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Old 12-06-2012, 08:09 PM
 
Location: Here and there, you decide.
11,583 posts, read 22,689,426 times
Reputation: 3883

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Quote:
Originally Posted by oomph View Post
With all due respect I disagree. Las Vegas is in a distressed market. The beauty of being a buyer or a seller is you can walk from a deal if the numbers are not right. These numbers may be right for someone else. but, they are not right for me. i will pass.
wrong... it is a Sellers market with the amount of bid wars and very few properties. It is also a landlords market too!
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Old 12-07-2012, 08:53 AM
 
9,959 posts, read 8,454,013 times
Reputation: 5835
I think there's a bit of artificial supply supression in the market. The robosigning law is restricting the number of forclosures that come to market. If these were coming in as fast as they had in the past, things would be different.

Then again, this may be the new normal. The question is, what is driving demand. If it's mostly investers, they may not be sustainable.
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Old 12-07-2012, 09:40 AM
 
585 posts, read 760,849 times
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Quote:
Originally Posted by BBMW View Post
I think there's a bit of artificial supply supression in the market. The robosigning law is restricting the number of forclosures that come to market. If these were coming in as fast as they had in the past, things would be different.

Then again, this may be the new normal. The question is, what is driving demand. If it's mostly investers, they may not be sustainable.
These are not the same investors as during the bubble. Some very wealthy individuals have set up entities to buy hundreds and thousands of single family homes. They pretty much bought up every available single family home in Phoenix. The same thing appears to now be happening in Vegas. They have no intention of flipping these homes and are becoming long term landlords.
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Old 12-07-2012, 12:52 PM
 
Location: ( ͡ ͜ʖ ͡) (╯□)╯︵ ┻━┻ ̡
7,112 posts, read 10,860,880 times
Reputation: 3866
I don't know if it is a buyers or sellers market but I can tell you that everyone that is close to me that is selling or buying is getting beat out EASILY with cash offers or receiving 20+ offers on their home in less than a week.

All of my military buddies that are doing a short sale are receiving up to 5 offers each day, with ZERO showings.

Whatever is going on, it is a new type of market. People will have to adapt.




Sent from cell...
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Old 12-07-2012, 01:10 PM
 
132 posts, read 232,259 times
Reputation: 124
Many on this board have persuaded me to up my offer . I have done so. We shall see if its enough to close the deal.
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Old 12-07-2012, 01:11 PM
 
Location: Sunrise
10,869 posts, read 13,650,881 times
Reputation: 8987
Quote:
Originally Posted by newopty View Post
These are not the same investors as during the bubble. Some very wealthy individuals have set up entities to buy hundreds and thousands of single family homes. They pretty much bought up every available single family home in Phoenix. The same thing appears to now be happening in Vegas. They have no intention of flipping these homes and are becoming long term landlords.
Wait 'til a few more Sandys hit the east coast. The people who are doing this are going to be the richest people on Earth. (Like that will matter after a few more Sandys.)
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Old 12-07-2012, 04:30 PM
 
17,543 posts, read 34,630,544 times
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Multiple posts deleted. While weather issues can influence people to move to places where storms like that don't happen, a discussion of hurricanes and potentially greater numbers of them are OFF TOPIC for this thread, and this forum.
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Old 12-07-2012, 10:29 PM
 
Location: Paranoid State
12,685 posts, read 9,443,087 times
Reputation: 14945
Quote:
Originally Posted by lvoc View Post
... Drop dead clauses don't work on REOs... the seller's agent may well respond three days later. And that agent will be shocked if you claim you really meant the 24 hours.
On a Short, I had the seller's agent respond 8 months after I cancelled the offer.
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Old 12-10-2012, 09:59 AM
 
132 posts, read 232,259 times
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This data is a case study for your information.

Sale type: Classic (not repo or short)
Asking price $189k
Selling price 180k cash (including all furniture , which buyer says is worth 5k- I like seller and I dont care if I'm overpaying
Comp: $164000 (identical house two blocks away short sale) You will see I paid approximately a 10% premium for a classic sale $164000 plus $15600 equals $180k.
Note: This is the Sun City Anthem area


Whether I made a good or bad deal is immaterial. I made a deal. Note: This will be my personal residence and Im relocating from Los Angeles. I will commute a couple times a month to my office in Los Angeles and open a virtual office in Las Vegas. Therefore, this is evidence I will open a business in Las Vegas area and be a local.

This is a real life real time transaction, which I have published here, only because it may help someone.
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Old 12-10-2012, 12:25 PM
 
12,973 posts, read 12,149,749 times
Reputation: 5398
Quote:
Originally Posted by oomph View Post
This data is a case study for your information.

Sale type: Classic (not repo or short)
Asking price $189k
Selling price 180k cash (including all furniture , which buyer says is worth 5k- I like seller and I dont care if I'm overpaying
Comp: $164000 (identical house two blocks away short sale) You will see I paid approximately a 10% premium for a classic sale $164000 plus $15600 equals $180k.
Note: This is the Sun City Anthem area


Whether I made a good or bad deal is immaterial. I made a deal. Note: This will be my personal residence and Im relocating from Los Angeles. I will commute a couple times a month to my office in Los Angeles and open a virtual office in Las Vegas. Therefore, this is evidence I will open a business in Las Vegas area and be a local.

This is a real life real time transaction, which I have published here, only because it may help someone.
You did good. The best comp around was at $185K...and it was not furnished. If it is what I think though you might holler that it is still be carried in the MLS as avaiable. The short comp also has not closed so it is not possible to tell yet what it actually sold for.
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