[MomMom]

RESALE home sales are still up, but look out for that median resale price, investor folk...it's still dropping.

"After three years, builders are saying, 'Let's drop the prices and get them off the books.' New-home sales are few and far between right now," Murphy said. The resale market is taking off with 4,970 sales in April, a 13.8 percent increase from the same month a year ago. That's on the heels of more than 5,000 sales in March.

Las Vegas new-home sales tumble - Business - ReviewJournal.com

[MomMom]

More interesting news on Las Vegas real estate....



Las Vegas won't see any recovery in the housing market until distressed homes make their way through the inventory, Smith said.
Andy Zubio, an investor with Wilshire Financial Network in Las Vegas, said auction sales benefit the community in a number of ways. Investors are buying properties that are in disrepair, rehabilitating them and turning them into rentals for families displaced from previous homes, he said.

Mortgage default notices fewer in valley - Business - ReviewJournal.com

[RCCCB]

5-10 years more and we'll start to see a recovery.

[eventusstultorummagister]

Originally Posted by RCCCB

5-10 years more and we'll start to see a recovery.

OR 10 million "views" of this thread...
which ever comes first!

[MSchu]

you gotta live somewhere... might as well be a new home

[eventusstultorummagister]

Originally Posted by MSchu

you gotta live somewhere... might as well be a new home

Even if it's worth half what you paid a couple years from now?

Ask the guys who were screaming from their rooftops about what a great deal they got on their condo. On the surface, $35,000 sounds very appealing but now, a couple years down the road, the same units are going for $17,000 and the neighborhood is regressing in conjunction with the falling prices.

For as long as I've been in Vegas I have witnessed the same scenario play out time and again. This is a fast-buck Freddie kind of town. People arrive with a suitcase full of cash and leave with an ashtray and towels they boosted from their Hotel room to compensate for the thousands they left behind. Always been that way and it ain't about to change...

[olecapt]

Originally Posted by eventusstultorummagister

Even if it's worth half what you paid a couple years from now?

Ask the guys who were screaming from their rooftops about what a great deal they got on their condo. On the surface, $35,000 sounds very appealing but now, a couple years down the road, the same units are going for $17,000 and the neighborhood is regressing in conjunction with the falling prices.

For as long as I've been in Vegas I have witnessed the same scenario play out time and again. This is a fast-buck Freddie kind of town. People arrive with a suitcase full of cash and leave with an ashtray and towels they boosted from their Hotel room to compensate for the thousands they left behind. Always been that way and it ain't about to change...

The price of condos has dropped 10% over the last two years. About 5% per annum. May still go down some more driven by the foreclosures. There has however been some indications of price stability for REOs. As an investor play the income has offset the loss.

The rent buy calculation is still likely quite positive even if it continues to drop 5% per annum for a few more years.

[eventusstultorummagister]

Originally Posted by olecapt

The price of condos has dropped 10% over the last two years. About 5% per annum. May still go down some more driven by the foreclosures. There has however been some indications of price stability for REOs. As an investor play the income has offset the loss.

The rent buy calculation is still likely quite positive even if it continues to drop 5% per annum for a few more years.

Mar-A-Lago Condos, Desert Shores, rent-restricted community, little or no interest from investors. Distressed 1Bd/1Ba units were a "steal" 2 years ago @$35K. Identical pristine units are now listed for $17.5K. Math was never my forte but I believe that's a 50% decline, correct?

It is no longer a question of "IF" prices fall lower...

[tony soprano]

Originally Posted by eventusstultorummagister

Mar-A-Lago Condos, Desert Shores, rent-restricted community, little or no interest from investors. Distressed 1Bd/1Ba units were a "steal" 2 years ago @$35K. Identical pristine units are now listed for $17.5K. Math was never my forte but I believe that's a 50% decline, correct?

It is no longer a question of "IF" prices fall lower...

I'm not sure if I'm interpreting the above correctly - you're saying there are pristine 1 Bd/1 Ba unites in Mar-A-Lago and Desert Shore listed for $17.5, or are those two separate statements?

If you're saying there are pristine $17.5K units listed outside of those two communities, they'll sell even if investors think they're ultimately headed to $0, purely for their ability to generate cash.

[airics]

Exactly I would be buying them also.