My condo. Four and a half years ago after moving to work in Las Vegas, I became very tired and disenfranchised with renting apartments and paying the exorbitant prices of living in a nice area, in nice accommodations. And thus I walked into the world of home ownership. At the time, Las Vegas was riding the ever expanding bubble of home ownership, and prices for houses and real estate were at an all time high. Las Vegas itself was the number one growth area for home purchases in the entire country and the economy was looking great. Similarly I was making a good deal of money and was very financially secure thus the decision came easy enough. I was going to buy my first home, a single story condominium in Green Valley.
At the time, even though the price was still expensive, I felt it worth it due to how well the place fit my personal needs including location, size, neighborhood, upkeep, and style. I was (and still am) very happy with my first home purchase.
Unfortunately, not long after this major purchase the market began to dip. Prices plummeted and suddenly I found the property that I had bought at the height of the overpriced real estate market was now only worth a fraction of what I had paid for it. As I said before, I am still quite happy with my home. It is comfortable and suits my needs quite well. But because of my commitment to it and the state of the market, I’m not going anywhere anytime soon. So this house is definitely going to get its share of good use, even if it’s only worth part of what I paid for it.
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