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Old 04-21-2009, 03:02 PM
 
Location: Beautiful Upstate NY!
12,252 posts, read 16,645,096 times
Reputation: 5651
Quote:
Originally Posted by BergenCountyJohnny View Post
I'm taking that to mean that the guy should have lost money on the home instead of making several hundred thousand... I don't know, I guess I didn't realize it was THAT bad in Vegas.
BAD??? How about the WORST? LV leads the nation in foreclosures! I saw some blipit on MSN's splash page that Nevada leads the nation in foreclosures...1 out of every 61 homes!

One can only imagine what this is doing the RE prices. For illustrative purposes, figure it this way...if you lived on a street that had 62 houses one would be in foreclosure...a few more might be headed that way and maybe another few are up for sale. Let's say there's 10 possible homes on that street to be bought...and only 7 possible buyers. What are you (as a seller of one of those homes) going to do to make sure that your house is one of the 7 sold? How do you compete with bank-owned property that's going for nothing...you will lower your price, right? So will the next guy and next guy...etc...in a vicious circle...constantly driving down prices...not only on your own street, not only in your own development...but all over town!

Now, I'm no RE guru...but there are a few who post here regularly. Heck, I don't even live anywhere near LV! And, I'd be willing to admit that I may not have painted the picture 100% accurately...but I'm sure others will. Olecapt is good at this stuff.

Last edited by jfkIII; 04-21-2009 at 03:17 PM..
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Old 04-21-2009, 03:15 PM
 
Location: Las Vegas
3,731 posts, read 5,720,630 times
Reputation: 1240
Quote:
Originally Posted by RedRockAAAA View Post
I agree with most of what's been said. She got a good deal. She or hubby inherited money.

But, what's up with that site? Is it a realtor's site that just pops up when you google anytown? Did ya see the list? It was like hyped up headlines to grab your attention and keep you on that site. I guess if they keep you there long enough, you'll start searching for a house. At any rate, their hit count just went up cause we all looked .

Good for her.
Some people use that site as a bible for the real estate market. I've noticed some out of date info and incorrect info on there.
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Old 04-21-2009, 03:28 PM
 
Location: Las Vegas
3,731 posts, read 5,720,630 times
Reputation: 1240
Quote:
Originally Posted by jfkIII View Post
BAD??? How about the WORST? LV leads the nation in foreclosures! I saw some blipit on MSN's splash page that Nevada leads the nation in foreclosures...1 out of every 61 homes!

One can only imagine what this is doing the RE prices. For illustrative purposes, figure it this way...if you lived on a street that had 62 houses one would be in foreclosure...a few more might be headed that way and maybe another few are up for sale. Let's say there's 10 possible homes on that street to be bought...and only 7 possible buyers. What are you (as a seller of one of those homes) going to do to make sure that your house is one of the 7 sold? How do you compete with bank-owned property that's going for nothing...you will lower your price, right? So will the next guy and next guy...etc...in a vicious circle...constantly driving down prices...not only on your own street, not only in you own development...but all over town!

Now, I'm no RE guru...but there are a few who post here regularly. Heck, I don't even live anywhere near LV! And, I'd be willing to admit that I may not have painted the picture 100% accurately...but I'm sure others will. Olecapt is good at this stuff.
Actually, the real estate market is still good for us long timer homeowners as far as resale values are concerned. It's the folks who bought at the height of the market frenzy that are taking a hit now. For us long timers, the only problem would come in that if you had to sell your house, you'd be competing with all the foreclosures out there. But older homes have their perks and usually come with mature landscaping, etc. and they're not on those postage stamp size properties where you can reach out and touch your neighbor as all the new stuff is. The neighbor around the corner from me just put their house up for sale last Thursday (husband died, she can't afford to live there alone, wants a condo). Already had three showings (possible offer coming) houses were built in the sixties, she kept it updated and in mint condition.

Man, I saw a couple homes up in Summerlin two weeks ago, three steps out the back patio door and you bunk into the back wall.

Prices now are just about where they should have been for this time period, had the home buying craze never have happened and we would have had "normal" substantiated growth, instead of the fast paced boom we experienced. Maybe Olecapt in his real estate wisdom will agree.


As I said in another posting, one mans gain is another man's pain. The VERY good thing that came out of the Las Vegas foreclosure mess is that lots of new, young families are able to buy and are buying a home now in Las Vegas, whereas just a few years ago, these kids couldn't afford to do so. And...the lending guru's are now being responsible and making sure that buyers are truly qualified to do so as well.

Last edited by MomMom; 04-21-2009 at 04:10 PM..
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