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Old 06-03-2011, 05:23 AM
 
2,724 posts, read 4,764,554 times
Reputation: 1042

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Quote:
Originally Posted by tony soprano View Post
At this point in the cycle I think it could be a good time to buy depending on your personal circumstances.
I sold my home in Dec. '05 and I keep the money stashed in coffee cans buried in my back yard, that's my personal circumstance.


Never managed to beat the chicken (@Tropicana) at tic-tac-toe either.

Last edited by eventusstultorummagister; 06-03-2011 at 05:42 AM..
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Old 06-03-2011, 07:22 AM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,501,960 times
Reputation: 7615
Quote:
Originally Posted by eventusstultorummagister View Post
Never managed to beat the chicken (@Tropicana) at tic-tac-toe either.
Yes...but it sure was fun choking it!

(PS...that Chicken TTT idea was the brainchild of Dennis Gomes, who is now co-owner of Resorts. He is putting similar effort into turning that joint around)
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Old 06-03-2011, 09:56 AM
 
Location: Las Vegas
3,728 posts, read 9,475,380 times
Reputation: 1323
Default LV Real Estate Marketing Fluctuating

Here's a report from todays paper..




Las Vegas housing market fluctuating - Business - ReviewJournal.com
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Old 06-03-2011, 11:01 AM
 
179 posts, read 389,964 times
Reputation: 37
The following search engine might give you some beneficial statistics on housing price trends in LV and anywhere else in the US for that matter too.

It's from the FHFA website and it draws its numbers based on whatever numbers are kept by the FHFA agency.

You start with MSA, which will give you one for Las Vegas NV area.

Then you put in the Year/Quarter in which a property was purchased.

Then you put in the Year/Quarter in which to value the property (presumably first or second quarter 2011 if looking for current valuation).

Then you put in the Purchase Price for the Year/Quarter purchased.

Then it will calculate an "estimated value" based on FHFA numbers held in their computer and also give a graph showing (typically) a general rise and then a general drop - which I did this for several cities, not just LV, but the graph tends to look the same, goes up, then goes down again.

It is at their website at:

Federal Housing Finance Agency - HPI Calculator

And if you poke around the menu on the left, you can also pull up overall trend graphs for specific areas of the country, including LV.
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Old 06-03-2011, 11:46 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by Sheryl_Jones View Post
The following search engine might give you some beneficial statistics on housing price trends in LV and anywhere else in the US for that matter too.

It's from the FHFA website and it draws its numbers based on whatever numbers are kept by the FHFA agency.

You start with MSA, which will give you one for Las Vegas NV area.

Then you put in the Year/Quarter in which a property was purchased.

Then you put in the Year/Quarter in which to value the property (presumably first or second quarter 2011 if looking for current valuation).

Then you put in the Purchase Price for the Year/Quarter purchased.

Then it will calculate an "estimated value" based on FHFA numbers held in their computer and also give a graph showing (typically) a general rise and then a general drop - which I did this for several cities, not just LV, but the graph tends to look the same, goes up, then goes down again.

It is at their website at:

Federal Housing Finance Agency - HPI Calculator

And if you poke around the menu on the left, you can also pull up overall trend graphs for specific areas of the country, including LV.

That provides the standard data avaiable in better detail from many sources.

The problem of course is that it is no good in any real case. It over estimates the value of a foreclosure and underestimates the value of a classic.

It does show the overall trends quite clearly...but it is not useful for actually determining market value either to buy or sell. In fact it is almost certain wrong.
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Old 06-03-2011, 03:30 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,159,384 times
Reputation: 3900
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. 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.
If anyone bought their dream house last year, the last thing that they should be worried about is how much its worth just one year later. How about enjoying the "dream house" for a couple of years before even worrying about the market.

Me and my wife just purchased our nearly perfect dream home 2 months ago and the last thing we care about is the value. We plan on staying there till its paid off and we can pass it on to the kids. Even if I get orders out the country we will rent it out because our mortgage is about $400-500 below the rental rates in the neighborhood. I feel like we are in a very good position.

Who cares what the house is worth right now unless you are ready to move, sell or itching to cash in on the equity.
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Old 06-03-2011, 04:00 PM
 
Location: Las Vegas
3,728 posts, read 9,475,380 times
Reputation: 1323
Quote:
Originally Posted by von949 View Post
If anyone bought their dream house last year, the last thing that they should be worried about is how much its worth just one year later. How about enjoying the "dream house" for a couple of years before even worrying about the market.

Me and my wife just purchased our nearly perfect dream home 2 months ago and the last thing we care about is the value. We plan on staying there till its paid off and we can pass it on to the kids. Even if I get orders out the country we will rent it out because our mortgage is about $400-500 below the rental rates in the neighborhood. I feel like we are in a very good position.

Who cares what the house is worth right now unless you are ready to move, sell or itching to cash in on the equity.
Only the nickel and dime investors, meaning those with not enough money to actually buy anything, lol ...

Great post von and so spot on for folks who want to and are now finally able to live in Las Vegas...enjoy the home!

Last edited by MomMom; 06-03-2011 at 05:13 PM..
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Old 06-03-2011, 08:33 PM
 
2,724 posts, read 4,764,554 times
Reputation: 1042
Hello, is this thing on?

The point I made was that I had not LOST money by renting as someone very incorrectly stated. I actually realized a net savings by NOT buying.

There's no fools like OLD fools.
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Old 06-03-2011, 08:39 PM
 
2,724 posts, read 4,764,554 times
Reputation: 1042
Quote:
Originally Posted by von949 View Post
Even if I get orders out the country we will rent it out because our mortgage is about $400-500 below the rental rates in the neighborhood. I feel like we are in a very good position.
If you financed as "primary residence" you cannot "rent" the property, (especially if it is V.A. loan). You would need to refi and most likely it will be in the teeth of higher interest rates. Kind of a gamble.
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Old 06-03-2011, 09:03 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by eventusstultorummagister View Post
If you financed as "primary residence" you cannot "rent" the property, (especially if it is V.A. loan). You would need to refi and most likely it will be in the teeth of higher interest rates. Kind of a gamble.
Would only be an issue if he wished to use VA on another house. Otherwise never come up after a couple of years.
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