[longviewJoe]

Originally Posted by tijlover

Zoning in Nimbyized San Francisco only allows the construction of, roughly, 3 story buildings to be built in 80% of the city. It can take years to get a building approved and constructed. Not much different in the entire Bay area, notably San Jose, Berkeley, Oakland, Palo Alto. If one were to rezone the entire Bay area, chase out the Nimby's, you could potentially see 100+ cranes rise to the skies. The "kings and queens" of the SF hills don't want any structure to mar their view of the Bay. Never mind there's high rises going up in the DT area and the Mission district, no problem, as that blocks their views of the shipyards.

L.A. is still, archaically, zoned for single family homes in 72% of the city. It can even be a struggle to get a mid rise built near a light rail station. A developer wanted to build Santa Monica's first high rise, only 21 stories, first high rise since 1970, and you'd think the developer was going to build a toxic waste dump! Project squashed.

Here's another city, L.A., if you re-zoned, chased out the Nimby's, cranes rising to the skies everywhere.

And let's not overlook the CA Coastal Commission, that won't allow any high rises along the entire CA coastline. The ones you see there that exist were built pre-1970.

Minneapolis, as liberal as San Francisco, just opened up the city to liberalized zoning. That means if someone wants to build a triplex next to a single family home, so be it!

This is a problem I don't think any President can solve, or the recently created YIMBY'S in the Bay area.

You might be right but if liberal politicians control all forms of government in California it seems we have to be willing to take the blame for these poor policies and not doing anything to change them.

[Willy702]

Originally Posted by longviewJoe

You might be right but if liberal politicians control all forms of government in California it seems we have to be willing to take the blame for these poor policies and not doing anything to change them.

Well the voters are majority homeowners and what do you think they want to have as neighbors? One of the curses of democracy.

[Positiveone]

How do you see the coronavirus causing real estate to slow down or homes lose value? Or coronavirus or not will the Las Vegas metropolitan area still have a strong real estate market?

thank you

[OmegaSupreme]

Originally Posted by Positiveone

How do you see the coronavirus causing real estate to slow down or homes lose value? Or coronavirus or not will the Las Vegas metropolitan area still have a strong real estate market?

thank you

normally recessions and property prices are unrelated. but this is different.

it's difficult to say, there are many factors at play. the most important in my opinion is (un)employment. 2nd most important is interest rates. rates are pretty low and will be for a while, until we get excess inflation but that wont happen in a contracting economy, it could happen if we have overestimated the effects of the virus of the economy (due to over stimulus). unemployment is likely to rise, it all depends on how bad things get. i personally expect a correction of some sort.

[Katie the heartbreaker]

Originally Posted by Katie the heartbreaker

I do not like this at all.

"Median home price for Las Vegas valley breaks all-time record."

https://www.ktnv.com/news/median-hom...ll-time-record

Everyone who knows me here knows that I post information whether good or bad. Since my post above one month ago, it has gotten worse. To me, and to anyone who rents, this is more bad news. I am still hoping it turns around next month. Median home price breaks another record.

https://www.ktnv.com/news/existing-s...rs-association

Originally Posted by boatpi

The economy is so good here I am having a difficult time hiring someone and starting pay is $17 an hour. Then people switch jobs so often it seems. One thing for sure rental rates for single family houses has really gone upwards. I purchased a number of houses in 2010-1012. One house use to get $12,50 in 2011, now gets $1,550 per month rent. All great signs of a stable economy.

I just happened to see this post which you made only 1 month ago. I am wondering if you still feel we have a great stable economy?

[lvmensch]

Originally Posted by Katie the heartbreaker

Everyone who knows me here knows that I post information whether good or bad. Since my post above one month ago, it has gotten worse. To me, and to anyone who rents, this is more bad news. I am still hoping it turns around next month. Median home price breaks another record.

https://www.ktnv.com/news/existing-s...rs-association





I just happened to see this post which you made only 1 month ago. I am wondering if you still feel we have a great stable economy?

RJ had a reasonable write up...

https://www.reviewjournal.com/busine...iness%20Update

So good volume prices stable but signs of oncoming weakness.

The whole RE Industry is convinced it is headed down. Only problem is the market so far does not agree.

[Katie the heartbreaker]

Originally Posted by lvmensch

RJ had a reasonable write up...

https://www.reviewjournal.com/busine...iness%20Update

So good volume prices stable but signs of oncoming weakness.

The whole RE Industry is convinced it is headed down. Only problem is the market so far does not agree.

There are 2 things I have learned not to try to predict. They are the stock market and the housing market. Although I disagree with you on a lot of things, I do listen to you when it comes to real estate. I have been a member on here for 5 years and you have been right in that time frame regarding real estate. Considering that is your specialty, that should not be a surprise.

[strato58]

Its only been a month give the market data a chance to occur. People don't even know if they will have jobs to go back to. I don't believe Government helicopter money will help very much at all. Real estate markets across the country are going to suffer and a town like Vegas might be really hit hard. The writing is on the wall, what more does it take?

[eventusstultorummagister]

Originally Posted by lvmensch

RJ had a reasonable write up...

https://www.reviewjournal.com/busine...iness%20Update

So good volume prices stable but signs of oncoming weakness.

The whole RE Industry is convinced it is headed down. Only problem is the market so far does not agree.

Fewer closings at the lower price points (below $250K) pushed the "median" prices higher.

April and May are going to be the telling months.

[equid0x]

I am not a real-estate investor or anything of the sort. However, I have been watching markets for years and in particular Las Vegas post 2008 which is why I ended up buying here.

Personally, I don't think we're going to see the massive decline in prices we saw during the '08 crash. However, I do think up to a about 20% downward movement might be reasonable due to weak demand.

It seems to me that the factors that lead to the bubble pop here in Vegas in '08 just aren't there right now. I think all housing markets are going to see a minor decline in the short term. Namely, we do not have a huge oversupply of ridiculously overpriced housing like we did in '08. Additionally, we don't have the huge number of speculators buying houses here who would file strategic defaults like we had in '08.

Reality is, nobody can predict the market - even if they tell you they can.

In the short term, it probably won't be good. How long that goes on, in my opinion, depends on how long our government decides to keep people from working.