[tony soprano]

Originally Posted by airics

gee... where are all the posters that were saying that prices are way to high, the sky is falling, you're nuts for buying now, and we are not at the bottom... hmmm.. don't seem to see them now.. do we?

I'd probably be more concerned with the month after month after month of falling prices vs. the number of posts from people saying it's not a bottom. That's just me though.

[JohnG72]

Anyone wonder how investors will collect rent in a city that is likely to stabilize/decline/very slowly increase in population?

Especially considering many of the "bargains" are on the outer fringes of the city where people are less likely to rent.

The next couple years are not going to be kind to some of those investors I think.

[olecapt]

Originally Posted by JohnG72

Anyone wonder how investors will collect rent in a city that is likely to stabilize/decline/very slowly increase in population?

Especially considering many of the "bargains" are on the outer fringes of the city where people are less likely to rent.

The next couple years are not going to be kind to some of those investors I think.

Sorry but likely wrong on all counts. I would think reasonable growth will start next year. I wish not...but they won't listen to me either.

The homes involved are mostly under 100K. That is virtually all east side or central city. Virtually nothing in the suburban areas under 100K other than condos which are mostly in convenient areas.

There is lots of action in the NW and SW in mid range rentals. Well priced they go in less than 30 days.

So I don't see the investors in any trouble. Though what is happening is terribly bad public policy.

[olecapt]

Originally Posted by tony soprano

I'd probably be more concerned with the month after month after month of falling prices vs. the number of posts from people saying it's not a bottom. That's just me though.

Appears over. Prices have not fallen in June.

Barring some new disaster it appears to be the bottom.

[tony soprano]

Originally Posted by olecapt

Appears over. Prices have not fallen in June.

Barring some new disaster it appears to be the bottom.

Translation - if prices don't go any lower, then it must be the bottom.

Originally Posted by olecapt on May 30, 2009

It appears the end is upon us. We are in the valley. We prophesy that the resale prices of Single family residences in Las Vegas will go up in May over April.

http://www.city-data.com/forum/9062246-post1.html

Originally Posted by GLAVR on June 9, 2009

Home sales continued to post big numbers in May and the median price dipped 1.2 percent, or $1,720, from the previous month, the smallest decline since November 2007, the Greater Las Vegas Association of Realtors reported today.

Las Vegas median home price falls 1.2 percent in May - Breaking News - ReviewJournal.com

Another bottom call from you; this one on the next to the last day of the month, and you still get it wrong? That might be a record even for you. You have all the predictive value of a random roll of the dice.

[JohnG72]

I don't think this will be much of an issue with the new unemployment numbers. Rents will be tough to come by, prices will start dropping again pretty soon...maybe 4-5 months. Interesting to see how many "investors" bail in the next 3 years once they grow tired of paying property tax on their vacant properties.

[olecapt]

Originally Posted by tony soprano

Translation - if prices don't go any lower, then it must be the bottom.
Another bottom call from you; this one on the next to the last day of the month, and you still get it wrong? That might be a record even for you. You have all the predictive value of a random roll of the dice.

Average price was up 3.8%. Condos median was up a little Condo average down a little.

In June as of the moment the average is flat and the median is up 2% since May.

It is the bottom barring some new event.

Suck it up and take it Tony. We have a bottom.

[RCCCB]

Originally Posted by JohnG72

I don't think this will be much of an issue with the new unemployment numbers. Rents will be tough to come by, prices will start dropping again pretty soon...maybe 4-5 months. Interesting to see how many "investors" bail in the next 3 years once they grow tired of paying property tax on their vacant properties.

Would work for me. I want a second home, not a renter.

[007 license to sell]

I just wanted to pass this info along, it's not to be negative but to enlighten any unsuspecting person moving to Vegas much less anywhere with out a job right now. Allot of parties would like you to think everything is hunky dory but the last thing right now is to mislead folks either intentionally or unintentionally that they should move here without a job and that everything is great.

If you check out this article it does address that Fountainblue is shut down and is trying to get a court to hurry up the proceedings so they can start again and finish to be able to open. I send this to show that you can't count on casinos for employment just because they are being built.

http://www.lvrj.com/business/48421762.html

Also check out this article on unemployment in Nevada it has gone up to 11.3%. Vegas unemployment rate is at 11.1%.

Nevada unemployment spikes - News - ReviewJournal.com

I hope this info is helpful for anyone thinking of moving to Vegas.

[Bideshi]

Originally Posted by JohnG72

Interesting to see how many "investors" bail in the next 3 years once they grow tired of paying property tax on their vacant properties.

And insurance and upkeep and repairs from vandalism...Oh, and did I mention evicting squatters?