Are homes selling above $500K? (Las Vegas: for sale, real estate, foreclosed)

gtbguy · 05-23-2009, 09:04 AM

With all interesting blogs regarding Las Vegas real estate, most home sales discussed appear to be tageted towards the investor or first time home buyer. What is happening to the homes currently listed above $500K? I can't imagine you get into a bidding war on those homes. How much list are they actually being sold at, if at all? Banks have to be motivated to get those REOs off the books as well.

olecapt · 05-23-2009, 09:53 AM

Selling slowly...1700 listings selling about 70 per month. Average price is around $190 per SF. About 1/3 REOs. Price is stable to slowly increasing this year.

They normally sell slowly...but not nearly this slowly.

Buzz123 · 05-23-2009, 11:19 AM

I was told by the builder that the guy next to me had almost $700,000 in his with all the upgrades and add ons. At one time he had it up for sale at a hair over 1 million. It was foreclosed on about three or four months ago, and taken over by an LLC that will sell it to you for under $400,000. I'm hoping a group of Hawaiian Tropic models will see it as a great place to room together.

rpachigo · 05-23-2009, 02:11 PM

These are the properties that are going to get slaughtered next.

olecapt · 05-23-2009, 03:06 PM

Quote:

Originally Posted by rpachigo

These are the properties that are going to get slaughtered next.

Unlikely. They have been slaughtered in some cases...but they are still trending upward since the start of the year.

I see nothing coming that will change that.

gtbguy · 05-23-2009, 03:38 PM

Quote:

Originally Posted by rpachigo

These are the properties that are going to get slaughtered next.

I think this price range still has another 15%-20% drop before it sees some stabiling. The only hope is to have people retiring in Las Vegas buying these houses because with no decent paying jobs available there are no other buyers.

gtbguy · 05-23-2009, 03:41 PM

Quote:

Originally Posted by olecapt

Unlikely. They have been slaughtered in some cases...but they are still trending upward since the start of the year.

I see nothing coming that will change that.

Once the typical buying season (now thru summer) is over you'll see another decrease in sales and prices over the fall and winter months. I'll look forward to seeing your charts next spring. Hopefully by that time I've bought all I'm going to buy.

Buzz123 · 05-23-2009, 04:27 PM

Probably true about prices, but people are still retiring in Las Vegas, and there are still decent jobs. There is just no easy mortgage money available now, and the negative news media keeps making things sound so bad that nobody wants to buy. Citibank is getting ready for an increase in mortgages though. They will soon be hiring 275 people for that purpose in The Lakes office, so something is happening.

olecapt · 05-23-2009, 05:28 PM

Quote:

Originally Posted by Buzz123

Probably true about prices, but people are still retiring in Las Vegas, and there are still decent jobs. There is just no easy mortgage money available now, and the negative news media keeps making things sound so bad that nobody wants to buy. Citibank is getting ready for an increase in mortgages though. They will soon be hiring 275 people for that purpose in The Lakes office, so something is happening.

Buzz...who told you that? There is no problem getting a mortgage as long as you can get up 3.5%. And conventionals with 20% down are also easy. We have been struggling with one young lady because the sweet thing changed jobs at the start of the contract. And then her initial pay is starting out a 1/3 less than it was at the old job. But we still may get her through. She is actually a very good risk.

The problem I see is that the good buys are getting contentious. We just went 8% over list on a fresh listing in the NW and are not comfortable that we will get it.

Buzz123 · 05-23-2009, 09:08 PM

Quote:

Originally Posted by olecapt

Buzz...who told you that? There is no problem getting a mortgage as long as you can get up 3.5%. And conventionals with 20% down are also easy. We have been struggling with one young lady because the sweet thing changed jobs at the start of the contract. And then her initial pay is starting out a 1/3 less than it was at the old job. But we still may get her through. She is actually a very good risk.

The problem I see is that the good buys are getting contentious. We just went 8% over list on a fresh listing in the NW and are not comfortable that we will get it.

Mostly I listen to the (gasp) news. Now you know, that I know, that you can't believe anything you hear on TV, but mostly it comes from the "experts" that they bring in on the Today Show. Plus we've been talking to "people". I sure do wish we could refy our house as we are getting shafted. Our problem??? We can afford to make our present payments so we can't refy. Where is Osama Obama when you need him?