[olecapt]

Originally Posted by GoreeGal

All this negative stuff is scaring me. I do not know whether to buy now or wait. Plan to be there on a new job and should be around 5 years or so.
I hate throwing money around on rent but would you all suggest the least money I could put down on a home in the event the market craters even more?

I want to buy 275-around 350 and do not want to wake up in 6 months to the value of 150.

We approach the bottom. Not there but not a long way off. Given the way LV is structured the probability of a substantial improvement by 2010 is almost certain. We simply have too much stuff coming on line for things not to improve substantially. As well we have a new home construction industry flat on its back. So there is little competition in the resale market from new build.

There is of course the possibity that the existing crisis worsen, we end up with a full depression and it is off to the breadlines we go. In that event though it makes little difference where you are or what you do...we are all in it together when the world falls in.

There is no particular harm in waiting if it concerns you. I don't think anything substantial changes between now and spring. Volume is still holding up remarkably well and price are continuing the slow decline. Note though that the decline is the median home. I think we are seeing some pretty high stability in some neighborhoods and price ranges. I would note that we are beginning to see clusters of sales in certain neighborhoods. That tends to indicate that the lenders are drawing lines in the sand and attempting to hold the price there. Will it work? Ask again in a couple of months. There sure are a mess of places though where the price won't go below $100 psf. Below 200K it is still a challenge but I suspect we will see average prices stabilizing as the middle and the high end settle down. The low end will be the last to settle.

I would pay attention to the ongoing pricing. I still think it will turn around over a 6 month or so period as the foreclosures begin to decline. And any substantial tampering with the foreclosures by the government or government sponsored program could turn things around rather suddenly. A lot of ths stuff is perception and relatively minor changes can move things a whole lot. The mere fear of an uptick may be all it takes to create one.

[vegas_storms]

Keep listening to the pros people. Realtors make nothing if they can not talk people into buying a home. Why in the world anyone would take their advice on when to buy a home is insane. They are NEVER going to tell you it's a bad time to buy!

Trouble in Vegas

Las Vegas prices plunged the most at nearly 30%, with Phoenix diving 29% and Miami 28%. Prices in the seven cities in the Sunbelt all fell between 20% and 30% from a year ago.
Only seven cities showed positive or flat returns from June to July, down from nine that showed month-over-month gains in June. Atlanta, Boston, Dallas, Denver and Minneapolis all posted positive returns for three months or more.

Record 16 Percent Drop in July Home Prices - Yahoo! Real Estate-

[airics]

you mentioned this in your other posts also --- it's bad everywhere ----

however
Home sales begin to rebound in Las Vegas - USATODAY.com

[ndb3]

Originally Posted by airics

you mentioned this in your other posts also --- it's bad everywhere ----

however
Home sales begin to rebound in Las Vegas - USATODAY.com

Nice try, but your article is dated 8/5/08 and the poster's article above you is dated 9/30/08.... His is current while yours is out-dated and no longer relevant...

[airics]

the sept. numbers won't be out for a couple more days.... here is another article
Las Vegas Homes and Communities: las vegas housing market conditions

[olecapt]

The two articles don't conflict. One says prices are down. One says volume is up. Both are true.

September volume is going to be up over August and it looks like the best month of the year. 2600 SFR sales might even make 2700 though I think not.

Median price is down again at around 199,000 or so. Average price is also down 10 or 12K over August.

Note that in some neighborhoods not much impacted by foreclosures prices are pretty much stable. Did an analysis on a sub category in Sun City Summerlin today that appears to be slowly going up.

So someplace before next summer we start to run out of REPOs...then what happens?

I don't think October volume will be up but it won't be down much either. Seasonally this is very unusual. We normally peak in July August and are off 10 or 15% by October...not this year.

[Cela2009]

Can someone recommend a good property mgment company 4my Townhouse..

[Swigchow]

Maybe our realtor friends can confirm the accuracy of this CNBC story.

Lunacy in Las Vegas Housing - Realty Check with Diana Olick - CNBC.com

[olecapt]

Originally Posted by Swigchow

Maybe our realtor friends can confirm the accuracy of this CNBC story.

Lunacy in Las Vegas Housing - Realty Check with Diana Olick - CNBC.com

I am working a client at the moment at $225K. Same kind of story. We are at our fourth offer in 5 days and will likely do another tonight.

Interesting we bid one that is well overpriced about on value and got an almost instant no...apparently not only does the bank think they can get the higher price but they are prepared to answer instantly.

A month ago we were after a 500K acre place listed for $370. They had about 30 offers including a whole lot over $450K. We lost that one at $455K.

I don't agree on the damage. We see a little but negligible...more light fixtures from dining rooms and occasionally the stove. But nothing of significance and nothing that costs a lot to fix.

Some houses need an external coat of paint but that is normal.

Lower in the market you see more but still most houses have minor damage at worst. there are a few percent that have real damage but even they sell quickly and for cash.

[jaunespinoza]

I sold my 560 sf condo in 6 days for 55,000. Today, I see one listed that is 200 feet away, and 705 sf, for 36,000. Can't figure it out.