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Old 01-10-2010, 02:00 PM
 
58 posts, read 141,925 times
Reputation: 33

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Hi!

We're thinking of buying one of two homes in the 89139 zip code of Las Vegas/Enterprise. There are many new construction and almost new homes on the market there for in the high $400k's to low $500k's. The homes we are interested in are new builds that were done a few years ago but didn't sell. They are large homes with land and the developer is selling them in the mid to high $600K's to $800K's. I went to the assessor's website, but can't find a list of recent home sales in that zip code. Can anyone point me in the right direction? I want to know what homes are selling for in that area so we don't get taken by the builder. Any advice would be great! Thanks.
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Old 01-10-2010, 02:28 PM
 
11,177 posts, read 16,021,941 times
Reputation: 29935
Quote:
Originally Posted by PugMom17 View Post
I went to the assessor's website, but can't find a list of recent home sales in that zip code. Can anyone point me in the right direction? I want to know what homes are selling for in that area so we don't get taken by the builder. Any advice would be great! Thanks.
Have you tried blockshopper?

Real estate in 89139, Nevada | BlockShopper Las Vegas
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Old 01-10-2010, 03:01 PM
 
58 posts, read 141,925 times
Reputation: 33
No I haven't tried blockshopper. I will! Thanks!
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Old 01-10-2010, 05:37 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,998,514 times
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why would you buy now? homes in that price range have a long way to fall still.
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Old 01-10-2010, 07:53 PM
 
58 posts, read 141,925 times
Reputation: 33
Quote:
Originally Posted by airics View Post
why would you buy now? homes in that price range have a long way to fall still.
The homes we are interested in were built in 2006 and 2007 and didn't sell. They were originally up supposedly for over 1 million. Since I first posted this morning, thanks to the MadMan, I looked on blockshopper and found that many, many houses in the development sold originally for over or close to a million, got repoed and resold again for 1/2 or less than half of what they originally sold for. Recent sales have been in the mid $400k's to upper $500k's in that tract. The builder is asking high $600k's. I live out of state and don't want to end up paying $100k too much because I'm not savvy about the real estate in the area. Then again, I don't know if repos that have resold can be used as comparables. And I don't know if a builder will bargain.
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Old 01-10-2010, 10:33 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by PugMom17 View Post
The homes we are interested in were built in 2006 and 2007 and didn't sell. They were originally up supposedly for over 1 million. Since I first posted this morning, thanks to the MadMan, I looked on blockshopper and found that many, many houses in the development sold originally for over or close to a million, got repoed and resold again for 1/2 or less than half of what they originally sold for. Recent sales have been in the mid $400k's to upper $500k's in that tract. The builder is asking high $600k's. I live out of state and don't want to end up paying $100k too much because I'm not savvy about the real estate in the area. Then again, I don't know if repos that have resold can be used as comparables. And I don't know if a builder will bargain.
YOu got it basically correct. There are few sales and the foreclosures are under $100 per SF. This is a semicustom tract that is going to pretty much end up under $100 psf.

If you wish to pay that kind of money go shop the customs in the SW, SE and NW. There are some exceptionally good buys even for houses that are complete but not "finished". There are three or four around with over a million of cost that are available for less than half that.

Lots of opportunity right now to pick up 1 or 1.5 million in construction costs for around $500K.
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Old 01-11-2010, 10:17 AM
 
1 posts, read 1,631 times
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I was told that if your buying a resale the realestate agent handles the contract and the closing for both buyer and seller. This seems to be a conflict of interest. Most places there is an attorney for both buyer and seller.Is this true or just BS.
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Old 01-11-2010, 05:16 PM
 
1,410 posts, read 3,319,896 times
Reputation: 952
Quote:
Originally Posted by PugMom17 View Post
The homes we are interested in were built in 2006 and 2007 and didn't sell. They were originally up supposedly for over 1 million. Since I first posted this morning, thanks to the MadMan, I looked on blockshopper and found that many, many houses in the development sold originally for over or close to a million, got repoed and resold again for 1/2 or less than half of what they originally sold for. Recent sales have been in the mid $400k's to upper $500k's in that tract. The builder is asking high $600k's. I live out of state and don't want to end up paying $100k too much because I'm not savvy about the real estate in the area. Then again, I don't know if repos that have resold can be used as comparables. And I don't know if a builder will bargain.
Most definately, repos that have resold are used for comps. And builders bargain, especially at these times.
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Old 01-11-2010, 05:20 PM
 
1,410 posts, read 3,319,896 times
Reputation: 952
Quote:
Originally Posted by edycurrent View Post
I was told that if your buying a resale the realestate agent handles the contract and the closing for both buyer and seller. This seems to be a conflict of interest. Most places there is an attorney for both buyer and seller.Is this true or just BS.
Unless your talking about something other than a resale that is between an individual seller and an individual buyer, each party generally has their own agent. In some cases, the agent may hold the listing and have clients who are interested in buying it. In that case, it is called a dual agency and each party signs an agreement acknowledging they are aware of that. Many buyers and sellers use attorneys to represent them at closing and no, they never share the same attorney.
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Old 01-11-2010, 06:16 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by edycurrent View Post
I was told that if your buying a resale the realestate agent handles the contract and the closing for both buyer and seller. This seems to be a conflict of interest. Most places there is an attorney for both buyer and seller.Is this true or just BS.
This varies very widely by state.

In Nevada the vast majority of deals involve an agent for each client and no lawyer.

Unless you are a very sophisticated investor you should never allow a seller's agent to represent you when you buy. To do so the Seller's agent must get your agreement, as well as the seller's. tp represent both parties. That document is an acknowledgement that the agent is in a conflict of interest and can help nobody...

Unless you are very sophisticated in RE you should therefore have an agent that can help you.

A lawyer can always take part in a Nevada deal but it is unusual. I would think the lawyer provides value added only in unusual or difficult situations.
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