[quixotic59]

Originally Posted by bayview6

"It's time to buy again."

Real estate: It's time to buy again - Fortune Finance

"Forget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing."

Isn't that exactly how this mess got started in the first place???? When will people stop focusing on making a quick buck and worry about building a stable life for themselves?

[dynimagelv]

ssshhhhh thats how we weed out the riff raff.

[Danknee]

Originally Posted by bayview6

Real Estate Market is Coming Back

[007 license to sell]

What everyone needs to remember is that statistics can be read in so many ways, a person has to look at many different sources where the stats and information come from and try to find the truth somewhere in the middle. I caution not to be overly optimistic or pessimistic. Prices are at an all time low in and around Las Vegas will prices go lower most likely and some area's will increase a little at a time. Until jobs come back in other states tourism is going to hurt here,and until we get more diversified in the types of business's here.

If your wanting to wait until housing hits bottom, you have to keep in mind by the time you start reading housing prices have hit bottom it's usually to late and the bottom may have been hit months prior to the announcement. Anyone looking to purchase needs to look at: do they really need an home can they afford an home? And if they purchase a home can they ride out any decreases in value if they should have to sell before this economy turns around.


Contrary to what we were told in the past, not everyone should own a home. What's wrong with renting?
I am just cautioning buyers to really do their own fiduciary duty when purchasing a property don't just take one sources info as gospel look at different sources and try to find the truth some where in the middle.

[007 license to sell]

Originally Posted by Swigchow

How much has the price of raw land dropped, including single lots or bigger? What areas are in greatest demand (if there is any demand)? What area might have the best value?

I was at a New home builder meeting last week and remaining new home builders are picking up failed new home builders communities for $25,000 for a finished lot that would be considered expensive if it were for an finished lot except these are lots with all the sevices are in like sewer, water, gas, etc. It would normally cost $25,000 additionally to put in those services.

As far as other types of land prices you may find this article interresting:

Fourth-quarter valley land values dip 30 percent

Distressed land sales and a sluggish economic recovery diminished local property values in 2010, Las Vegas-based business advisory firm Applied Analysis reported.

[yellowsnow]

I've got my swami hat on now......

I know you won't believe this.....but back when things were GOOD and homeowners were making money hand over fist.... I was sitting in the corner saying there was something very wrong with the market any time an average family couldn't afford an average home provided they were good money managers. I was laughed at a lot. I still say the same thing. Prices should rebound but only to the point where an average family can afford an average home. In Las Vegas, wages are low, so accordingly, home prices should remain somewhat lower here than in many other areas. Of course we will always have the luxury market for the folks who want a place in Vegas, but that's not for the average family.

I think the market will go up. Slowly and in fits and starts. But it's not going to hit the stratosphere again in our lifetimes. Will people make money in real estate? Yes. But not like they did in the early 00's.

[JGC97]

Before the real estate crash, only 3% of Californians could afford to buy a house. 3%!!! That's just wrong!

As much as I would like to see housing prices rebound, I don't want to see the same thing that I saw in 2005. Prices rising almost hourly. Slow growth with some sense of stability is in order. I never bought a house as an investment. It was my home and I lived in it and enjoyed it, until such time it was time to move.

Unfortunately, the mindset of so many younger Americans is to treat a house as an investment instead of a home where children are raised and memories are made.

So, if the housing market is coming back, I hope it doesn't run itself completely off the cliff the next time around.

[olecapt]

Originally Posted by yellowsnow

I've got my swami hat on now......

I know you won't believe this.....but back when things were GOOD and homeowners were making money hand over fist.... I was sitting in the corner saying there was something very wrong with the market any time an average family couldn't afford an average home provided they were good money managers. I was laughed at a lot. I still say the same thing. Prices should rebound but only to the point where an average family can afford an average home. In Las Vegas, wages are low, so accordingly, home prices should remain somewhat lower here than in many other areas. Of course we will always have the luxury market for the folks who want a place in Vegas, but that's not for the average family.

I think the market will go up. Slowly and in fits and starts. But it's not going to hit the stratosphere again in our lifetimes. Will people make money in real estate? Yes. But not like they did in the early 00's.

Why do you think Las Vegas wages are low? They are often above the US average and generally about the same as Los Angeles, which has a much higher cost of living.

I agree that we will eventually have an adjustment. But I don't know when. The problem is the mortgage mess creates an artificial market controlled by other than market forces. I would think the foreclosure thing goes on for years yet and interferes with any natural market.

I have a young client couple who would really like a new house. But they have seen the foreclosures...sometimes in the same block as the new house models...

The differential is close to 15%. They don't like a new house that much.

[bay bridge]

Originally Posted by olecapt

Why do you think Las Vegas wages are low? They are often above the US average and generally about the same as Los Angeles, which has a much higher cost of living.

I agree that we will eventually have an adjustment. But I don't know when. The problem is the mortgage mess creates an artificial market controlled by other than market forces. I would think the foreclosure thing goes on for years yet and interferes with any natural market.

I have a young client couple who would really like a new house. But they have seen the foreclosures...sometimes in the same block as the new house models...

The differential is close to 15%. They don't like a new house that much.

I hate to tell you, wages are low in the Vegas area! Many employers have lowered employees wages and have reduced their hours to part-time to avoid paying benefits. You should get out more often.

[olecapt]

Originally Posted by bay bridge

I hate to tell you, wages are low in the Vegas area! Many employers have lowered employees wages and have reduced their hours to part-time to avoid paying benefits. You should get out more often.

Garbage. Wages are down a bit...but only a bit. As they are many places. The Casinos, which drive a lot of this are down in employment but not so much in wages. Government wages, another big driver are down a small percentage.

So a small down as you have in most other places. The relative Las Vegas wage has not changed out of proportion.

You should learn to pay attention to reality rather than skuttle butt.