[JohnG72]

Originally Posted by olecapt

I have seen a half a dozen instances of stable or rising prices. Sun City Summerlin for one. 89134 outside of Sun City for another. Did a price chart for this year of places in the NW RNPs with 3000 to 4000 SF and find relatively low volume but price rising slightly.

This comparison is relatively worthless unless you have a comparison of what is selling now and what was selling a year or two ago(ie are the low end properties all gone, and only mid level and up properties selling now)

Originally Posted by olecapt

So no I see no indication that places outside the foreclosure areas are still declining. Looks more like that went back to 2003 and are picking up from there.

If the Option A resets are even half of what is predicted you will see heavy price drop off over the next three years.

Originally Posted by olecapt

The banks appear to be taking the foreclosed area to 1980.

This makes no sense at all. The banks can't control anything except to restrict or expand supply by holding properties or releasing them to market. The market will react and respond to whatever the current supply....and to some extent the perceived future supply is. Banks don't control buyers actions.

[tony soprano]

Originally Posted by JohnG72

This makes no sense at all. The banks can't control anything except to restrict or expand supply by holding properties or releasing them to market. The market will react and respond to whatever the current supply....and to some extent the perceived future supply is. Banks don't control buyers actions.

John, you've probably missed some previous dialogue. OC maintains that the Vegas housing market is institutionally controlled. Good luck in convincing him otherwise.

[olecapt]

Originally Posted by JohnG72

This comparison is relatively worthless unless you have a comparison of what is selling now and what was selling a year or two ago(ie are the low end properties all gone, and only mid level and up properties selling now)

Nope these are reasonable good sized samples. And the same thing appears in Desert Shores. The screwball numbers are the REOs...which continue to show average below median. That indicates a sample heavily weighed to the low end.

If the Option A resets are even half of what is predicted you will see heavy price drop off over the next three years.

You have some data on the incidence of Option As in Las Vegas? I am unaware of any. Anecdotally there were a few but they were not common.

This makes no sense at all. The banks can't control anything except to restrict or expand supply by holding properties or releasing them to market. The market will react and respond to whatever the current supply....and to some extent the perceived future supply is. Banks don't control buyers actions.

We obviously disagree. The bank algorithms are setting prices to sell in days...not to get a competitive price. And there is far, far too much of it to be wrong. Sorry but that is how it is...and you can't jawbone reality because you don't care for it. Just bid $2K over on a $55K place that was listed early in the week. Sold to someone else over the weekend. Offered $35K over list on a big house with a pool in the NW. Already past three bids and they are still accepting them.

It is simply an artificial system that is driving prices down past where they would reasonably be. And where that system is not operative prices are stabilizing.

[horseplayer]

One thing I've noticed, is the lack of agents penetrating the neighborhoods on Saturdays. Especially compared with 1999-2005. We have 338 units here, and I've seen less than five agents in three months. We did have an REO go under contract in 6 days (Wells waits a minimum of 5), perhaps above list. So the red hot market applies to a very small low priced segment of the market. And that group of bottom feeding buyers (many with cash) is a very small segment, also. Just seems nothing like times past, with open houses every weekend, and young families out with agents looking on Saturdays. In fact, this market hardly operates on Saturdays because "The Banks are closed", so you're unlikely to be able to do much, anyway.

[ocean2026]

Are people paying MORE than the listing price in Las Vegas? Wow even in my part of Texas where its still growing and vibrant one never pays the asking price- never!

[airics]

yes they are paying more than list

[olecapt]

The couplle I described above has made about 10 offers all on or over list. They have gotten nothing so far. Now they are at the lower end...but still.

[horseplayer]

Yes, especially if it is real low list price. I paid less, but that was over Christmas. Feel them out a little before making any offers............

[olecapt]

Originally Posted by horseplayer

Yes, especially if it is real low list price. I paid less, but that was over Christmas. Feel them out a little before making any offers............

How do you do that? They don't answer the phone and accept an offer in 48 hours.

[Fastrudy]

Wow! I guess I am real lucky. I closed on May 13 under list (by 4K on a list of 116.9K). Thank you, Olecapt.