[olecapt]

Originally Posted by ndb3

Do you think new home prices will drop anymore?

Las Vegas has very low standing inventory of new homes and very few underway. Those are pretty much all being built to in hand contracts.

I would think we have seen most all of the decline in new build homes. I don't think they are going up any time soon either. So anytime between now and spring is probably all the same. And it may contine past spring.

The CEO of Freddie Mac does not bother to think about the price of new built homes in Las Vegas.

[Terri B]

Income Gain Exclusions – The Scoop on Code Sec. 121. (http://www.trustmakers.com/newsletter/New_email_templates/John/income-gain-exclusions-aug-12-08-print.html - broken link)

What a relief, I found solid info on how the Exclusion is going to work.

The link has a simple explanation on the new tax exclusion when one sells their personal residence.

[olecapt]

Originally Posted by Terri B

Income Gain Exclusions – The Scoop on Code Sec. 121. (http://www.trustmakers.com/newsletter/New_email_templates/John/income-gain-exclusions-aug-12-08-print.html - broken link)

What a relief, I found solid info on how the Exclusion is going to work.

The link has a simple explanation on the new tax exclusion when one sells their personal residence.

For most people it is the same old law. The difference is you can't pull the rental conversin shtick any more.

Under some circumstances though it might still be posslibe to protect some gains under the new law. Just less and more complex.

The interesting question will be how it computes on 1031 cascades...

[Terri B]

Originally Posted by olecapt

For most people it is the same old law. The difference is you can't pull the rental conversin shtick any more.

Under some circumstances though it might still be posslibe to protect some gains under the new law. Just less and more complex.

The interesting question will be how it computes on 1031 cascades...

Since I went from personal residence to rental, I am still covered on the tax exemption. At least that is what the real estate accountants are saying, will know for sure around the end of this year once the IRS clarifies code 121. Do not want to do any kind of 1031 with this property.

[olecapt]

Originally Posted by Terri B

Since I went from personal residence to rental, I am still covered on the tax exemption. At least that is what the real estate accountants are saying, will know for sure around the end of this year once the IRS clarifies code 121. Do not want to do any kind of 1031 with this property.

Perhaps at the moment but I would bet not as an ongoing thing. Once you go rental the proportional thing sets in. Probably makes little difference in the early period but rent for a few years and watch the exemption go away.

[Coop01]

04-29-2008, 09:09 PM lvlover wrote;
about 4 months on your prediction -

Originally Posted by lvlover

I do love it. Hey benbhmark the date. We are all coming back to see how it came out.

More than 52% are REO by the way. So What? Gaming revenue will likely fall some more. So what?

The new win joint and City Center are moving along to come on line. You think that will be bad?

At presnt the pending guarantee a couple more good months. The vector they indicate says it will continue going up...but who knows. The recession hits hard and LV has to survive at 75% occupancy. What probability do you give that scenario?

But we got you down. Six months out it will still be deteriorating.

Now you wanna put a little money that you will do better than me or Dude66. I will put up a $100 and we let MomMom hold the money. We can let anyone else who wants to play join. Could get interesting.

I saw this interesting video in housing doom.com
An interview on KLAS with Linda Reinberger, former GLVAR president.
Some quotes from the clip -
Las Vegas- “Chances of selling your own home in this market are slim.” | Housing Doom

[olecapt]

Originally Posted by Coop01

04-29-2008, 09:09 PM lvlover wrote;
about 4 months on your prediction -

Uhhh who is winning? If it is volume related lvlover wins hands down...volume is still going up. If it is Average price I suspect lvlover is going to win as well. If it is median price you may have a prayer. Median is still going down a bit though REPOs are not.

I saw this interesting video in housing doom.com
An interview on KLAS with Linda Reinberger, former GLVAR president.
Some quotes from the clip -
Las Vegas- “Chances of selling your own home in this market are slim.” | Housing Doom

Note that the foreclosures were a little over 1200 per month. We are however sellling roughly 1800 a month. Guess where that leads to?

Fascinating market. I too though would advise clients to rent if they did not absolutely have to sell. If you wait out the foreclosures I suspect you will pick up 15% or more in less than 6 months.

[Coop01]

Originally Posted by olecapt

Uhhh who is winning? If it is volume related lvlover wins hands down...volume is still going up. If it is Average price I suspect lvlover is going to win as well. If it is median price you may have a prayer. Median is still going down a bit though REPOs are not. .......

I was just poking a little fun. I think his/her intent was that the market was going to recover. I don't think it's anywhere near it. Interesting video clip though.

--... ...--/ --- .-.. . -.-. .- .--. - / .... ..

[Kalbo]

"Las Vegas home prices at 2003 level: From the Las Vegas Sun"

[olecapt]

Originally Posted by Kalbo

"Las Vegas home prices at 2003 level: From the Las Vegas Sun"

Zillow does not know very much.

SFR median pricing in February of 2004 was $220,000. July 2008 SFR median was $220,000. Similar for condos was mid 2004.

See it yourself...

http://www.lasvegasrealtor.com/stats/Statindex.htm