[jfkIII]

Originally Posted by olecapt

Prices are not "way down" in Las Vegas. So we don't have a negative market.

Prices are not "going up" in Las Vegas...so we don't have a positive market.

So it must be a "neutral" market.

Then again...maybe you have no idea what you are talking about?

The Nation hears things...but it knows very little and less than that about Las Vegas housing.

Ok, I defer to our beloved resident RE professional on this one, as I am certainly not in the business and admit that I may not know what I'm talking about. But could you please explain something to me (in layman's terms, please,) and maybe others, who may not understand?

You say 'prices are not "way down" in Las Vegas.' Yet, everytime my brother looks at his house on zillow.com, he sees another $3-4,000 (per month) less in equity. As you zoom out to the zip code level (89134)...the past year's graph looks quite the same. Same for all of Las Vegas?

I'd like to believe that prices are not way down, but how else to explain that, at it's peak (a little over 1 year ago), zillow shows a value of $330K, but now it shows $293K?

[olecapt]

Originally Posted by jfkIII

Ok, I defer to our beloved resident RE professional on this one, as I am certainly not in the business and admit that I may not know what I'm talking about. But could you please explain something to me (in layman's terms, please,) and maybe others, who may not understand?

You say 'prices are not "way down" in Las Vegas.' Yet, everytime my brother looks at his house on zillow.com, he sees another $3-4,000 (per month) less in equity. As you zoom out to the zip code level (89134)...the past year's graph looks quite the same. Same for all of Las Vegas?

I'd like to believe that prices are not way down, but how else to explain that, at it's peak (a little over 1 year ago), zillow shows a value of $330K, but now it shows $293K?

Sure....there are particular segments down as much as 15%. Bigger fancier houses mostly. There are also segments up 4 or 5%....also bigger fancier houses. New homes in the areas with high foreclosures...mostly the stuff built in 2005 and 2006 are down as much as 25%. There is one condo conversion that is down a third.

There are also vast tracts built before 2005 that are within a few percent of their peak.

The standard accuracy on Zillow is about +- 25%. It is however convenient so accuracy is not an issue apparently. Why do you look at a known defective source for information?

To me the amazing thing about this market is that the price has not dropped hard. With the huge inventories and slow sales that is what the books call for. Every RE operation in town is exhorting their agents to get prices down. They don't know what else to do.

[jfkIII]

Thanks. Is there a better source than zillow? I knew they were off when my dad's house on LI sold for about 15% less than zillow's estimate, and I also knew that their estimate was not based on the particular characteristics of the house (i.e., condition) but rather, on some set formular involving recent sales in the area, and sq ft, # ba/brs, etc. But I thought all RE's use the same formula, with the little variation for house condition, extras, etc., no?

Also, I've read that you feel that the housing situation in LV turned before the subprime lending mess began. If so, IYO, what contributed to the decrease in demand and increase in inventory, there?

[AA702]

Originally Posted by sheriff

Just another shootout on the "strip"-- bullets fly at the CVS-Monte Carlo.

Haha, no wonder no one is hurt or dead from this one, it was a bebe gun! cracks me up

[jfkIII]

It might funny in hindsight, but touting a gun (even a water pistol) around armed police can lead to a dangerous situation, especially a crowded place like The Strip. Most cops are trained to react to anything pointed at them, and then assess the situation.

[dynimagelv]

if it looks like a gun....it is a gun and you deserve to get shot if you point it at a cop.....anywhere.......even Gnu Yawk

[jfkIII]

Got that right! CJ will tell us, I'm sure.

(off-topic, but gnu yawk related...am I ever happy to see those NY Yankees go down again...I HATE The Yankees! The Mets (my team) went down, in an even more embarrasing way! Talk about the LV economy collapsing....The NY Mets rally COLLAPSED!!!!!!)

[dynimagelv]

Originally Posted by jfkIII

Got that right! CJ will tell us, I'm sure.

(off-topic, but gnu yawk related...am I ever happy to see those NY Yankees go down again...I HATE The Yankees! The Mets (my team) went down, in an even more embarrasing way! Talk about the LV economy collapsing....The NY Mets rally COLLAPSED!!!!!!)

Havent been a baseball fan since the Brooklyn Dodgers left

[jfkIII]

dyn...My grandmother, who grew up in Brooklyn, and was a Dodger fan (as ALL of Brooklyn was) got me watching baseball when I was just a little kid. She taught me to HATE 2 teams forever and always...1) The Yankees...those cross-town arrogant SOB's and 2) The Dodgers...for skipping out of town in the middle of the night!

[dynimagelv]

Originally Posted by jfkIII

dyn...My grandmother, who grew up in Brooklyn, and was a Dodger fan (as ALL of Brooklyn was) got me watching baseball when I was just a little kid. She taught me to HATE 2 teams forever and always...1) The Yankees...those cross-town arrogant SOB's and 2) The Dodgers...for skipping out of town in the middle of the night!

She was a knowledgeable lady......I hung up baseball then....never watched a game since.