[ocean2026]

Monday's today's Wall Street Journal cover story B section - on Las Vegas Condos -specifically City Centre people trying to get out of their deposits. Not a nice story.

[olecapt]

Originally Posted by ocean2026

Monday's today's Wall Street Journal cover story B section - on Las Vegas Condos -specifically City Centre people trying to get out of their deposits. Not a nice story.

One of the most inhteresting things around. I think of them as rich people time shares. And they sign outrageous contracts...utterly one sided with almost certain forfeiture of large deposits if you don't complete the transaction.

To my point though.

These have nothing to do with Las Vegas Real Estate. They are in an entirely different cosmos. They belong with Ferraris and Harry Winston and such.

I have been watching them closely for a while looking for a good hole to make a buck or two. Now I have my own rules...no smarny sales. We do not suck up....and we don't wear ties except to bury people. Note that black Tee shirts that cost more than $100 are the equivalent of wearing a tie. So if we get to the point where a civilian might actually break even or not suffer badly we may go off and try and sell a few.

So far though don't go there. And even if the price gets right it may be too chancy...watch out for the stability of the operating company. How low can revenue get before Trump et al collapses? And then what happens to the individual owner? Be careful out there.

[ocean2026]

Time shares - I haven't yet considered. Sometimes from a user point of view, the maint. fee makes it almost cheaper to stay in a hotel and in Vegas there are often specials. Of course there's the added inconvenience of scheduling.

At the right price though -there's value in most everything.

As far as Vegas goes -I'm watching and waiting and I do expect prices to continue to declne. Meanwhile I bought a natural gas ETF - UNG which is at $12.40 -- I can't believe Natural Gas will stay at $3.45 per mcf. I also like UWBK a well run bank selling way below book in Colorado.

Its always good to learn the markets- I follow a few in Texas, Colorado, NYC, and even Detroit. Knowledge is power.. and money too.

[RCCCB]

U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says

U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says - Bloomberg.com

[ocean2026]

Good article RCCB it rates las vegas - miami and some other places as having a 99% change of falling prices into 2011.

[RCCCB]

I took a look at the pre foreclosure notices recently for an area I am interested in buying in ane the numbers compared to the past were "OFF THE HOOK".

I think some new foreclosures in big numbers will be coming our way.

[gtbguy]

Originally Posted by RCCCB

I took a look at the pre foreclosure notices recently for an area I am interested in buying in ane the numbers compared to the past were "OFF THE HOOK".

I think some new foreclosures in big numbers will be coming our way.

What do you mean by "off the hook"?

I have been hearing that new foreclosures in BIG numbers were still yet to come and I haven't seen it yet. In fact, I currently have offers in about 10 houses and the banks don't really give a S^&* about offers. They are still taking thier sweet time and I don't see ANY motivation on thier behalf. If they were so concerned about a bunch of foreclosures coming down they would start to move on what they have on the books right now.

I'd like to see (especially now)a bunch more foreclosures on the market but I think they will continue to trickle onto the market a few at a time.

[gtbguy]

Originally Posted by RCCCB

U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says

U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says - Bloomberg.com

Interesting article, I am starting to doubt anything I read these days about the housing market. I remember reading something about Vegas getting 14,000 new foreclosure a few months ago and that sure hasn't been the case. As they say "can't believe everything the media prints".

[ocean2026]

GTB-- you wouldn't believe anything anyone told you anyway. We told you prices would come down. We told you bank sales take forever. It never sinks in.

[RCCCB]

Originally Posted by gtbguy

What do you mean by "off the hook"?

I have been hearing that new foreclosures in BIG numbers were still yet to come and I haven't seen it yet. In fact, I currently have offers in about 10 houses and the banks don't really give a S^&* about offers. They are still taking thier sweet time and I don't see ANY motivation on thier behalf. If they were so concerned about a bunch of foreclosures coming down they would start to move on what they have on the books right now.

I'd like to see (especially now)a bunch more foreclosures on the market but I think they will continue to trickle onto the market a few at a time.

Hi, what I mean about "Off the Hook" was I saw recently about six times as many pre-foreclosure notices as I've seen the last few months.
Means there are lots of foreclosures coming from what I saw.
OK, banks can hold them, but for how long right?

Kind of makes me wonder what the vacancy rate is now in Las Vegas. How many empty houses are there sitting in need of sales as a percentage?