Who are they? Where do they come from? The following states were the top 10 for the month of September for people moving into Nevada from elsewhere:
California 2510
Arizona 469
Florida 429
Texas 368
New York 303
Washington 295
Hawaii 269
Michigan 266
Illinois 261
Utah 223
Prime
It would be interesting to see where in Nevada these people are moving. I would bet that a majority of those people are moving to Las Vegas. I would also bet at least half of those “people moving to Nevada” are children.
Further, I would bet a majority of the people moving to Nevada who are of working age, are here to take one of the abundant casino jobs that pay $7 or $8 dollars an hour. Not your typical condo buyer, which apparently Reno is going to need a boat load of in the next two years.
I thought we were almost out of land in Reno but every week a new condo project is approved on a vacant parcel of land?? I wish Reno would run out of land to build on and soon.
Lindie
Prime you are no doubt correct. The Las Vegas Board of Realtors and the Las Vegas Chamber of Commerce (is there a difference?) has had a mantra for the past 3-4 years that there are more than 5000 people a month moving to Las Vegas. So apparently all of these people are going to LV.
One of the mantras of the Reno Board of Realtors has been that they are not making any more land in Reno. Problem is that the builders don’t seem to be having any trouble finding yet some more land to start yet another development on, do they?
Another mantra of the Reno realtors over the past few years was buy now or be forever priced out. Maybe they were right after all. Maybe the reason the market is in the toilet now is that prices got so out of whack compared to income that people really are priced out.
Unless, of course, one goes to a “creative financing specialist” witchdoctor and gets a juu juu Voodoo Special neg am suicide loan, as RI likes to say.
Tom
Where are they Going and Why?
I have no statistics, but I have some anecdotal evidence which might be of interest. I have an estate planning practice and within the last two years, I have had four client families “sell everything” and move to southern Nevada, from Los Angeles County. Their children are grown. They are empty-nesters who want to cash-out their westside homes, buy one of the new side-by-side tract homes around Las Vegas, and put the extra cash in the bank. They end up with no mortgage payment, no yard to take care of, about $200k extra cash in the bank, a warm climate, and they have a wide choice of restaurants and entertainment venues handy. Sure it is crowded, but L.A. westsiders are used to crowds and traffic.
No, they aren’t going to Reno. They want the warmth and the quick frequent flight accessibility of the L.V. airport.
Now that wouldn’t be my decision, but that’s what the folks who are leaving here are telling me, for whatever interest it might have for you.
Personally, I couldn’t live in those Clark County side-by-side cookie cutter homes on postage-stamp sized lots. Their traffic is WORSE than L.A. traffic, and most of those hotel restaurants are way over-rated. You have noisy aircraft overhead constantly all over the Las Vegas valley. And in August you might as well lock up and leave, but guess what…that is exactly what those families say they will do — travel plus visit the kids in August. But those things don’t bother them, the small house on almost a zero lot line is okay, so long as they can lock and leave during the hot months, and have warm winters, no snow, big hospitals nearby, and a close busy airport. Interesting, isn’t it?
I'd rather not say...
“Unless, of course, one goes to a “creative financing specialist” witchdoctor and gets a juu juu Voodoo Special neg am suicide loan, as RI likes to say.”
I have an idea for creative financing. You all say this is a buyers market. And I want to buy. I’ve got good credit and about $25K in debt. Because of the debt, I can only afford something in the $160K neighborhood and in Fernley. No thank you.
But if a seller is willing to pay off my debt, I could buy their $250K house.
How’s that for creative financing?
Any takers?
Mike Van H
Just a quick comment to add here; The Northern Nevada MLS Database has now shed 3 megabytes off it raw data file size, or about 1/8th. More loosely interpreted, one in eight houses has either expired, sold, or removed from the database for one reason or another. The market is definitely adjusting, and inventory is going down.