[jfkIII]

Originally Posted by airics

sheriff, have you ever said anything positive about anything on these boards? you must be the most depressing person around.

...and also one of the more realistic.

[olecapt]

Originally Posted by airics

sheriff, have you ever said anything positive about anything on these boards? you must be the most depressing person around.

Sheriff is not into reality...ole Greg has always had a cantankerous nature concealing an intellect lacking in many dimensions.

[sheriff]

Originally Posted by olecapt

Sheriff is not into reality...ole Greg has always had a cantankerous nature concealing an intellect lacking in many dimensions.

Sticks and stones may break my bones, but names will never hurt me. You, on the other hand are an EMBARASSMENT to the fine LV valley.

[sheriff]

Originally Posted by airics

sheriff, have you ever said anything positive about anything on these boards? you must be the most depressing person around.

Gee, sorry if you view me as a negative force---I only post only what I percieve to be facts. Gold and oil are booming. How's that?

[airics]

thank you...geez try to show some light at the end of the tunnel... maybe say that the Danny Gans show was entertaining or something.. everybody knows the real estate market is in trouble... but keep down playing it the way you do and you will have someone jump off the stratosphere... i always think that the one who has the negative attitude is the one who screwed up himself.. if i was so miserable in las vegas, such as many members of this board, i would pack up and go somewhere else.

[sheriff]

Originally Posted by airics

thank you...geez try to show some light at the end of the tunnel... maybe say that the Danny Gans show was entertaining or something.. everybody knows the real estate market is in trouble... but keep down playing it the way you do and you will have someone jump off the stratosphere... i always think that the one who has the negative attitude is the one who screwed up himself.. if i was so miserable in las vegas, such as many members of this board, i would pack up and go somewhere else.

Danny Gans is pathetic. A joke of a show---but hey, if YOU like him. And, yes, I have screwed up in LV, but am still greatfull for the rubes that LV draws. Thank you.

[dude66]

Originally Posted by olecapt

You are on... By March of 2010 median and average prices will exceed todays levels...

Ooh! I want in on that bet too. Olecapt is going down. I still don't think he pays enough attention to external factors.

Such as?

Well, how 'bout this morning's headline:

Banks face "systemic margin call," $325 billion hit: JPM

NEW YORK (Reuters) - Wall Street banks are facing a "systemic margin call" that may deplete banks of $325 billion of capital due to deteriorating subprime U.S. mortgages, JPMorgan Chase & Co, said in a report late on Friday.
Link: Banks face "systemic margin call," $325 billion hit: JPM: Financial News - Yahoo! Finance (broken link)


So lemme get this straight. $325 billion will potentially just vanish from the banking system, but some people on this forum would believe everything will be just fine hunky dory, there's no doom and gloom, back to regular programming, and best of all, home values will go up, up, and up and we can get back to buying Hummers off our home equity. Woohoo!

Right. I'll DEFINITELY take that bet.

[sheriff]

Originally Posted by dude66

Ooh! I want in on that bet too. Olecapt is going down. I still don't think he pays enough attention to external factors.

Such as?

Well, how 'bout this morning's headline:

Banks face "systemic margin call," $325 billion hit: JPM

NEW YORK (Reuters) - Wall Street banks are facing a "systemic margin call" that may deplete banks of $325 billion of capital due to deteriorating subprime U.S. mortgages, JPMorgan Chase & Co, said in a report late on Friday.
Link: Banks face "systemic margin call," $325 billion hit: JPM: Financial News - Yahoo! Finance (broken link)


So lemme get this straight. $325 billion will potentially just vanish from the banking system, but some people on this forum would believe everything will be just fine hunky dory, there's no doom and gloom, back to regular programming, and best of all, home values will go up, up, and up and we can get back to buying Hummers off our home equity. Woohoo!

Right. I'll DEFINITELY take that bet.

Yes, Hummers, homes, and all of the desirables in LV will prove to be a toy for those who have been financially responsible.

[sheriff]

Originally Posted by dude66

Ooh! I want in on that bet too. Olecapt is going down. I still don't think he pays enough attention to external factors.

Such as?

Well, how 'bout this morning's headline:

Banks face "systemic margin call," $325 billion hit: JPM

NEW YORK (Reuters) - Wall Street banks are facing a "systemic margin call" that may deplete banks of $325 billion of capital due to deteriorating subprime U.S. mortgages, JPMorgan Chase & Co, said in a report late on Friday.
Link: Banks face "systemic margin call," $325 billion hit: JPM: Financial News - Yahoo! Finance (broken link)


So lemme get this straight. $325 billion will potentially just vanish from the banking system, but some people on this forum would believe everything will be just fine hunky dory, there's no doom and gloom, back to regular programming, and best of all, home values will go up, up, and up and we can get back to buying Hummers off our home equity. Woohoo!

Right. I'll DEFINITELY take that bet.

Not that it matters, I posted years ago, that the long line of Hummers, Escalades, and the such at Nevada Power to pay their power bills, before shut off showed the true climate of the LV economic climate. Over bought, over paid, over extended. 'Nuff said?

[Kabrasco LaFonz]

You guys seem a little too pessimistic if you ask me (albeit I like hearing worst case scenarios). Rent has actually increased in the past couple years, even if it stays at current levels for another 3 years I think it would be fair to call the rental market healthy. I am a pretty typical small time investor in that I generally have $100-200K liquid if I happen to waltz into a profitable business opportunity. If what you are predicting is true (massive continued drops in housing prices), then a community selling at around $120/sqft today will be selling for $95/sqft in a year or two. I can assure you that at that drastically reduced price, an investor would be able to put 20% down, and rent the unit (assuming he does his homework and finds an easy to rent area) "above water" at a rate that would actually equal or surpass his RoR off of a typical savings account/CD. Add to that that this investor would also have a possibility of making money off of any appreciation in 3-5 years and that would be a very good deal indeed. That's why I don't see prices falling too much more, because once that mortgage-to-rent threshold gets crossed there will be investors like myself coming out of the woodwork to keep prices from falling too low. I have lost bids over the past few months on many houses that were listed at a "firesale" price because I simply didn't go high enough to beat the other 3-6 investors that were bidding on it.

Don't get me wrong, I do not have a rosy outlook about the real estate market right now, lending is on such a tight leash that I agree that # of sales will not be good for quite a time, and any future run up will happen slowly rather than sharply. I guess I just disagree with the thought that actual unit sales prices will continue to drop as drastically as they have in the past 9 months. Even though I have a small portfolio of homes right now I actually wouldn't mind a further drop since that would give me a RoR excuse to buy up maybe one or two more units.