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Old 08-09-2010, 08:26 PM
 
1,985 posts, read 4,832,336 times
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Looking at a possible vacation place (I'm in NJ) with the expectation that I would use it in retirement in 10 years or so.

These places are small - around 1300 square feet or less and on small lots. But they are nice and newer construction. I looked at one place on zillow, built 2004, and it sold for $236K (??) in 2006 and the asking price today is $57K.

Is this seriously what has happened in Vegas????????
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Old 08-09-2010, 09:19 PM
 
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Yes, prices have fell that much in some cases.
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Old 08-09-2010, 09:25 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 20,832,945 times
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Only a seriously deficient condo conversion would have those sorts of numbers.

That which appears to be too good to be true...is generally too good to be true.
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Old 08-09-2010, 09:43 PM
 
177 posts, read 224,761 times
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Quote:
Originally Posted by olecapt View Post
Only a seriously deficient condo conversion would have those sorts of numbers.

That which appears to be too good to be true...is generally too good to be true.
My friend bought a single family house in NW for 82K. The subdivision is called Sierra Crossings. It is 1400 square feet, was built in 2005 and has three bedrooms.
It was a short sale. The house itself was in good condition. The original owner paid 305K in 2006. The price dropped almost 75% in the last four years.

57K/236K= dropped 75% too. So it is still possible.
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Old 08-09-2010, 10:01 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 20,832,945 times
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Quote:
Originally Posted by mresort View Post
My friend bought a single family house in NW for 82K. The subdivision is called Sierra Crossings. It is 1400 square feet, was built in 2005 and has three bedrooms.
It was a short sale. The house itself was in good condition. The original owner paid 305K in 2006. The price dropped almost 75% in the last four years.

57K/236K= dropped 75% too. So it is still possible.
They mostly sell at about 55% of what the original owner paid. There are a few unlucky folk who bought those things at twice what the original owner paid.

Don't do that.
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Old 08-09-2010, 10:55 PM
 
49 posts, read 49,473 times
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[quote=mresort;15406210]It was a short sale. The original owner paid 305K in 2006. The price dropped almost 75% in the last four years.
quote]

the original owner "loaned" (?) 305K in 2006
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Old 08-10-2010, 07:09 AM
 
1,985 posts, read 4,832,336 times
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Thanks for the info. I knew prices were down 60% or more, so I guess it is possible. I think that place I was referring too was in a low rent district. Can anyone recommend a reasonable area with small SF homes around 80K-100K ???

Thanks a lot.
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Old 08-10-2010, 08:42 AM
 
Location: North Las Vegas
1,543 posts, read 2,285,271 times
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Quote:
Originally Posted by MoorestownResident View Post
Looking at a possible vacation place (I'm in NJ) with the expectation that I would use it in retirement in 10 years or so.

These places are small - around 1300 square feet or less and on small lots. But they are nice and newer construction. I looked at one place on zillow, built 2004, and it sold for $236K (??) in 2006 and the asking price today is $57K.

Is this seriously what has happened in Vegas????????
This article may answer your question:

This is important news regarding homes priced in the $100,000 are dwindling. Both investors and primary home buyers aren't buying as much since good inventory in this price range seems to be going away.
I have personally seen this happening, homes in that price range now seem to be major fixer uppers.

Fewer existing LV homes sell in May, June than in 2009 July 30, 2010 By Buck Wargo Sales of existing homes in Las Vegas ended a two-year run of year-to-year increases in May.
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Old 09-16-2010, 09:23 PM
 
179 posts, read 216,454 times
Reputation: 35
Quote:
Originally Posted by mresort View Post
My friend bought a single family house in NW for 82K. The subdivision is called Sierra Crossings. It is 1400 square feet, was built in 2005 and has three bedrooms.
It was a short sale. The house itself was in good condition. The original owner paid 305K in 2006. The price dropped almost 75% in the last four years.

57K/236K= dropped 75% too. So it is still possible.

I heard Sierra Crossings is involved in a construction lawsuit and the builder, Richmond American Homes is having to replumb homes that have faulty pipes springing leaks and flooding them out, but the newspaper articles are talking about a variety of homes and do not mention Sierra Crossings by name, but other HOAs.

I just don't know if it's Sierra Crossings reason for their lawsuit, faulty plumbing, or if Sierra Crossings lawsuit is for some other reason.

Does anyone know what the Sierra Crossings construction lawsuit is about - is it for faulty plumbing or for something else?
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Old 09-16-2010, 09:30 PM
 
1,352 posts, read 2,847,613 times
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Quote:
Originally Posted by Sheryl_Jones View Post
I heard Sierra Crossings is involved in a construction lawsuit and the builder, Richmond American Homes is having to replumb homes that have faulty pipes springing leaks and flooding them out, but the newspaper articles are talking about a variety of homes and do not mention Sierra Crossings by name, but other HOAs.

I just don't know if it's Sierra Crossings reason for their lawsuit, faulty plumbing, or if Sierra Crossings lawsuit is for some other reason.

Does anyone know what the Sierra Crossings construction lawsuit is about - is it for faulty plumbing or for something else?
A lot of communities are that way not just Richmond American. Our last house which was a Centex home was the same way. We are now in an Richmond American home and we have the same issue here also.
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