[costaricageorge]

I rent in what I would consider a desirable neighborhood in Seven Hills. Houses between 1300 sf and 1800 sf. There are at least 6 houses in the neighborhood empty with no for rent or for sale signs on them. There is one with a for sale by owner sign. In the past month one other went for sale for 169k and it was gone in less than a week. Last year at this time there were about 8 for sale. I have the money to buy in my area and I am having trouble finding a house. I guess I will have to be patient. By the way I am not looking into flipping a house or making a profit in the next five years. I just want to find something where my 9 yr. old can finish high school. My search so far has been for houses either zoned for Coronado, Green Valley and Silverado Ranch and there is not much out there for less than 175k.

[eventusstultorummagister]

Originally Posted by costaricageorge

I rent in what I would consider a desirable neighborhood in Seven Hills. Houses between 1300 sf and 1800 sf. There are at least 6 houses in the neighborhood empty with no for rent or for sale signs on them. There is one with a for sale by owner sign. In the past month one other went for sale for 169k and it was gone in less than a week. Last year at this time there were about 8 for sale. I have the money to buy in my area and I am having trouble finding a house. I guess I will have to be patient. By the way I am not looking into flipping a house or making a profit in the next five years. I just want to find something where my 9 yr. old can finish high school. My search so far has been for houses either zoned for Coronado, Green Valley and Silverado Ranch and there is not much out there for less than 175k.

They're is a nice flip in Anthem right now for @$150,000, purchased less than 90 days ago for $110K.

[ScoopLV]

Originally Posted by costaricageorge

18 months ago a B of A representitive told me it was exactly what they were going to do. Looks like they were telling the truth. 2 foreclosures came available in the past 5 days in 89123. One backs up to an undeveloped commercial lot and the other to the 215.

In my neighborhood, a lot of those "empty" houses aren't going on the market anytime soon. That's because they were purchased by Californians and Canadians as vacation property. They'll just sit there, vacant for most of the year. This is nothing new for me -- Key West was like this, too.

Sure, there are plenty of foreclosures, too. But just because the lights aren't on doesn't mean it's bank owned. Especially the nicer properties. Now if there's a foreclosure note taped to the door, that's another matter entirely. But around this area -- it's not foreclosure notices. It's owners who come here for New Years, July 4 and Labor Day Weekend, just like back home. Except back home it was owners who arrived for Christmas/New Years, President's Day Week and Columbus Day weekend.

Originally Posted by eventusstultorummagister

The average property in LAS VEGAS as of April 29 2012 has been on the market for about 167 days.

I don't think many people are interested in average properties. People want to get a good deal on a "feature rich" house with a little more elbow room in the yard. I don't hear too many people saying, "Boy, I sure hope I can find a 1,000 square foot house, built about 25 years ago, with foreclosure damage, in a tract neighborhood where all the properties are less than 1/10th of an acre."

Our economy has bounced back to the point that people are worried about quality kitchen cabinets again. Won't be long until a company to replace Barbecues Galore opens.

[irishspy]

First off Zippypippy needs to tone it down. It is ok to disagree but the insults do not prove you are too smart. I agree with ScoopLV many people from out of the area are buying homes in LV. They are either just retired or going to be soon. I am one of them. My place will sit empty until this October. Second many homes & condos which seem undesirable to folks in LV are desirable to many folks from other areas. We compare the lifestyle from where we are from to LV. Driving out onto a busy highway is no big deal if you have done it all of your life. Kitchen cabinets not oak. Well go buy new ones DUH!!! Many LV homes have minor repairs to do not a big deal if you are handy with tools. Please keep in mind we are selling houses that are not underwater so we take some of the profit and put it back in the LV house. These are good things for LV homes getting up grated more items purchased locally people getting work to do the upgrades taxes getting paid on these properties and etc. Zippypippy needs to either move away or be part of the solution.

[Cherry Heart]

My husband and I have been looking into moving to Las Vegas for only a short while. I have family there, and it is only 4 hours drive to Los Angeles where we both have family. We have been looking at rentals mostly, but have also looked at what the houses are like so we have a better idea of what we will want to look for in a year or two if we decide Vegas is where we want to plant roots. My husband signed up for one real estate company and when talking with the Agent she said that they have the least number of houses on the market they have had in years, and they are moving FAST. One house I contacted the owner about renting (we are looking for single houses, not apartments due to our pets) I had googled the house number, and saw that it was only purchased in late January for $50,000 and they already had listed it (and then taken it down 7 days later) for $75,000.

We are finding the housing situation in Las Vegas just seems crazy. Hundreds of houses, prices seem all over the place for houses in the same area with the same size homes. And yet, we are having almost no luck finding Rental homes. It's hard as out siders trying to get a grip on it all.

[007 license to sell]

There are more short sales right now than bank owned due to a law that passed Oct 2011 making banks prove they own the note. Because of this banks haven't been able to foreclose on the properties.

Once the banks get their ducks in a row we should see and increase in inventory, however there are some other things that are taking place,banks are already starting to rent to home owners that they foreclosed on, and other lending institutions are gearing up to bundle mortgages and sell them to Hedge funds for $.40 on dollar the Hedge funds will rent those properties for 3 to 5 yrs depending on the agreement with the banks before they will sell them.

Remember short sales are not bank owned sales these are home owners trying to sell their homes for less then the note on their property, this isn't inventory released by the banks. Unfortunately there are over 11,000 short sales in the mls and most of the 13,182 that are in contingency as of last week are short sales that the banks aren't responding too. Where buyers and sellers are waiting for banks to approve offers. Because there is no teeth in the legislation regarding banks having to respond to short sale offers in a timely manner banks still continue to take months or longer and usually never close because the buyer got discouraged and canceled their offer or the short sale took so long and will be foreclosed on.
Some of the short sales haven't currently been foreclosed on because of AB284 but once the banks get up and running you can be sure those properties will be foreclosed on.

[modhatter]

Originally Posted by eventusstultorummagister

The average property in LAS VEGAS as of April 29 2012 has been on the market for about 167 days.

I think perhaps you are confusing "pending" with on the market. Most homes are short sales. Bidders on these home don't receive an answer from the bank for three to four months (and some have taken longer)

Any nicer home hitting the market now have multiple offers.

Who is Zippypippy?

[costaricageorge]

Originally Posted by eventusstultorummagister

They're is a nice flip in Anthem right now for @$150,000, purchased less than 90 days ago for $110K.

Just sent you a PM. All I see are a few age-restricted in Sun City. Also see a place in 89044 for 160k but it is zoned for Liberty.

[BBMW]

That's interesting. I wonder how they're going to come up with all the lost paperwork and incorrectly recorded liens? These houses may be in limbo of a long, Long, LONG time.

Originally Posted by 007 license to sell

There are more short sales right now than bank owned due to a law that passed Oct 2011 making banks prove they own the note. Because of this banks haven't been able to foreclose on the properties.

Once the banks get their ducks in a row we should see and increase in inventory, however there are some other things that are taking place,banks are already starting to rent to home owners that they foreclosed on, and other lending institutions are gearing up to bundle mortgages and sell them to Hedge funds for $.40 on dollar the Hedge funds will rent those properties for 3 to 5 yrs depending on the agreement with the banks before they will sell them.

Remember short sales are not bank owned sales these are home owners trying to sell their homes for less then the note on their property, this isn't inventory released by the banks. Unfortunately there are over 11,000 short sales in the mls and most of the 13,182 that are in contingency as of last week are short sales that the banks aren't responding too. Where buyers and sellers are waiting for banks to approve offers. Because there is no teeth in the legislation regarding banks having to respond to short sale offers in a timely manner banks still continue to take months or longer and usually never close because the buyer got discouraged and canceled their offer or the short sale took so long and will be foreclosed on.
Some of the short sales haven't currently been foreclosed on because of AB284 but once the banks get up and running you can be sure those properties will be foreclosed on.

[costaricageorge]

No info on that flip in Anthem for 150k?