[MR77]

Here is the link. Condos UP 1.5%. Not huge but sort of encouraging for condo owners.
Las Vegas home sales, prices stable in July - Las Vegas Sun

[olecapt]

Originally Posted by MR77

I thought I heard on the news that condo and town-home prices had increased over the last few months. I will try to find the source.

The source for all that is..


http://www.lasvegasrealtor.com/stats/Statindex.htm


The average price of condo/townhouses has mostly been moving upwards since April/May. Don't put a lot of stock in the big average increase in August...that is a one shot likely driven by a single penthouse sale.

[JM95]

Prices will rise once obama gets deported to venezuela.

[yellowsnow]

Housing will go up. Someday.

That's my prediction and I'm sticking to it.

[barocko7]

Originally Posted by JM95

Prices will rise once obama gets deported to venezuela.

The typical easy way out, by putting the blame on someone else! You should be proud of this presidents actions, reaching his hand out to the rest of the World, establishing a new political foundation for us all.

No, the prices of homes will doubtfully increase - they will decline further! I could easily imagine the majority of used homes selling for under $50G.

They will decline to a level that the normal worker can be able to afford and pay back the loan received. the price range has been over-inflated throughout the past years, which is one major reason why so many familys have lost everything. If the price for a home is leveled down, then obviously more familys will be able to keep up their payments due.

[new2lv]

When in doubt, blame Obama. I'm not a huge fan of him, but he wasn't the one who misled us to an unprovoked Iraq war that has already cost thousands of American lives and a trillion dollars. Nor was he responsible for people biting off more than they could chew, buying $300k homes on a $30k salary with zero down at interest-only "teaser rates". I believe Bush's response to 9/11 was to go out and spend money... yeah, that worked out well. Probably would've helped if people were spending their own money as opposed to taking out loans and maxing out their credit cards.

What goes up, must come down. Gravity shall always prevail, unless you're in outer-space (i.e. teabaggers, birthers, etc.)

[ruready1st]

I don't think you will see the values that were once here. When average houses were selling for $200+/psf it was insane. A majority of homes were and aren't worth that much. It was an overinflated market.

I don't see the values going up to much anytime soon. Supply and demand doesn't seem to apply anymore. The foreclosure and short sale market throws a wrench in that. Plus, there are builders waiting to meet any kind of demand. I see prices only returning to slightly more than it costs to build a place per square foot, at least in the the next 5 years or more. Right now places are selling for less than what it costs to build new.

[cedar_bluff_tree_farm]

Originally Posted by barocko7

They will decline to a level that the normal worker can be able to afford and pay back the loan received.

We may all hope that housing prices will decrease to a level that the normal worker can afford them. But that's not how our economy works.

Prices will stabilize when what people are willing to pay is the same as what sellers are willing to sell their homes for. The buyer's price is partially dependent on how much they earn but is also dependent on what the perceived future profit is. In other words, a buyer may continue to pay more for a house than their income supports if they believe they can make money by owning a home. During the bubble, the perception of profit was very huge and many people paid much more for the home because they perceived they could make a lot of money from it.

This is the primary reason why it's usually more expensive to own a home than it is to rent. A renter has no return on investment because they don't own anything while an owner can receive a tidy profit from owning a house after sale.

[awedree]

We have lived here since 1994. The recession (IMHP) will deepen drastically. The tourist basedeconomy of Vegas is falling apart. First thing people give up in a crunch is luxury/convention travel. It will get much worse. We have way too many houses clogging the market and many unbuilt developments at a standstill. People are leaving this city in droves due to the rising unemployment, very poor schools. AND the water issue looms. In a few years water will be increasingly expensive, not enough to support the infrastructure of Las Vegas. Sell now while you still can.

[olecapt]

Originally Posted by cedar_bluff_tree_farm

We may all hope that housing prices will decrease to a level that the normal worker can afford them. But that's not how our economy works.

Prices will stabilize when what people are willing to pay is the same as what sellers are willing to sell their homes for. The buyer's price is partially dependent on how much they earn but is also dependent on what the perceived future profit is. In other words, a buyer may continue to pay more for a house than their income supports if they believe they can make money by owning a home. During the bubble, the perception of profit was very huge and many people paid much more for the home because they perceived they could make a lot of money from it.

This is the primary reason why it's usually more expensive to own a home than it is to rent. A renter has no return on investment because they don't own anything while an owner can receive a tidy profit from owning a house after sale.

The average family in Las Vegas can afford the median home. It gets no better than this as homes are now selling well below replacement cost. Once inventory is exhausted the price pretty much goes back to somewhat above replacement cost.

So it may stay in about the same state for some time yet. But it is unlikely to go a lot lower. Not impossible if say the US economy tanks...but otherwise we are in the bottom.