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Old 04-22-2009, 09:48 AM
 
Location: Fort Worth and Las Vegas
255 posts, read 520,936 times
Reputation: 73

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2 ways to look at the real estate market. Both can be contradictory and complementary. Comments welcome.

Foreclosure leaders focused on 4 states in new metro list - Apr. 22, 2009
STOP PICKING ON LAS VEGAS - GLG News
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Old 04-22-2009, 10:13 AM
 
Location: Las Vegas
3,728 posts, read 8,896,543 times
Reputation: 1312
Quote:
Originally Posted by rpachigo View Post
2 ways to look at the real estate market. Both can be contradictory and complementary. Comments welcome.

Foreclosure leaders focused on 4 states in new metro list - Apr. 22, 2009
STOP PICKING ON LAS VEGAS - GLG News
With regards to the first article. Well, that's what happens when you are stupid and buy a house you really can't afford in Las Vegas. Or, you use your home like a cash register. I say good, get all the foreclosures out there. Get the people in who really want to live here and can afford to do so, instead of the so called "nickel and dime" investors who didn't have a pot to pee in to begin with. Contained in that same article, look at the photo story titled "The Bust is a Boon."

And that leads to the next article. Plenty of folks moving in and buying homes that they previously couldn't afford just a short time ago. Taking advantage of the $8,000 tax credit. Going to raise families here. Live/work/play here.

Sort of reminds you of the ad slogan "Only in Vegas"

Thanks for posting them rpachigo!
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Old 04-22-2009, 10:15 AM
 
Location: Fort Worth and Las Vegas
255 posts, read 520,936 times
Reputation: 73
Quote:
Originally Posted by MomMom View Post
With regards to the first article. Well, that's what happens when you are stupid and buy a house you really can't afford in Las Vegas. Or, you use your home like a cash register. I say good, get all the foreclosures out there. Get the people in who really want to live here and can afford to do so, instead of the so called "nickel and dime" investors who didn't have a pot to pee in to begin with. Contained in that same article, look at the photo story titled "The Bust is a Boon."

And that leads to the next article. Plenty of folks moving in and buying homes that they previously couldn't afford just a short time ago. Taking advantage of the $8,000 tax credit. Going to raise families here. Live/work/play here.

Sort of reminds you of the ad slogan "Only in Vegas"

Thanks for posting them rpachigo!
No problem. Boom to Bust to stability hopefully at some point in the near future.
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Old 04-22-2009, 10:26 AM
 
Location: Las Vegas
3,728 posts, read 8,896,543 times
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So long as we NEVER return to the "boom", that's what's important to us locals.

I'm sure it will never happen again, that uncontrolled, frenzied growth and it will take time to expunge all the foreclosures. I say no more building of homes, I was a proponent of a building moratorium during the most active "boom" years. Seemed like every parcel of land was being used to put small, cheap little homes with tiny yards on, because of the high demand.

Hope the ones still licking their wounds learned a big lesson and will let growth happen naturally and at a much slower pace now like it should.
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Old 04-22-2009, 10:56 AM
 
Location: Las Vegas
444 posts, read 1,521,239 times
Reputation: 184
I am unable to site the exact article or news show, but I have seen/read several reports of areas much worse off than Las Vegas. I think it was Detriot who had extremely high numbers of foreclosures and unemployment. It was also mentioned that its a little tougher for a manufacturing city to recover than an entertainment city. Sounds right to me.

I'm not sure why Las Vegas seems to get highlighted in a lot of articles. But who knows, maybe the publicity will generate interest in moving to Las Vegas. That interest in a possible move or investment (second home) in Las Vegas would generate a visit to the area. And heck, we can use all of the visitors we can get.

Maybe we will get more retirees who pay their bills, generally have a steady income, use less services like schools and require more medical services which in turn generates good paying jobs. An adjustment in room rates and $500 show tickets would also help turn things around. That too is beginning to happen.

Things will turn around. Let's just hope its a lot sooner than a lot later. Nice thread rpachigo.
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Old 04-22-2009, 11:03 AM
 
Location: Kingman AZ
15,370 posts, read 36,802,918 times
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Quote:
Originally Posted by RedRockAAAA View Post
I'm not sure why Las Vegas seems to get highlighted in a lot of articles. But who knows, maybe the publicity will generate interest in moving to Las Vegas. That interest in a possible move or investment (second home) in Las Vegas would generate a visit to the area. And heck, we can use all of the visitors we can get.


Things will turn around. Let's just hope its a lot sooner than a lot later. Nice thread rpachigo.
I think its a simple case of "What would you rather read about.....Detroit.....or FABULOUS LAS VEGAS"
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Old 04-22-2009, 11:05 AM
 
33 posts, read 92,636 times
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As a first time buyer, things have been getting frustrating. We have put in multiple offers on houses, only to get shot down. We even offered $20k over list on one, to no avail. We currently have one offer in on another house, $30k over list. Some of these listing agents play games.

I wouldn't mind seeing some more foreclosures come on the market. The purchasing is certainly picking up. Homes are on the market for less time. Some more supply would be welcome.
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Old 04-22-2009, 11:06 AM
 
Location: Las Vegas
3,728 posts, read 8,896,543 times
Reputation: 1312
Quote:
Originally Posted by dynimagelv View Post
I think its a simple case of "What would you rather read about.....Detroit.....or FABULOUS LAS VEGAS"
Las Vegas always was and always will be, under the microscope on the national news circuit.

You so right on with this dyni, let's face it, EVERYONE wants to know what's happening in Las Vegas!
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Old 04-22-2009, 11:08 AM
 
33 posts, read 92,636 times
Reputation: 21
Quote:
Originally Posted by RedRockAAAA View Post
* * *
I'm not sure why Las Vegas seems to get highlighted in a lot of articles. But who knows, maybe the publicity will generate interest in moving to Las Vegas. That interest in a possible move or investment (second home) in Las Vegas would generate a visit to the area. And heck, we can use all of the visitors we can get.
* * *
I'd say it's schadenfreude. Vegas had been booming and the envy of many. Now that it has fallen so much, people are dancing in the blood.
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Old 04-22-2009, 11:24 AM
 
Location: Las Vegas
3,728 posts, read 8,896,543 times
Reputation: 1312
Quote:
Originally Posted by JDinNV View Post
As a first time buyer, things have been getting frustrating. We have put in multiple offers on houses, only to get shot down. We even offered $20k over list on one, to no avail. We currently have one offer in on another house, $30k over list. Some of these listing agents play games.

I wouldn't mind seeing some more foreclosures come on the market. The purchasing is certainly picking up. Homes are on the market for less time. Some more supply would be welcome.
Well, that's what I saw during the few weeks I temped at the real estate office. One of my jobs was to order forms and the broker had me order 4 packages of "Multiple Offer" forms!

You're probably looking at the best homes in your price range JD, the ones almost move in ready, requiring little work to repair?

You'll find a lot more homes available in the "need work" category, and the ones stripped of everything that could have been taken.

Don't be discouraged, you'll find one out there!
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