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Old 06-02-2011, 09:02 PM
 
Location: Beautiful Upstate NY!
12,252 posts, read 17,128,449 times
Reputation: 5668

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Quote:
Originally Posted by olecapt View Post
RE is a weird thing.
Yep...as weird and different as each individual buyer is.
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Old 06-02-2011, 10:23 PM
 
72 posts, read 58,242 times
Reputation: 60
Quote:
Originally Posted by olecapt View Post
Got a guy who wants a nice house. Single story...golf front or something to look at...4 bedrooms and a den..swimming pool. 1.3 million max.

Ohh and close west side. Summerlin or Spring Valley.

Piece of cake?

Yeah right...Can't really see anything that fits below 2 million.

And they are all over priced. You would think everybody got the word by now...but nope. $300K over...$400K over.

And some of the damn things are selling...

RE is a weird thing.

Anybody that buys real estate in Nevada is a fool. Simple enough. Prices are going down and will continue to go down for many years. Not trying to **** people off but this is the truth.
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Old 06-02-2011, 10:26 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 21,103,163 times
Reputation: 2661
Quote:
Originally Posted by Tagalog View Post
Anybody that buys real estate in Nevada is a fool. Simple enough. Prices are going down and will continue to go down for many years. Not trying to **** people off but this is the truth.
With you obviously truth is relative. There is a lot of that going around.
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Old 06-02-2011, 10:35 PM
 
Location: NW Las Vegas
23 posts, read 36,314 times
Reputation: 20
Quote:
Originally Posted by Tagalog View Post
Anybody that buys real estate in Nevada is a fool. Simple enough. Prices are going down and will continue to go down for many years. Not trying to **** people off but this is the truth.
Well you could rent a 4 bedroom house for $1500/month while waiting for the housing market to improve and be guaranteed to lose $18,000 a year or take a chance and buy one for ~$135k.
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Old 06-02-2011, 11:23 PM
 
Location: Las Vegas, Nevada
11,730 posts, read 10,000,453 times
Reputation: 15051
Quote:
Originally Posted by Positiveone View Post
It doesnt appear we have seen the bottom yet. We own, lost tons. But for those seeking to buy, i would wait. Its not over yet and their are plenty of homes out there to choose from.
I've been moaning over the low prices being fetched for townhouses in my complex ($25k) in an older area of the city, and recently I investigated the prices of townhouses in Central Phoenix where I plan to move next year, I inputted the range between $10k & $50k. What a pleasant surprise and a great sense of relief!

I couldn't believe it, all the townhouses available starting at 11k! Any number in the 15k range, and for $25-30k you can get a really nice one, up to 1800 SF.

So everything is relative! I'll have my place paid off next year, and so if I only get $25k for it, no great loss!

Last edited by tijlover; 06-02-2011 at 11:24 PM.. Reason: edit
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Old 06-03-2011, 12:21 AM
 
2,961 posts, read 1,952,038 times
Reputation: 2263
Quote:
Originally Posted by Vegasbnd View Post
Well you could rent a 4 bedroom house for $1500/month while waiting for the housing market to improve and be guaranteed to lose $18,000 a year or take a chance and buy one for ~$135k.
Best. Comment. This year.

Thread ender.
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Old 06-03-2011, 12:50 AM
 
Location: H-Town... "A place to call home"
2,532 posts, read 2,475,975 times
Reputation: 873
Quote:
Originally Posted by Vegasbnd View Post
Well you could rent a 4 bedroom house for $1500/month while waiting for the housing market to improve and be guaranteed to lose $18,000 a year or take a chance and buy one for ~$135k.
I rent a nice 4/2/2 for $1,100 a month (landlord lowered my rent $150 when I advised him I was considering a move). A home purchased a year ago for $135K could only fetch @$100K in today's market (that does not even factor in the 10% loss on RE commissions). Although math was never my forte, looks like I saved @$30K by renting.
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Old 06-03-2011, 04:18 AM
 
1,316 posts, read 1,480,569 times
Reputation: 425
Quote:
Originally Posted by eventusstultorummagister View Post
I rent a nice 4/2/2 for $1,100 a month (landlord lowered my rent $150 when I advised him I was considering a move). A home purchased a year ago for $135K could only fetch @$100K in today's market (that does not even factor in the 10% loss on RE commissions). Although math was never my forte, looks like I saved @$30K by renting.
The latest Shiller data came out within the last week and showed a YoY drop in Vegas housing of 5.3%. So yeah, I'd say your math is a little wonky.

<on edit> The new GLVAR numbers will be out soon as well but they won't reflect anything of the magnitude you've suggested either.
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Old 06-03-2011, 05:05 AM
 
Location: H-Town... "A place to call home"
2,532 posts, read 2,475,975 times
Reputation: 873
"Standard & Poor's National Case-Shiller Home Price Index on Tuesday showed home prices hitting a new recession low for Las Vegas and the nation.
The average price of a Las Vegas area house slipped 1.1 percent from February to March. That represents a decline of 5.3 percent from a year ago"

OK, let's say you bought that "sweetheart deal-of-the-century" home in Las Vegas a year ago. You wanted it reaaaaally bad so you didn't mind padding your offer by 10K (over market). So, in essence, that 100K home cost you 110K. Now this same home will appraise for how much? Maybe, if you're lucky 80K , yes? Truth be told appraisals are coming in lower and lower these days.
Anyhow, your 110K dream home is now subject to a 30K loss (albeit on paper).

Wonky?


Please excuse the sarcasm, I am simply NOT convinced that buying a home in Vegas right now is prudent.

Last edited by eventusstultorummagister; 06-03-2011 at 05:37 AM..
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Old 06-03-2011, 05:50 AM
 
1,316 posts, read 1,480,569 times
Reputation: 425
Quote:
Originally Posted by eventusstultorummagister View Post
"Standard & Poor's National Case-Shiller Home Price Index on Tuesday showed home prices hitting a new recession low for Las Vegas and the nation.
The average price of a Las Vegas area house slipped 1.1 percent from February to March. That represents a decline of 5.3 percent from a year ago"

OK, let's say you bought that "sweetheart deal-of-the-century" home in Las Vegas a year ago. You wanted it reaaaaally bad so you didn't mind padding your offer by 10K (over market). So, in essence, that 100K home cost you 110K.
You mean if you pay 10% over going market you might lose money? No way! Who'd have thought it?
Quote:
Now this same home will appraise for how much? Maybe, if you're lucky 80K (100K less 5%), yes?
$100K less 5% is $95K, not $80K.
Quote:
Truth be told appraisals are coming in lower and lower these days.
Anyhow, your 110K dream home is now subject to a 30K loss (albeit on paper).

Wonky?
Yeah, wonky. Please see above.
Quote:
Please excuse the sarcasm, I am simply NOT convinced that buying a home in Vegas right now is prudent.
No worries. Anyone who's read enough of my posts knows that I've been anything but a Vegas RE cheerleader. In fact, a good percentage of my posts have been spent countering bad information dispensed by our resident cheerleader. At this point in the cycle I think it could be a good time to buy depending on your personal circumstances. Certainly not if you're going to overpay by 10%, then sell a year later, and let your appraiser tell you while prices have fallen 5%, he's going to appraise an additional 15% below that.
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