[ediddy]

For OleCapt and other deniers. A small sample of the thousands of homes all over the valley, in all price ranges that are crashing and crashing hard. East, west, north, south, it's all the same story. 25%, 30%, 35% losses. That is the reality.


2200 BIG BAR 89052 Seven Hills
Listed for $550,000
Last sale $813,000 in 2006
32% loss

2535 IVORYHILL 89135 Summerlin
Listed for $315,000
Last sale $465,000 in 2005
32% loss

4083 BOTTIGLIA 89141 Southern Highlands
Listed for $339,000 today
Last sale $459,000 in 2004
26% loss assuming someone pays full asking price

[olecapt]

Originally Posted by ediddy

You realtors crack me up. $250,000 is still too much. What is so hard to grasp about this simple concept. Median HOUSEHOLD income is $45K a year. That is $37K after taxes which is $3000 a month. If a household is bringing home $3K and spend 1/3 of its income on housing, it means it cannot afford a $250K home. A $250K mortgage at 6.5% with $0 down is $1600. Add HOA and taxes and insurance and you're over $2000. So what you are proposing is that a household spend 2/3 of its income on housing. That is absolutely insane and is why there are thousands for sale. And will continue to be for sale until priced at a level where that household only spends 1/3 of its income on housing.

Median Family Income is 61K in Las Vegas. There are thousands of homes below 250K...there are still thousands below 200K... There are 4800 homes listed below 200K. They are selling at the rate of 3000 per year. So a 16 month supply. Not up with the 20 months or so of the overall...but still a super slow market. They ain't buying. And note that there are a number of developments now selling at and below 200K.

That is why this "unwillingness to buy" exists. It is an affordability issue. Your argument is like me saying I have an unwillingness to buy a private jet. Sure it is an unwillingness to buy based on the fact I can't afford it.

Still nonsense. The doom and gloom has scared everybody off. Simple as that. The half above the median could support a market far larger than what we have going at the moment.

Doom and gloom will have run its course when sellers come to their senses and price their homes for what they're worth. That means the $250K home will be priced at $150K. You can spin all you want and come up with all sorts of words and insults. Won't matter.

And silly rants about what would be nice will do absolutely no good. We may see another few percent down...particularly if the doom and gloom continues at its present pace. But the base market (without REPOs) is moving down very slowly if at all. At the moment it appear the base will be flat or even up a bit Oct to Nov. REPOs will likely pull the overall median down a bit but the base does not appear to be moving. Not what I would have projected a month ago by the way.

What I don't get is why you realtors don't just advise your sellers to lower the price. Is 6% of $0 better than 6% of $150K on a $250K listing? If I were a realtor I'd tell anyone who would listen to drop the price and drop it now. You guys don't care if prices go up or down. All you care about is transactions. You are hurting yourselves more than anyone by still clinging to this hope that real estate prices won't fall more.

You contiute to display an appalling lack of understanding of the RE business. RE Agents in Las Vegas and throughout the nation have been beating their clients with sticks to get the prices down. They run into a set of problems with this...the sellers who most need to come down can't....and the sellers who can come down don't have to and won't. I am personally sitting on a whole list of doubles. Sell than Buys. Can't get most of them up until the market turns.

[olecapt]

Originally Posted by ediddy

For OleCapt and other deniers. A small sample of the thousands of homes all over the valley, in all price ranges that are crashing and crashing hard. East, west, north, south, it's all the same story. 25%, 30%, 35% losses. That is the reality.


2200 BIG BAR 89052 Seven Hills
Listed for $550,000
Last sale $813,000 in 2006
32% loss

2535 IVORYHILL 89135 Summerlin
Listed for $315,000
Last sale $465,000 in 2005
32% loss

4083 BOTTIGLIA 89141 Southern Highlands
Listed for $339,000 today
Last sale $459,000 in 2004
26% loss assuming someone pays full asking price

You are getting no where. Those are all REPOS from people who purchased in 2004/5/6

Those are the screwees. And the banks are dumping. But it is not moving the base of the market.

[gulfer]

Not that it matters, but my previous post when I said "Wait til Sping" it wasn't necessarily meant to buy. It was meant to continue looking and see how things are come the Spring time.

[SHEPNYC]

Amongst other things.

Las Vegas can take a few lessions!


City Murder Rate On Pace For New Record Low!!


NY1: Top Stories

[olecapt]

Originally Posted by SHEPNYC

Amongst other things.

Las Vegas can take a few lessions!


City Murder Rate On Pace For New Record Low!!


NY1: Top Stories

At what cost? Wanna compare tax rates?

[ackackack]

To get back to housing, what do you guys think will come out of the latest news about Freddie Mac and Fannie Mae reporting $3.5 billion in losses? I wonder if this is the real number since they are know to cook the books. Aren't Freddie Mac and Fannie Mae loans supposed to be more difficult loans to get? When will the government stop helping these companies?

I guess we can keep looking forward to the dollar becoming more and more worthless as the Fed gets closer and closer to 0%. Does anyone still think a recession is not coming? Let's hope we're not the next Japan.

[sheriff]

Originally Posted by Disallusioned1982

This f*ing sucks. I am just about to graduate with a double degree in Dentistry/Medicine, thinking about specializing in cosmetic dental surgery. But, because a bunch of GED morons and college drop outs with mediocre 30-45k/yr paying jobs think that for some reason, they deserve the best of everything, speculation has driven home prices way up up up. Now, people like me who will be making well into the six figures will have to share housing developments with people who make that minus a zero at the end. Save the best for the best. Let everybody else figure out mediocrity on their own. I'd like to live among peers.

If one is a graduate of anything, you have no peers in TheCesspool. Can't you go elsewhere?

[sheriff]

Originally Posted by ediddy

You realtors crack me up. $250,000 is still too much. What is so hard to grasp about this simple concept. Median HOUSEHOLD income is $45K a year. That is $37K after taxes which is $3000 a month. If a household is bringing home $3K and spend 1/3 of its income on housing, it means it cannot afford a $250K home. A $250K mortgage at 6.5% with $0 down is $1600. Add HOA and taxes and insurance and you're over $2000. So what you are proposing is that a household spend 2/3 of its income on housing. That is absolutely insane and is why there are thousands for sale. And will continue to be for sale until priced at a level where that household only spends 1/3 of its income on housing.

That is why this "unwillingness to buy" exists. It is an affordability issue. Your argument is like me saying I have an unwillingness to buy a private jet. Sure it is an unwillingness to buy based on the fact I can't afford it.

Doom and gloom will have run its course when sellers come to their senses and price their homes for what they're worth. That means the $250K home will be priced at $150K. You can spin all you want and come up with all sorts of words and insults. Won't matter.

What I don't get is why you realtors don't just advise your sellers to lower the price. Is 6% of $0 better than 6% of $150K on a $250K listing? If I were a realtor I'd tell anyone who would listen to drop the price and drop it now. You guys don't care if prices go up or down. All you care about is transactions. You are hurting yourselves more than anyone by still clinging to this hope that real estate prices won't fall more.

You are right. LV will get very ugly, and will NEVER return to the ridiculous market it was. Sensible qualifications for loans, have returned, and the majority of "realtors" that stumbled into the gold mine that once was will never be heard from again. The next wave of resort openings will do absolutely nothing to help the RE market----50,000 new jobs----45,000 that won't qualify for squat.

[dynimagelv]

Originally Posted by Disallusioned1982

This f*ing sucks. I am just about to graduate with a double degree in Dentistry/Medicine, thinking about specializing in cosmetic dental surgery. But, because a bunch of GED morons and college drop outs with mediocre 30-45k/yr paying jobs think that for some reason, they deserve the best of everything, speculation has driven home prices way up up up. Now, people like me who will be making well into the six figures will have to share housing developments with people who make that minus a zero at the end. Save the best for the best. Let everybody else figure out mediocrity on their own. I'd like to live among peers.

Dear Jerkoff......these college dropouts and morons are the ones that will be paying your salary......People like "YOU" aren't making well into six figures and with your atitude probably never will.

If you want to live among YOUR peers, I'd suggest next door to RC Farms.