, NV?

I am looking to purchase a house in Las Vegas and found about 50 homes priced $150,000 or less. And most of these homes look really nice!

So why are they so cheap, has the real estate in Vegas not recovered or do these homes have some hidden problems? The asking price is similar to their Zillow estimates.

I am looking to purchase a house in Las Vegas and found about 50 homes priced $150,000 or less. And most of these homes look really nice!

So why are they so cheap, has the real estate in Vegas not recovered or do these homes have some hidden problems? The asking price is similar to their Zillow estimates.

Should I buy one or wait until real estate crashes again?

Other answer:

Andy L:
There was a lot of construction through 2009, when the economy crashed and there was repossessions by banks and then cash investor purchases. After a deep fall, prices are rising back
https://www.trulia.com/real_estate/Las_V…
January 2012 at $114,000 average home sale price is now about $213,000
Like any city, there are less desirable neighborhoods and sought after ones.

When you see a price and single picture, that isn't good enough.
1) Location, 2) Interior condition 3) Property taxes and HOA fees 4) Existing offers on it

You also note that Pay scales are generally lower, though service jobs have no minimum wage offset and tips are common. You work hard at good jobs when you can get one.

But, there are some nice houses at $150,000
https://www.trulia.com/property/32423878…
Location on the far east side, as less desirable, but not bad.
Single-Family Home 4 Bedrooms 2 full, 1 partial Bathrooms built 2004
Small yard, small back patio needs an awning, but somebody is living there now as you can see everything is fully functional.

This home was reduced to $150K, and there are many homes on the market.

There is no way to know if the market will ever go back to the frenzy of 2007 to the collapse.
I bought my condo for $100K, and prior owner paid $300K

loanmasterone:
The primary reason there is a glut of houses for sale in Las Vegas is because the developers in Las Vegas had built many houses before the housing crisis.

Las Vegas has not fully recovered from this glut.

Since the housing crisis there are still many bank owned (REO) houses many mortgage lenders are still trying to unload.

You might also check and see if there might be damage to the house not seen by the eye. Even though there are many requirements to disclose known faults, in most instances the mortgage lender would not know of these defects.

Make sure you engage the services of a local home inspector. Hopefully your inspectors is experienced enough to find hidden damage and would not just look for surface damage.

Since the real estate crises the value of house has generally appreciated in value. This trend should continue as the interest rates has been raised for the first time in almost 8-10 years.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

john:
You need to do a lot of research about buying real estate in general and buying real estate in Las Vegas in particular. One thing that makes Las Vegas different than, say, the bay area of CA is that Las Vegas developers could keep on expanding home building into the desert if they wanted to, while in the Bay Area the ocean is in the way.

Then, too, Las Vegas was one of the cities hit the hardest by the housing crisis because it was growing rapidly up to the crisis and many people got ARM loans with no down payment necessary. Thus people who couldn't really afford to buy homes were able to buy them given lax bank requirements, but they couldn't afford to pay their mortgages or meet the balloon payment when the house dropped in value. The result is that builders overbuilt for a market that wasn't there AND many houses were foreclosed upon. That includes nearly-whole neighborhoods of homes. You don't want to buy a home in a neighborhood that has a high number of empty homes.

The other things you have to worry about is 'quality of school district' and 'whether or not you'll be able to sell the home when you want to.'

If I were you I'd be cautious. The low $150,000 cost is a red flag in itself.

tro:
Las Vegas suffered a huge down turn in its economy and lots of houses were foreclosed and people lost them,
they are probably priced now in the hopes of selling and getting off the market, very unlikely there is anything major wrong with them
glenn:
Andy has a good answer. I would never actually use Zillow or any other computer based value to guide me. I would never buy based on a print out. Get a good agent and visit ten places in person. See what is all around them and get comparable data. Just seeing a few things on line does not really help at all.
Pork-chop of Doom:
Vegas has a "boom & bust" economy, and is currently in the "bust" phase….so yes, you can get a great deal on a home…however, there is no support structure there currently, which makes living in that lovely home somewhat difficult, unless you can make generate your own electricity, make your own repairs, have an independent source of income, and can grow your own food and refine your own petroleum products! You may also need a working well for water!
coraann:
Hidden problems?? Have you viewed any yet? Have you peered in the windows
to see all the destruction? The removal of anything that could be sold? The graffiti?
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