Rohit Pradhan -
As a real estate agent, I specialize in the Lake Las Vegas area. I live there and know the area about as well as possible. Lake Las Vegas' sub-market is inextricably tied to, but very different from, the overall Las Vegas valley real estate market.
I will not portend that "right now is the best time to buy." Obviously, I do not have a crystal ball, and the "bottom" of the market is about as elusive as the abominable snowman. What I do know is that properties in Lake Las Vegas are selling. Nearly 2 dozen homes have gone under contract within the past 2 weeks alone, given MLS data and new home community data. My professional opinion is that many properties are selling - at least in part - due to the fact that prices are at or below the replacement cost of such properties. If you were to purchase a small plot of land and build a town home, for example, you would pay at least current list prices. Many investors use this as an indicator of good pricing. Therefore, you are seeing a few, select investors stake in the area due to its incredible pricing.
Whether it is the "right time" for you to purchase, is subjective. You need to weigh the total costs of ownership with current rental rates, which you can find plainly and easily on my site, cited below. I do agree with Mike that HOA rates can be cost-prohibitive, depending upon your goals. All homes in Lake Las Vegas are subject to a monthly master plan fee of appx. $105 as well as a development assessment (LID/SID) of $100-$200 per month (unless you purchase a resale where a previous owner has paid the entire assessment). Some communities have really high association dues for their specific neighborhood ($600-$700 per month), but you can be sure you get a lot for your money. On the other hand, there are neighborhoods with association dues near $100 per month for maintenance and insurance on common area landscaping and gates.
I am happy to go over your situation and let you know a bottom line, if that would help. You can also research Lake Las Vegas condo prices plainly and easily at my site as I indicated is cited below.
Whatever you decide, good luck to you!
Direct: (702) 525-9492
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