Disclaimer: I never post in BP just because I really don't have anything important to say and most of my questions are answered by articles and forums.
Though I am a new RE investor, I have been living in Las Vegas for 7 years. I know a person who have been investing for 25 years and he told me that "the bus already left", I didn't listen because I think he was just afraid of competition. Now I realize the bus did left but it doesn't mean there are no more deals to be made.
There are still deals here in Vegas, you just need to work hard in finding them. It's no longer like how it was 3 or 4 years ago.
Wholesale prices are hard to come by and when it does, it turns into a bidding war, even motivated(?) sellers are now aware that the market is HOT so they shop around more.
I switched my interest from SFR to Condos because I figured that with half the price of SFR I could still get $600-$800 rent, bringing in a $200 cash flow. I was mistaken... due to supply of investor owned SFR, renters are more inclined to add $100-$200 more in their rent to live in a SFR. Even Single Family homes are having a hard time finding renters. A friend of mine who has been a renter for 5 years is now buying their own property because it's cheaper to buy than to rent.
I tried buying shortsale and foreclosure, made a lot of offers but I have no luck. My agent keeps telling me that my offer didn't get accepted, I'm not even sure if he's even giving them since they are so low it's shameful.
Regarding Summerlin, it's one of the best communities to live in. If you're going to buy a house for residence or if you're expecting a good return from appreciation, it's a good area. But if you're looking for cash flow, the HOA and fees will kill you.
Websites will state that Las Vegas have a negative appreciation rate, but it doesn't feel that way. Trulia, Zillow and other listing sites often have comparables, but it doesn't seem to affect listing prices.
Overall, my assumption of Las Vegas market is that there's a lot of cheap houses compared to other states, but the prices are now starting to increase. We used to go to auction houses and purchase condos for $30k-$40k, now the same type of condos go for $40 to 60k.
It's like, nobody learned something from the crash.
