[observer53]

This thread keeps derailing into discussion of nationwide real estate/economics issues and or economic theory. For people who come here looking for info or to ask questions about the LV market, that's not what they need to be weeding through. It's fine for the general forums, but let's keep this one on LV please.

[007 license to sell]

Originally Posted by lvoc

Again - watch Phoenix. They are up well over 30%. And it is really not driven by speculators.

CS is out. Finally shows Las Vegas as up year over year. 0.9% only but up. It does show a month to month gain of 1.6% which is getting closer to the truth.

We see it in Sun City Summerlin. The inventory is down to around 80 homes. Normally around 150. And there are virtually no speculators involved. They are too expensive to successfully rent. So it is all owner occupied or second home stuff. We now have a number of buyers ready who can't find suitable properties.

I believe the growth in price is slackening a bit...has moved little in October. That however may simply be the beginning of the seasonal dip.

I would also note there has been little change in price at the low end. It is the middle and up that is increasing.

The age restricted communities like Sun City Summerlin, Sun City Anthem, Sun City McDonald,and other 55 and older communities aren't the types of properties that investors generally want. This is because of the owners have to be 55 and older to own and the renters have to meet a certain age requirement as well. And the renters family members have to be no younger then 19 yrs of age and small children can only visit a certain amount of days.

Also there are restrictions for use of amenities by family members and in some cases renters may have limited use of the amenities which makes it less desirable for the renter and or buyer.
This limits the pool of buyers for these types of properties.

The 55 and older communities weren't hit as hard as other communities due to the fact that the older buyer put more money down and looked at the home as a place to retire to or as a second home, the so called snow bird. 55 and older communities didn't see the flipping to the extent of what other regular communities experienced.

[007 license to sell]

Here are the latest stats regarding housing inventory, check out how many properties are in contingency 90 % of those are short sales that haven't been closing but waiting on bank approvals. This number has been this high or higher for the last 4 yrs. The short sale process is not getting any better. According the analysts there are roughly 40,000 empty properties sitting that the banks haven't released into the market.
Than there are the home owners in default that the banks haven't foreclosed on as well. Banks are controlling the inventories and the pricing and every time a law is enacted to protect the buyer and seller the banks find ways around the laws causing undue hardship on buyers and sellers.
Las Vegas Real Estate Market Report: 10/31/12

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of October 31, 2012, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available – 3,960 (-20, Last Week 3,980)
Under Contract – 12,394 (-180, Last Week 12,574)
Days of Supply – 10 (+0, Last Week 10)
Short Sales – 10,556 (-154, Last Week 10,710)

Condominiums and Town Homes (CONDO/TH)
Available – 915 (+31, Last Week 884)
Under Contract – 2,334 (-51, Last Week 2,385)
Days of Supply – 12 (+0, Last Week 12)
Short Sales – 2,108 (-22, Last Week 2,130)

Combined SFR + CONDO/TH
Available – 4,875 (+11, Last Week 4,864)
Under Contract – 14,728 (-231, Last Week 14,959)
Days of Supply – 10 (+0, Last Week 10)
Short Sales – 12,664 (-176, Last Week 12,840)

[Cliph]

Bless you. We made an offer on a short sale in a LV area Del Webb community on 8/22/2012. The current occupant accepted immediately, the second lien holder agreed on 10/29 and now we wait. We have a paid off home in another state, but the anxiety still builds. Any information we can get is some solace. I figure we'll know by year's end because the current occupant won't want to pay income tax of the amount he is forgiven.

[007 license to sell]

Originally Posted by Cliph

Bless you. We made an offer on a short sale in a LV area Del Webb community on 8/22/2012. The current occupant accepted immediately, the second lien holder agreed on 10/29 and now we wait. We have a paid off home in another state, but the anxiety still builds. Any information we can get is some solace. I figure we'll know by year's end because the current occupant won't want to pay income tax of the amount he is forgiven.

The seller does have more of an incentive to keep on their banks to get this done due to the taxes the seller will have to pay on the forgiven debt. I tell all my buyers plan for the worst hope for the best and don't fall in love with the property.

I will keep my fingers crossed for you, it sounds like things are moving along in your favor.

[Cliph]

BPO being done this AM. That's excellent advice, don't fall in love with anything until the ink is dry. I'm stil a little anxious from Vietnam.

[tbill618]

Originally Posted by Cliph

BPO being done this AM. That's excellent advice, don't fall in love with anything until the ink is dry. I'm stil a little anxious from Vietnam.

Our BPO was done in the second week in Sept. Doesn't mean that you won't close by the end of the year. It all depends on the bank who is acting as negotiator. Ours is BoA- the worst.

[Cliph]

Then I guess we'll look at other options. We don't need this house. We have considered Phoenix and Palm Springs. If it's as you say, perhaps we should ask our realtor to look for short sales that don't involve BOA. I know we had to sign a document that neither my wife or I were employed by BOA.

[lvoc]

Originally Posted by Cliph

Then I guess we'll look at other options. We don't need this house. We have considered Phoenix and Palm Springs. If it's as you say, perhaps we should ask our realtor to look for short sales that don't involve BOA. I know we had to sign a document that neither my wife or I were employed by BOA.

BofA has come a long ways. Still not the best but not the worst either.

I would suggest that you try and get more than one going. I like at least three to feel secure in getting 90 day results.

[Cliph]

My wife says the second mortgage was with BOA, but we don't know who holds the first. I guess it could also be BOA.