[logline]

Originally Posted by VegasVicsezhowdy

I am trying to address what is occurring NOW, as in "Current Update on the LV Real Estate Market"
Why continue to post these inane and irrelevant comments?
Besides, if what you say is true and you don't really care why are you so vocal? Fear?

Fine.

Here's the current state of housing in Las Vegas: housing prices still near historic lows and often still below replacement cost... even after the recent run-up. Interest rates are at historic lows.

Fear has nothing to do with it. Logic and math has everything to do with it. Whether to rent or buy today is the easiest comparison in the world to make. BUY.

I'm going to borrow a ridiculous line used by realtors during the peak which actually applies today: "Buy now or forever be priced out of the market!"

I can't imagine the regret renters will have a decade from now if they don't take advantage of the obvious opportunities staring them in the face today.

[ddrhazy]

Originally Posted by lvoc

I would think the build estimate above is reasonable for a one off. But The serial build guys are a lot better than that. Astoria at its peak was able to build for under $50 per SF. That would indicate a cost of $100,000 plus land plus builder markup. Perhaps half the one off estimate.

That estimate I posted a picture of was the cost of 1 unit in a tract housing development built with standard grade materials for almost all aspects of the home.

Could you provide any documentation to show that KB, Astoria, Pulte, and all the other home builders were building at 50/sqft? Would sure love to get some more info on it.

[ScoopLV]

Originally Posted by logline

I can't imagine the regret renters will have a decade from now if they don't take advantage of the obvious opportunities staring them in the face today.

Or even worse, the "average Joes" who get suckered into making bad financial decisions based on the paranoid rantings of shrill, crackpot "economists" all over the media and the internet.

[Maksiu]

Originally Posted by logline

Fine.

Here's the current state of housing in Las Vegas: housing prices still near historic lows and often still below replacement cost... even after the recent run-up. Interest rates are at historic lows.

Fear has nothing to do with it. Logic and math has everything to do with it. Whether to rent or buy today is the easiest comparison in the world to make. BUY.

I'm going to borrow a ridiculous line used by realtors during the peak which actually applies today: "Buy now or forever be priced out of the market!"

I can't imagine the regret renters will have a decade from now if they don't take advantage of the obvious opportunities staring them in the face today.

Agreed with long money at 3-4% this should be a no brainier. But this only helps the rich get richer. not complaining has I am benefiting from this but its just unbelievable the wealth transfer that is occurring before out eyes. Just Thankful to be at the right place at the right time.

[vtvette]

Originally Posted by ScoopLV

Or even worse, the "average Joes" who get suckered into making bad financial decisions based on the paranoid rantings of shrill, crackpot "economists" all over the media and the internet.

This is likely why Warren Buffet doesn't have a computer at his desk.

[Trader Joe99]

Originally Posted by ScoopLV

Or even worse, the "average Joes" who get suckered into making bad financial decisions based on the paranoid rantings of shrill, crackpot "economists" all over the media and the internet.

Scoop how much are you still upside down on your house?
I bet any renter in the past 5 years had better sleep at night then you did?

[Scott456]

Originally Posted by ScoopLV

And I paid $100K more than I should have, because I bought in 2007. Still beats renting.

I'm at the point where housing bubbles make no difference. I have houses. I live in one. I rent the others. They go up. They go down. Doesn't really matter to me until I want to sell them. And even then, it doesn't really matter because if housing prices are depressed, they're depressed everywhere. I can sell my underpriced houses and go buy underpriced houses elsewhere. And if they're overpriced, I can sell my overpriced houses here and buy overpriced houses elsewhere.

Using "the bubble" as an excuse for financial stagnation is just that -- an excuse.

But there are people lucky enough to sell their house in 2007, and bought a much cheaper and better house in 2010, and still have plenty of cash in hand to spend.

[lvoc]

Originally Posted by ddrhazy

That estimate I posted a picture of was the cost of 1 unit in a tract housing development built with standard grade materials for almost all aspects of the home.

Could you provide any documentation to show that KB, Astoria, Pulte, and all the other home builders were building at 50/sqft? Would sure love to get some more info on it.

That was from a Habitat for humanity meeting 5 or 6 years ago when the discussion got to what sort of economics were possible in a mass building development. As I remember there were Senior people from KB, Pulte, Christopher and Astoria. There was general agreement that the efficient builders could get under $50 with a view that the Astoria actually got under $40 in its low end developments.

Part of that was followed up in an NPR broadcast...I took a quick search but the subject is too diffuse to be easily located.

[ddrhazy]

@lvoc

Habitat for humanity? So that means all the work is done by volunteers? That might be the explanation for $50/sqft. That does not mean that builders are going to make large tracts of houses at that price as there is no financial incentive for them to do so. Building a few houses for the poor is one thing, building swathes of houses for people is something completely different.

[lvoc]

Originally Posted by ddrhazy

@lvoc

Habitat for humanity? So that means all the work is done by volunteers? That might be the explanation for $50/sqft. That does not mean that builders are going to make large tracts of houses at that price as there is no financial incentive for them to do so. Building a few houses for the poor is one thing, building swathes of houses for people is something completely different.

No - The context was what was done in town at the time. A yard stick to think about HforH.