[olecapt]

Originally Posted by tony soprano

I suppose she could frequent Vegas themed message boards and make umpteen horrendously wrong calls on where the housing market and economy was headed. However, it appears that market has been cornered.Well, the next time she sends me three dozen listings to peruse I'm going to remind her the REO inventory has been depleted. I might even throw in a "something's got to give" for good measure.

You obviousl6 need a new agent Tony. You married to her or somethng?

[tony soprano]

Originally Posted by gtbguy

My experience, I have made a bunch (probably 20-30 at this time) of cash offers (generally 10%-15% below asking price) and I can't get ONE to accept. I do get some counters but not worth my time.

My point is that there are still plenty of investors paying full asking price on quality inventory.

I made exactly three cash offers. All of them below list. One accepted immediately. The other two countered. I, in turn countered one of those counter-offers which was ultimately accepted. The two that I passed on ultimately sold shortly afterwards at numbers almost identical to my offers.

You are looking to buy a home during what is clearly the worst housing market in a generation. Further, the specific locale you're shopping has perennially ranked at, or near, the highest foreclosure rate in the nation. If you can't close on a home in this environment it may be time to re-examine your strategy.

[tony soprano]

Originally Posted by olecapt

You obviousl6 need a new agent Tony. You married to her or somethng?

Sorry OC, I'm taken.

[gtbguy]

Originally Posted by tony soprano

I made exactly three cash offers. All of them below list. One accepted immediately. The other two countered. I, in turn countered one of those counter-offers which was ultimately accepted. The two that I passed on ultimately sold shortly afterwards at numbers almost identical to my offers.

You are looking to buy a home during what is clearly the worst housing market in a generation. Further, the specific locale you're shopping has perennially ranked at, or near, the highest foreclosure rate in the nation. If you can't close on a home in this environment it may be time to re-examine your strategy.

Tony, today I finally got one countered that was close to my original offer. I need to decide if I want to either counter again or accept.

I don't consider 10% to 15% off the asking price a low ball offer. I consider this a reasonable offer.

[KCfromNC]

Originally Posted by olecapt

Pass the grain of salt. The available single family REOs is now below 2000 units and continuing to drop. There are no indications of a growth in foreclosures now or in the last months.

DQNews - Las Vegas Home Sales Report

Looking ahead, the Las Vegas region will still have many foreclosures to burn off, and that inventory of distressed property will weigh on home prices. In June, lender repossessions spiked: Nearly 3,600 houses and condos were lost to foreclosure in Clark County, up 54 percent from May and up 34 percent from a year ago. It was the second-highest monthly total, behind 3,718 this February, since foreclosures began to surge in 2006.

[JohnG72]

//www.city-data.com/forum/las-v...al-market.html

And this is what I've been saying would happen.

And so $950 for a 2 bedroom...one person and a roomie...thats $425/mo for a new build townhome in a nice area. That is rock bottom pricing there and people in the thread were urging to go lower. Even a person making only minimum wage can now afford to live in a new townhome in a middle class neighborhood. Heck even a person on unemployment(what like $430 a week cash, right?) could afford to live like a king here.

The question is, how low will it go, and how long before it breaks the backs of investors.

Here in Los Angeles.....my familiarity is with SF Valley...there are homes that are remodled in NICE neighborhoods(even south of Ventura Bl.) with nice schools that are sitting. Some going on six months. Owners can't sell because the value has dropped 50% from peak($750-800K down to 400K). But no one wants to pay $2300 a month for 3 bed 2bath(heres a clue....they wont pay $1800 either)....so Section 8 goes up to $1500 a month....how much longer before that happens....and the neighborhood which is currently very nice....goes to crud and drives down rents and house prices even more.

Its happening in Los Angeles. It absolutely has to happen in Vegas.

For once I agree with Olecapt....this is going to be VERY interesting.

[olecapt]

The GLVAR data indicates little weakness in renting. Very high volume and good ratios of leased to listed.

I would suspect the apartment complexes are in more trouble than the SFRs.

http://www.lasvegasrealtor.com/stats/Statindex.htm

[RCCCB]

Originally Posted by olecapt

The GLVAR data indicates little weakness in renting. Very high volume and good ratios of leased to listed.

I would suspect the apartment complexes are in more trouble than the SFRs.

http://www.lasvegasrealtor.com/stats/Statindex.htm

What are the stats on vacant properties? Seems according to various RE sites talking about neighborhoods that vacant homes are significant.
Are most all vacant homes ones that are or will be on the market for sale?

[RCCCB]

Originally Posted by gtbguy

My experience, I have made a bunch (probably 20-30 at this time) of cash offers (generally 10%-15% below asking price) and I can't get ONE to accept. I do get some counters but not worth my time.

My point is that there are still plenty of investors paying full asking price on quality inventory.

Depending on what you are buying, the offers (highest and best) could come in 20% over asking.

Other places the RE just sits.

[gtbguy]

Originally Posted by RCCCB

Depending on what you are buying, the offers (highest and best) could come in 20% over asking.

Other places the RE just sits.

That is why I'm not getting anywhere. I'm sticking with NW and Henderson.

I dont' know what part of town Tony is getting his cash offers accepted. It must be in less than desirable areas or he is paying at or above asking.

Who knows I may not get anything because I won't pay above asking price. I've got plenty of time and I don't think this market is going to change anytime soon.