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Old 11-03-2010, 04:29 AM
 
9 posts, read 19,327 times
Reputation: 16

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just have been searching about new ( built in 2006-07) developments in summerlin. most of the owners are 'deep underwater'. purchased houses above 400-500k, now such homes sell for about 150-250k. does it mean if one is going to buy a house in such area, will pretty much live with no/or few neighbors ?
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Old 11-03-2010, 02:39 PM
 
Location: Camarillo
932 posts, read 2,348,019 times
Reputation: 992
Quote:
Originally Posted by Ashley555 View Post
just have been searching about new ( built in 2006-07) developments in summerlin. most of the owners are 'deep underwater'. purchased houses above 400-500k, now such homes sell for about 150-250k. does it mean if one is going to buy a house in such area, will pretty much live with no/or few neighbors ?
Hardly.

I bought a home this year in 89138, built in 2004, as a short sale. Some of the original owners on my street are still living here, and some probably are underwater with their mortgages. But every house is occupied, and it's a very pleasant neighborhood.
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Old 11-03-2010, 05:45 PM
 
Location: Silicon Valley
3,683 posts, read 9,860,889 times
Reputation: 3016
You have nothing to worry about. If the houses are empty, squatters will soon move in. You won't be lonely.
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Old 11-03-2010, 08:57 PM
 
122 posts, read 239,163 times
Reputation: 78
I second the squatters...They have this deal in vegas where a guy will contact the homeowner and strike a deal to rent the place out to homeless people to keep the mortgage payments going...Thats as legit as squatting goes, anyway. The rest is just illegal...
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Old 11-04-2010, 01:20 PM
 
Location: Tucson
430 posts, read 1,312,438 times
Reputation: 346
I live in the Northwest in 89131, there are more than 1,200 SF homes for sale here. Tons of vacant properties. The frustration comes in the fact that the no one seems to be selling some properties.

There is a home near where we live that was vacant when we moved in. In talking to the neighbors, it seems the home has been empty since January 2009. It is at the end of a cul-de-sac. There is a tree that is so overgrown now that you can't see the front of the house. The home had 2 different realtor signs over the 2 year period. There hasn't been a sign though for the last 4 months.

The bank sold it Feb. 2009. Nothing ever happened to the property. It is finally going to public auction. Listed for $39,500!

Why do these homes sit for so long?
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Old 11-04-2010, 02:26 PM
 
122 posts, read 239,163 times
Reputation: 78
Because nobody wants to buy them...and probobly the foreclosures are so big in Vegas the process to get it resold takes forever.

With a price that low, however, I might point out thats a perfect invitation now for the ones who can afford it....
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Old 11-04-2010, 06:42 PM
 
1,728 posts, read 4,727,874 times
Reputation: 487
For a lot of those houses going for under $100K, what condition are they in?

Water pipes, eletrical grid, etc. due to nonuse?
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