[Swigchow]

10 Cities for Retirement Property Steals

10-cities-for-retirement-property-steals: Personal Finance News from Yahoo! Finance

[Swigchow]

I wonder if this is true in Las Vegas?

News Headlines

[RCCCB]

Originally Posted by Swigchow

I wonder if this is true in Las Vegas?

News Headlines

It's about California.
The REPORTED unemployment is 15%, but the real number is 22+%.
Homes are down. Loans were bad. The wealthy have been leaving the state because Democrats have been practicing the high taxes and class warfare for the longest time.
The state is getting poorer, and we are drawing all the illegals the Democrats are hoping to make voters (with their hands out) of.

We have nearly a half trillion in unfunded retirements the unions never deserved.

Yeah we have a great climate, but also have a massive welfare state with fewer and fewer people to pay for it.
So California is the Democrat dream of socialism and a total flop, so no one wants to do business here.

Our politicians have totally screwed this state up.

[olecapt]

Originally Posted by Swigchow

I wonder if this is true in Las Vegas?

News Headlines

Does not appear to be. We have over a dozen or so investor properties working at the moment and all but one are shorts. The REO thing has dried up or become very competitive. We are hitting higher on short bids but these are still uncertain as to outcome.

I still see volume improving and pricing stable with some move up as the mix shifts to shorts and classics.

Vegas appears to be rapidly recovering except (big except) in construction and related. I wonder if we can actually recover while leaving construction pretty much dead on the sidewalk. Sure looks like the way it is going.

[JohnG72]

Originally Posted by olecapt

Does not appear to be. We have over a dozen or so investor properties working at the moment and all but one are shorts. The REO thing has dried up or become very competitive. We are hitting higher on short bids but these are still uncertain as to outcome.

I still see volume improving and pricing stable with some move up as the mix shifts to shorts and classics.

Vegas appears to be rapidly recovering except (big except) in construction and related. I wonder if we can actually recover while leaving construction pretty much dead on the sidewalk. Sure looks like the way it is going.

Vegas is cooked as far as real estate goes. The town is overbuilt. I knew it. You knew it(but refused to admit it). Everyone old time Vegas resident knew it. Soon investors who already bought will know it too. LOL. Some places with nice neighborhoods and schools will be ok and the people who invested there will do ok IF they have a cash flow generating property, but not if they had appreciaton built into their investment plan. Investors that dove after the low hanging fruit are gonna take it in the shorts. We'll see how long it is before they list that ghetto home they got for $60K at $30-40K.

19% of mortgages are delinquent 90 or more days. 14%+ unemployment. Sales volume started falling in April and now are off in May as well. Increasing inventory and a decreasing number of buyers = fail.

Buh bye.

[mresort]

Originally Posted by JohnG72

Vegas is cooked as far as real estate goes. The town is overbuilt. I knew it. You knew it(but refused to admit it). Everyone old time Vegas resident knew it. Soon investors who already bought will know it too. LOL. Some places with nice neighborhoods and schools will be ok and the people who invested there will do ok IF they have a cash flow generating property, but not if they had appreciaton built into their investment plan. Investors that dove after the low hanging fruit are gonna take it in the shorts. We'll see how long it is before they list that ghetto home they got for $60K at $30-40K.

19% of mortgages are delinquent 90 or more days. 14%+ unemployment. Sales volume started falling in April and now are off in May as well. Increasing inventory and a decreasing number of buyers = fail.

Buh bye.

Losing 20K is no bid deal. Those investors make at least $5000 a month. 20K is only four months of salary.

At one point my friend bought a house in California for 600K and now it is only worth 400K. He has lost 200K which is 10 times more than those investors. He will laugh if you tell him that losing 20K is such a big deal.

[Swigchow]

Originally Posted by JohnG72

Investors that dove after the low hanging fruit are gonna take it in the shorts. We'll see how long it is before they list that ghetto home they got for $60K at $30-40K.

Buh bye.

Hmmm. Down side is 20k, but upside might be a double (or 60k+). At what risk level should investors participate?

[orbius]

Originally Posted by RCCCB

It's about California.
The REPORTED unemployment is 15%, but the real number is 22+%.
Homes are down. Loans were bad. The wealthy have been leaving the state because Democrats have been practicing the high taxes and class warfare for the longest time.
The state is getting poorer, and we are drawing all the illegals the Democrats are hoping to make voters (with their hands out) of.

We have nearly a half trillion in unfunded retirements the unions never deserved.

Yeah we have a great climate, but also have a massive welfare state with fewer and fewer people to pay for it.
So California is the Democrat dream of socialism and a total flop, so no one wants to do business here.

Our politicians have totally screwed this state up.

Thats such crap, obviously the crazy belief that the best government is no government pushed primarily by the Republicans is what caused this economy. The lunatics(big banks) were running the asylum and destroyed the economy. Now the working man suffers.
Check the facts the rich in this country pay the lowest real tax rate of anywhere in the world, 17%. To cry about the poor hurting rich people while millions of Americans cant put food on their childrens plates is obscene you should be ashamed of yourself.

[olecapt]

Originally Posted by Swigchow

Hmmm. Down side is 20k, but upside might be a double (or 60k+). At what risk level should investors participate?

Actually that ghetto home may well yield 10% on the investment. Appreciation would be on top of that.

Sitting on a 10% investment for ten years probably will not cause the investor a lot of difficulty.

[olecapt]

May has mostly run though it needs a couple more days to solidify.

Looks like flat on prices with volume around 2900. That would be around the same as last month. Pricing at the moment is down a little on median and up a little on average. I would call it flat.

Interesting if there is impact from the rebate.

REOs are approaching 40% of the market. REO inventory is rising though...so maybe something else is going on.