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Old 01-16-2012, 10:09 AM
 
Location: Nebuchadnezzar
968 posts, read 1,108,338 times
Reputation: 331
Quote:
Originally Posted by tomfirst View Post
I'm with you......I bought 6. We are going to be loaded in the future.

I do think this is once in a generation opportunity.
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Old 01-16-2012, 10:36 AM
 
1,985 posts, read 4,593,173 times
Reputation: 362
Quote:
Originally Posted by eventusstultorummagister View Post
Interesting... as I recall you mentioned HOA restrictions which prohibited rentals in the subdivision.

LMAO, sorry no rental restrictions. Nor did I ever say there was. I'm sitting pretty and loving every minute of it.
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Old 01-16-2012, 04:44 PM
 
Location: North Las Vegas
1,514 posts, read 2,135,907 times
Reputation: 635
As a potential buyer you will want to read this article the water authority
is proposing putting liens on properties to settle the lien, the new owner of the property would have to pay the authority back fees for maintaining water service to the address and the rest of the valley.

Water officials pursue new ways to pay for construction projects
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Old 01-17-2012, 12:36 PM
 
Location: H-Town... "A place to call home"
2,532 posts, read 2,217,458 times
Reputation: 868
Quote:
Originally Posted by MoorestownResident View Post
LMAO, sorry no rental restrictions. Nor did I ever say there was. I'm sitting pretty and loving every minute of it.
Quote:
Originally Posted by MoorestownResident View Post
The Beazer rep told me they are selling it to me at a loss. Builder cost is usually 70-80 sq feet so that could be true. They aren't in the landlord business. Plus it's against HOA regs and most likely municipal bylaws.
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Old 01-17-2012, 01:29 PM
 
Location: Beautiful Upstate NY!
12,244 posts, read 16,032,129 times
Reputation: 5592
Winner winner...Chicken dinner!

(oh....heck with it!)
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Old 01-21-2012, 12:04 PM
 
Location: North Las Vegas
1,514 posts, read 2,135,907 times
Reputation: 635
This article covers real-estate crystal bar on what is going on with Las Vegas housing market how we got where we're at, and what does 2012 look like. I sat in on this and one thing that the speaker didn't do contrary to what the paper insinuated was that the analyst blamed only the bankers for this mess he did list all that contributed the housing mess which included the consumer.

Another rough year forecast for Las Vegas housing
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Old 01-23-2012, 10:30 AM
 
3,113 posts, read 4,364,182 times
Reputation: 1628
Quote:
Originally Posted by 007 license to sell View Post
This article covers real-estate crystal bar on what is going on with Las Vegas housing market how we got where we're at, and what does 2012 look like. I sat in on this and one thing that the speaker didn't do contrary to what the paper insinuated was that the analyst blamed only the bankers for this mess he did list all that contributed the housing mess which included the consumer.

Another rough year forecast for Las Vegas housing
The amazing dynamic is that people continue to insist that housing prices "just cant get any lower" based on nothing but...well...housing prices are "just so low already".
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Old 01-23-2012, 10:38 AM
 
Location: Sunrise
6,098 posts, read 4,500,797 times
Reputation: 3735
Quote:
Originally Posted by JohnG72 View Post
The amazing dynamic is that people continue to insist that housing prices "just cant get any lower" based on nothing but...well...housing prices are "just so low already".
I base my opinion that "things can't get much lower" (note, "much" not "any lower") based on the fact that houses already cost less than replacement cost.

People who are buying houses in Las Vegas are essentially getting the land for free, along with a 20-40% reduction on what it would cost to build the house.

Further significant reduction in Las Vegas house prices would mean that people lack confidence in Las Vegas as a functioning city -- Lake Mead shriveling up, gambling prohibition enacted by Congress, complete meltdown of the world's financial system (and presumably going to a Mad Max economic system of trinkets and body parts).
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Old 01-23-2012, 11:20 AM
 
3,113 posts, read 4,364,182 times
Reputation: 1628
Quote:
Originally Posted by ScoopLV View Post
I base my opinion that "things can't get much lower" (note, "much" not "any lower") based on the fact that houses already cost less than replacement cost.

People who are buying houses in Las Vegas are essentially getting the land for free, along with a 20-40% reduction on what it would cost to build the house.

This has nothing to do with anything. New homes are such a small segment of the market that they can be discarded as any sort of function of the market.

That leaves only existing homes as inventory. Las Vegas is actually becoming a real market place...rather than a gamed one. The replacement cost is irrelevant as the current and future inventory of existing homes is going to comprise most of the market.

Quote:
Originally Posted by ScoopLV View Post
Further significant reduction in Las Vegas house prices would mean that people lack confidence in Las Vegas as a functioning city -- Lake Mead shriveling up, gambling prohibition enacted by Congress, complete meltdown of the world's financial system (and presumably going to a Mad Max economic system of trinkets and body parts).
No. This doesn't make any sense at all. A true market that is not gamed is a function of supply and demand. Nothing more. Lower prices do not necessarily indicate any trend outside housing. The fact that home prices in Vegas reached a post bubble low in October and likely will continue to shos a decline in November and December prove that your assumption is incorrect.
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Old 01-23-2012, 11:59 AM
 
776 posts, read 896,041 times
Reputation: 413
Quote:
Originally Posted by JohnG72 View Post
This has nothing to do with anything. New homes are such a small segment of the market that they can be discarded as any sort of function of the market.

That leaves only existing homes as inventory. Las Vegas is actually becoming a real market place...rather than a gamed one. The replacement cost is irrelevant as the current and future inventory of existing homes is going to comprise most of the market.



No. This doesn't make any sense at all. A true market that is not gamed is a function of supply and demand. Nothing more. Lower prices do not necessarily indicate any trend outside housing. The fact that home prices in Vegas reached a post bubble low in October and likely will continue to shos a decline in November and December prove that your assumption is incorrect.

I think Scoop is speaking more toward longer term overall forces and you're talking about shorter term influences. I think Scoop's points are valid overall - in an environment where there's demand for housing (ie, Vegas doesn't experience a huge population decline), resale prices will stabilize at some relationship to new construction costs. This is a pretty basic supply/demand relationship, as you note.

Yes, short term resale prices are heavily influenced by foreclosure issues and so forth. But Vegas's revenue and visitor numbers are actually pretty close to the 2006/07 highs, and recent data suggests the population is rising. Combine that with the fact that resales are selling greatly below replacement costs, and it's pretty obvious that that should create a price floor. I believe this is what Scoop was saying.

Of course, if banks start dumping a huge amount of new foreclosures, yeah, we'll see more price declines (more supply, same demand - duh), but again, that's a short term consideration.
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