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Old 04-09-2009, 11:18 PM
 
Location: Fort Worth and Las Vegas
255 posts, read 556,961 times
Reputation: 73

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Local home sales up in March - Business - ReviewJournal.com

2980 SFR sales (double a year ago)
22,812 Inventory (up 0.2% from year ago)
86% sales distress sales (why are 14% buying from other individuals?)
Prices at April 2002 levels

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Old 04-10-2009, 12:09 AM
 
482 posts, read 1,372,062 times
Reputation: 87
In the long run. LV will emerge as a better place, after this fiasco. Working class families getting decent houses for 100-150K.
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Old 04-10-2009, 11:13 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,204,096 times
Reputation: 2661
Quote:
Originally Posted by rpachigo View Post
Local home sales up in March - Business - ReviewJournal.com

2980 SFR sales (double a year ago)
22,812 Inventory (up 0.2% from year ago)
86% sales distress sales (why are 14% buying from other individuals?)
Prices at April 2002 levels

Fourteen percent are the "normal" sales by a private seller. And on a price line roughly $40 per SF higher than the REOs. Some areas simply have very few REOs available...and if you want to live there you have to come up to that price line.

That non-distressed price line however has been dropping faster than REOs for a couple of months. So maybe coming together...then again pricing appears to be stabilizing in such places as 89134.

Interesting times .
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Old 04-10-2009, 12:21 PM
 
Location: Fort Worth and Las Vegas
255 posts, read 556,961 times
Reputation: 73
Quote:
Originally Posted by olecapt View Post
Fourteen percent are the "normal" sales by a private seller. And on a price line roughly $40 per SF higher than the REOs. Some areas simply have very few REOs available...and if you want to live there you have to come up to that price line.

That non-distressed price line however has been dropping faster than REOs for a couple of months. So maybe coming together...then again pricing appears to be stabilizing in such places as 89134.

Interesting times .
If distressed is selling at 70$/sq. ft or so, then maybe a 10$ premium for private owner sales, but 40$ more seems an awfully high steep premium to pay to live down the street or around the block. So I do think the non-distressed price line will drop closer to REO level.
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Old 04-10-2009, 01:06 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,204,096 times
Reputation: 2661
Two confounding factors. Location and relative number of REOs.

While REOs are about 80% of sales overall they are only 40% in 89134.

The median REO in 89134 sells for 192K or $110.74 Per SF.

The median non REO in 89134 sells for 250K or 143.68 per SF.

The Averages of the two are 107.37 and 151.27 as you now see the impact of the big houses.

These are the numbers from January 1 to present. So the overall median would be higher than the present one. Maybe $80 or $85 per SF.
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Old 04-10-2009, 02:03 PM
 
Location: Fort Worth and Las Vegas
255 posts, read 556,961 times
Reputation: 73
Where is 89134?
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Old 04-10-2009, 03:17 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,204,096 times
Reputation: 2661
Quote:
Originally Posted by rpachigo View Post
Where is 89134?
That is the original part of Summerlin. Basically Cheyenne on the north to Charleston on the South and from Rampart to the 215.

Peccole (Queensridge) cuts out the south east corner.

I pick it because it was pretty well built out by 2000 and I track its RE behavior anyway. Has a range of homes from the 150K to multiple millions.
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Old 04-10-2009, 03:43 PM
 
391 posts, read 1,713,825 times
Reputation: 143
DO NOT BE ALARMED....ALL IS WELL!!!
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Old 04-10-2009, 04:38 PM
 
1,347 posts, read 2,448,565 times
Reputation: 498
Quote:
Originally Posted by ClarkGrisowld View Post
DO NOT BE ALARMED....ALL IS WELL!!!
Classic!
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Old 04-10-2009, 10:11 PM
 
Location: Macao
16,259 posts, read 43,195,107 times
Reputation: 10258
I've been searching on realtor.com, and just amazing what you get in Vegas for the prices...

I also think anyone who buys in Vegas is going to do great in the long-run...when you look at other parts of the country, the housing is so often dilipatated at those same prices.

No comparison really.
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