[kcoliver]

Originally Posted by Scott456

I already said, many people are sour grape that they missed out the bargain deals in 2009-2011. Now they just wish the market will go down again.

Yep

[Kevin_nlv]

Originally Posted by Scott456

I already said, many people are sour grape that they missed out the bargain deals in 2009-2011. Now they just wish the market will go down again.

Sour grapes? Are you serious now? Las Vegas led the nation in mortgage defaults for the last 5 years.
Thousands of families lost (and are still losing) their homes here. The economy went into a tailspin and good paying jobs are hard to find. The bubble that was Las Vegas growth turned into a bomb that took with it more than a decade of investment and trillions out of the economy.
So Las Vegas would-be buyers and sellers might be excused for being very, very nervous about speculative real-estate market.

Yes, we are headed towards another bubble because virtually all the buying that is happening right now is driven by investors.
At least in places like Austin TX good paying jobs can support higher prices. What will support high prices in Las Vegas, investors????

[von949]

Originally Posted by Kevin_nlv

Sour grapes? Are you serious now? Las Vegas led the nation in mortgage defaults for the last 5 years.
Thousands of families lost (and are still losing) their homes here. The economy went into a tailspin and good paying jobs are hard to find. The bubble that was Las Vegas growth turned into a bomb that took with it more than a decade of investment and trillions out of the economy.
So Las Vegas would-be buyers and sellers might be excused for being very, very nervous about speculative real-estate market.

Yes, we are headed towards another bubble because virtually all the buying that is happening right now is driven by investors.
At least in places like Austin TX good paying jobs can support higher prices. What will support high prices in Las Vegas, investors????

This is just one of the many local(Henderson) job postings that flood my in box on a daily/weekly basis. The range is always between $21-35 and hour. Have seen it go higher but thats for remote field mechanics in Nye and areas near the mines. You may be a little out of touch with the local work force.

https://ch.tbe.taleo.net/CH14/ats/ca...&source=Indeed

Qualified candidates for this position must be able to work 12 hour shifts from 6:30 PM to 7:00 AM with alternate weekends off. Salary range is = $22.85 to $28.58/hour (depending of experience)

[Onlyliveonce]

Originally Posted by Scott456

I already said, many people are sour grape that they missed out the bargain deals in 2009-2011. Now they just wish the market will go down again.

I purchased in the summer of 12 and I am not sour, but tickled pink.

[airics]

i purchased one in 06 and another in 08... the 06 pays for itself through tenants... the 08 was a foreclosure... yes it went down but its back to what i paid for it...i hope it goes to 05 pricing...i still get emails from new home builders showing 2100-2300sf for 280k... i've got 2700sf and a view of the strip and a pool... have less than 280 invested..

[lvoc]

Mid months prices still heading no where but up. Average sale price now past $100.psf.

Only class not moving sharply upward is short sales.

Presently price's are increasing at more than 6% per month.

Sales and inventory both up a bit.

[Kevin_nlv]

You've got to pump it in order to dump it, right Lvoc?

[lvoc]

Originally Posted by Kevin_nlv

You've got to pump it in order to dump it, right Lvoc?

You think the money plans to buy high so they can sell low?

Anyone playing the pump and dump is now a year late...

[logline]

America's Most Overvalued And Undervalued Housing Markets - Forbes

Even with the recent rise in prices, Las Vegas is still rated as one of the Top 5 UNDER-valued real estate markets.

[Kevin_nlv]

Let's just go over few things here;
Regarding lack of inventory, this is a short term problem:

a) The principal reason the inventory is short is less listings, not more buying as both drive inventory. This is hugely important as the latter would have implied a “naturally” hot market.

b) Catch-and-Release. Flippers and investors will ultimately have to sell back many of these houses. Only some will be kept for renting.

c) Builders will become overly optimistic over the next 12 to 18 months until the real lack of buyers become apparent. Note that the joblessness rate remains quite high and even as it goes lower, it takes years till people are stable enough to be able to purchase a house.

d) Pent-up sellers. We hear all the talk about pent up buyers, but there are many more pent-up sellers. The majority of posters here supporting this hike are pent-up sellers. While investors may be able to play it cool for a while, watch the pent-up sellers panic as they feel a market top approaching and passing. Also watch them panic as the interest rates take a modest hike up.

e) Foreclosures. Of course, delinquencies are still going on and going strong.

Regarding Las Vegas being a special place to live, where hot and dry climate is wonderful.

a) The schools and services in this state are awful, not to mention air quality, traffic and healthcare.

b) If it was such a special place, why isn’t there exponential population growth?

c) If it was such a special place, why is unemployment so high?

d) If it was such a special place, why aren’t the wages super high?

Ultimately, housing is sold to people with good jobs and available services.

We are probably at the echo-top of close to the echo-top here in the Desert Land. Hundreds of real estate bubbles have unraveled over the centuries and immediate “recovery” is pretty much never part of the cycle.

This housing recovery is a faux.