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Old 08-16-2008, 01:03 PM
 
Location: Punta Gorda
181 posts, read 453,480 times
Reputation: 90

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Is it possible to still find a 3 bdrm 2 bthrm property for under $120 000 in a good area with low crime? My bank will not finance short term rental.

They also do not finance in communities where the percentage of investment owners vs resident owners are too high.

If there are still deals like these out there,
A: please let me know and/or send me an email with links.
B: let me know what areas to look at.

I am not interested in short sales or pre foreclosures. I will have to obtain a mortgage either from my own bank or a lender who has a FN program.

Thanks for your help and assistance.

Roy
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Old 08-16-2008, 01:35 PM
 
Location: Las Vegas, Nevada
12,686 posts, read 36,349,256 times
Reputation: 5520
If you mean in Las Vegas, no. If you mean in other states, probably.
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Old 08-16-2008, 02:17 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,493,779 times
Reputation: 7615
no.
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Old 08-16-2008, 03:03 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,197,261 times
Reputation: 2661
Quote:
Originally Posted by vegasboy View Post
Is it possible to still find a 3 bdrm 2 bthrm property for under $120 000 in a good area with low crime? My bank will not finance short term rental.

They also do not finance in communities where the percentage of investment owners vs resident owners are too high.

If there are still deals like these out there,
A: please let me know and/or send me an email with links.
B: let me know what areas to look at.

I am not interested in short sales or pre foreclosures. I will have to obtain a mortgage either from my own bank or a lender who has a FN program.

Thanks for your help and assistance.


Roy
Watch your DMs. There are a dozen or so in NLV and the NW that will work. Note that there are actually a lot of these but they sell very fast...almost instantly on the nice ones. I have had clients buy two in the last two months. One at 129K and one at 122K with two K of costs. There is actually a nice one at 105K but it needs 12K or so up front.
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Old 08-16-2008, 07:52 PM
 
Location: Houston, Texas
10,447 posts, read 49,653,116 times
Reputation: 10615
Some one told me today that there are some condos selling in Summerlin for $50,000. Is this true? I wonder if they mean those ones behind the Hospital. Red something....gated?? Cant remember the name. It was up a pretty good hilly road.

They are small. I put in dozens of kitchens in those things. I think the kitchens had a grand total of 7 box counts.

How about Pirates Cove? After the conversion they were starting at $79K 3 years ago. I bet they are half that.

$120thousand something for a home in LV? Who would have thunk it?
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Old 08-17-2008, 01:27 AM
 
Location: Somewhere.
10,481 posts, read 25,282,289 times
Reputation: 9120
Back in 2001 you could get a really nice basic house in Summerlin for around $100,000. It just seems that home prices are just going back to normal..good in some ways, bad for other's.
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Old 08-17-2008, 08:43 AM
 
Location: Las Vegas, NV
2,990 posts, read 8,711,373 times
Reputation: 1516
I really think its good when prices come down because more people can actually afford it. The downside is the people who bought at a high price and couldn't unload it in time or refinance it. I bought in the early 2003, so I'm probably in the negative myself...but it doesn't really bother me since I live in my home and I can still deduct my mortgage interest. Most people are upside down on their autos and do not even think negative about that. I am just happy for those who can buy in the $50,000 range! if that is true, then that should be a very affordable payment even when someone is not making a whole lot of money!
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Old 08-17-2008, 09:03 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,197,261 times
Reputation: 2661
Quote:
Originally Posted by AA702 View Post
I really think its good when prices come down because more people can actually afford it. The downside is the people who bought at a high price and couldn't unload it in time or refinance it. I bought in the early 2003, so I'm probably in the negative myself...but it doesn't really bother me since I live in my home and I can still deduct my mortgage interest. Most people are upside down on their autos and do not even think negative about that. I am just happy for those who can buy in the $50,000 range! if that is true, then that should be a very affordable payment even when someone is not making a whole lot of money!
YOu are pretty well above water. Prices are still at early 2004 levels. You likely still have a 25% or more cushion.

The bottom prices are virtually all REPOs. Likely that price line will vanish pretty much when the REPO thing ends. Bottom of the SFR in Summerlin is above $150K mostly. Maybe a few REPOs a little below that.

In Aliante the bottom of the REPOs is around $140K. And then relatively high HOA fees.
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Old 08-17-2008, 12:29 PM
 
81 posts, read 260,364 times
Reputation: 24
[SIZE=2]Las Vegas Condos - New Condos for Sale & Rentals in Las Vegas, NV[/SIZE]



50K
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Old 08-17-2008, 02:30 PM
 
Location: Somewhere.
10,481 posts, read 25,282,289 times
Reputation: 9120
Quote:
Originally Posted by olecapt View Post
YOu are pretty well above water. Prices are still at early 2004 levels. You likely still have a 25% or more cushion.

The bottom prices are virtually all REPOs. Likely that price line will vanish pretty much when the REPO thing ends. Bottom of the SFR in Summerlin is above $150K mostly. Maybe a few REPOs a little below that.

In Aliante the bottom of the REPOs is around $140K. And then relatively high HOA fees.
The only high HOA fees in Aliante are in Club Aliante. The rest of the neighborhoods pay around $140 a month, Sun City last I checked paid less than the neighborhood I am in pays.
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