[modhatter]

I have been following the homes daily on Redkin that come on the market. I check out most all areas except central city and north Las Vegas. After about a month of doing this I have come to a conclusion. I think the banks are trying to unload the most "undesirable" properties now, and holding back other inventory. This is why I say this. The majority of homes coming on the market now in the under $165,000 category either back up to a busy street or are sandwiched between two streets, or back up to commercial property, or dirt. (I'm talking about home in the 1500 to 1700 sq. ft. range)

It is a question of mathematics. The majority of these homes are short sales, and it doesn't add up that 70% of them just happen to abut busy streets. What is interesting is there are so few individual (not short sales) that come on the market. I guess I can understand that because I read that something like 75% of homes in Vegas are underwater. But supply dried up in Vegas, exactly the same time as it did in Phoenix, driving up the demand and pricing. That is funny it happened at exactly the same time in both states.

Anyone house hunting now, I bet you will agree with my observation. Now this may not be true for homes in the $200,000 and up category. I don't know cause I'm not looking there.

Do you think this is a possibility? They are holding back the better properties, creating a shortage, and trying to unload the less desirable properties? Now if I were a bank and holding all this bad paper, I would say that might be a good stagey. Starve the market, creating higher prices, then when your less desirable homes are cleared out and you have bumped the market enough, then roll out the better inventory at higher prices.
Any opinions?

Also, at what price point do you have to go to get away from oak kitchen cabinets.........?

[eventusstultorummagister]

Duh.

[ScoopLV]

I wish I could find the post I wrote about this. It has always been my position that the desirable houses were snapped up at the beginning of the bust. A few hit the market even now, but they don't last long -- unless they're FSBOs with unrealistic asking prices.

There were three or four that I wish I had purchased -- unique, interesting houses with great features and views. Houses that would sell for four and five million back in 2005 on the market for $800K to $1.2M during the bust. Hell, even that monstrosity on Copper Rd. sold.

The people who were waiting for the bottom have found it. But the great houses sold before we hit bottom -- anything worth buying was already purchased by people who didn't feel like waiting for the "perfect" deal. Now we're stuck with the hard slog of unloading all these cookie-cutter houses in cookie-cutter neighborhoods.

Finally, the people still living in the nice houses today are the ones who could afford the house they bought back during the boom. They weren't forced out by a resetting ARM, or did a strategic foreclosure. They're waiting for the market to bounce back before they sell. I know I am. They can wait and sell when it makes sense for them to do so.

I'll likely buy another desirable house (Bay Area) while prices are still down. Then use equity from this place to pay it off when things improve. So long as people don't bite off more than they can chew financially, I think this is a sound strategy.

[NLVgal]

Originally Posted by modhatter

Also, at what price point do you have to go to get away from oak kitchen cabinets.........?

(small voice) I like my oak kitchen cabinets. I think the light honey color is pretty. I was thinking of painting them white, but I'm told every fingerprint shows up and wiping down the cabinets every day is not for me.

I've heard that if the cabinets are in good shape, you can just replace the fronts and save a lot of money if you prefer some other wood.

[eventusstultorummagister]

Originally Posted by ScoopLV

I wish I could find the post I wrote about this. It has always been my position that the desirable houses were snapped up at the beginning of the bust. A few hit the market even now, but they don't last long -- unless they're FSBOs with unrealistic asking prices.

There were three or four that I wish I had purchased -- unique, interesting houses with great features and views. Houses that would sell for four and five million back in 2005 on the market for $800K to $1.2M during the bust. Hell, even that monstrosity on Copper Rd. sold.

The people who were waiting for the bottom have found it. But the great houses sold before we hit bottom -- anything worth buying was already purchased by people who didn't feel like waiting for the "perfect" deal. Now we're stuck with the hard slog of unloading all these cookie-cutter houses in cookie-cutter neighborhoods.

Finally, the people still living in the nice houses today are the ones who could afford the house they bought back during the boom. They weren't forced out by a resetting ARM, or did a strategic foreclosure. They're waiting for the market to bounce back before they sell. I know I am. They can wait and sell when it makes sense for them to do so.

I'll likely buy another desirable house (Bay Area) while prices are still down. Then use equity from this place to pay it off when things improve. So long as people don't bite off more than they can chew financially, I think this is a sound strategy.

This post is delusional and so wrong on so many levels I'm not even sure where to begin...

[modhatter]

Originally Posted by NLVgal

(small voice) I like my oak kitchen cabinets. I think the light honey color is pretty. I was thinking of painting them white, but I'm told every fingerprint shows up and wiping down the cabinets every day is not for me.

I've heard that if the cabinets are in good shape, you can just replace the fronts and save a lot of money if you prefer some other wood.

I figured I would get a rise out of someone when I mentioned that. I know that it's hard sometimes to change kitchen cabinets when they are in good shape. I have remodeled so many kitchens in my day, so I am surprised when I don't see any pictures of kitchens that have been remodeled.

You can spend a fortune doing a kitchen, but you can do a reasonably acceptable one for $15,000. Yes you can reface, but it actually is almost as expensive as new cabinets. You can also have them professionally sprayed in a new color stain/paint if they are in good shape. Makes them look like new cabinets.

On the house theory, I don't know if that makes sense, that they would get rid of all the good houses first. It's possible I guess. Your thinking that if they mixed in the bad with the good, that the bad ones would be ignored when there was good inventory to choose from. You may be right. Cause right now there's not much good coming on the market that's desirable. That would indicate that they're approaching the end of their back up supply.

Is Nevada's foreclosure process judicial? Taking sometimes 3 years to foreclose.

Any current statistics on how much inventory they have unloaded to date?

[ScoopLV]

When the bust hit -- a LOT of inventory was listed in very little time. This is when entire blocks had emptied out around Mountain's Edge.

If you have 30,000 houses hit the market all at once at depressed prices, which houses are going to get snapped up first?

The really nice properties in my area sold in late 2009 and early 2010. Nothing like them has entered the market since.


Hey, I found that post I was looking for:

Originally Posted by ScoopLV

We also have a LOT of people who are waiting for "the bottom" to hit.

They'll pass up property after property, continuing to rent (and throwing their money down a hole), while they wait for "just the right time" to buy.

Assuming these people are paying $1,000 per month for a nice place, they've already thrown away $36,000 since the housing market tanked.

By the time "the bottom" comes around, all the good houses will have already been snapped up, and the wait-and-seers will have their choice of what's left.


The idiom, "Pennywise and pound foolish," springs to mind.


PS -- I've already fallen for that trap, I wanted to buy the house at the end of Copper Rd. Someone beat me to it. I suppose it's OK though, I don't think I could afford the renovation on that place anyway.

Same thread:

Originally Posted by ScoopLV

There will be PLENTY to choose from -- but the prime properties won't be among the choices.

There are an awful lot of crap and mediocre homes to choose from right now. They're not moving. The good houses -- in good areas, custom or semi-custom, preferably with a decent view -- they're out there, but they don't last long on the market.

Scan the forum, and you'll see plenty of posts about the "good" houses selling after a multiple-offer bidding war. That was common in 2005. It's still common -- if the house is nice enough. But the cookie-cutter tract houses sit and languish because they are literally "dime a dozen."

The point I'm trying to make in my rambling: Buy one of the GOOD houses, and you won't have problems selling it if necessary. You might not get what you want for it. But the percentages will be better than some 1,500sf tract home on a one-tenth acre lot. You can throw a nickle in this town and hit one of those houses. Nobody wants them -- not the buyers, not the owners, not the banks.

The days of carbon-copy tract houses selling well may be over for good -- unless there is a construction boom in this town that equals or surpasses the late 90s/early 00s.

[eventusstultorummagister]

Just love when they list a home @Craig/Commerce as Aliante.
Lying scammers.

[costaricageorge]

Originally Posted by modhatter

I have been following the homes daily on Redkin that come on the market. I check out most all areas except central city and north Las Vegas. After about a month of doing this I have come to a conclusion. I think the banks are trying to unload the most "undesirable" properties now, and holding back other inventory. This is why I say this. The majority of homes coming on the market now in the under $165,000 category either back up to a busy street or are sandwiched between two streets, or back up to commercial property, or dirt. (I'm talking about home in the 1500 to 1700 sq. ft. range)

It is a question of mathematics. The majority of these homes are short sales, and it doesn't add up that 70% of them just happen to abut busy streets. What is interesting is there are so few individual (not short sales) that come on the market. I guess I can understand that because I read that something like 75% of homes in Vegas are underwater. But supply dried up in Vegas, exactly the same time as it did in Phoenix, driving up the demand and pricing. That is funny it happened at exactly the same time in both states.

Anyone house hunting now, I bet you will agree with my observation. Now this may not be true for homes in the $200,000 and up category. I don't know cause I'm not looking there.

Do you think this is a possibility? They are holding back the better properties, creating a shortage, and trying to unload the less desirable properties? Now if I were a bank and holding all this bad paper, I would say that might be a good stagey. Starve the market, creating higher prices, then when your less desirable homes are cleared out and you have bumped the market enough, then roll out the better inventory at higher prices.
Any opinions?

Also, at what price point do you have to go to get away from oak kitchen cabinets.........?

18 months ago a B of A representitive told me it was exactly what they were going to do. Looks like they were telling the truth. 2 foreclosures came available in the past 5 days in 89123. One backs up to an undeveloped commercial lot and the other to the 215.

[eventusstultorummagister]

The average property in LAS VEGAS as of April 29 2012 has been on the market for about 167 days.