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VanIslander
Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!
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 Posted: Wed Jun 10, 2009 4:55 pm Post subject: |
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what's being built now was planned and financed years ago
wait 3-5 years and see what effect the economic downturn and general societal shift has on Las Vegas
it'll still be impressive relative to most places, but in terms of growth? what you see now is very misleading |
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Gopher
Joined: 04 Jun 2005
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| Posted: Thu Jul 09, 2009 10:46 pm Post subject: |
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Las Vegas friend involved in real-estate banking reports:
June saw 4,700 home sales. New Las Vegas record. Previous record: 4,400 in one month in 2004.
Another friend involved in sales explains that you can get a condo in Las Vegas for as low as $40,000 today, which may explain the sales.
In any case, not so dismal in Las Vegas... |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Fri Jul 10, 2009 12:03 am Post subject: |
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| Gopher wrote: |
Las Vegas friend involved in real-estate banking reports:
June saw 4,700 home sales. New Las Vegas record. Previous record: 4,400 in one month in 2004.
Another friend involved in sales explains that you can get a condo in Las Vegas for as low as $40,000 today, which may explain the sales.
In any case, not so dismal in Las Vegas... |
The condos sound like a bad investment though.
From what I gather, many condo associations, if they have many empty units, will end up charging much higher monthly condo fees to pay for everything they maintain.
So, apparently, people who invest in condos in these times, are really getting financially shafted. |
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Gopher
Joined: 04 Jun 2005
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| Posted: Fri Jul 10, 2009 12:55 am Post subject: |
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Who knows?
Here is what my friend was reading, apparently...
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Sales of single-family homes, condos and townhomes reached a record 4,702 in June, topping the previous record of 4,414 set in June 2004, the Greater Las Vegas Association of Realtors reported Wednesday.
The record was announced the same day a new survey showed more than half of potential homebuyers nationally say they're still not prepared to jump into the market... |
Las Vegas Review-Journal |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Sun Jul 12, 2009 3:47 am Post subject: |
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I have been looking at sites like realtor.com, and what is available in Vegas is pretty incredible.
Particularly interesting since many people are interested in moving into the slum of DETROIT of all places for cheap housing...yet when I look at Vegas, it looks almost as cheap, and a significantly better city for living, lifestyle, weather, and everything else than the city of Detroit isn't.
I've actually been thinking quite a bit of purchasing in Vegas myself in some way, except that there are so many houses where people don't live, that probably attracts squatters and the others that tear out the copper wiring and everything else they can get their hands on. I am not sure I'd want to own something I wasn't able to currently live in now or for the foreseeable somewhat immediate future.
But the prices do look GREAT there right now. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Jul 12, 2009 6:38 am Post subject: |
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| Depending on the region, and Vegas is ground zero, prices will decline a further 30-50%. In my the depression thread I have recently posted many articles about why prices will continue to decline aggressively until 2012 and following that flatline for a few generations. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Wed Jul 15, 2009 12:10 pm Post subject: |
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| mises wrote: |
| Depending on the region, and Vegas is ground zero, prices will decline a further 30-50%. In my the depression thread I have recently posted many articles about why prices will continue to decline aggressively until 2012 and following that flatline for a few generations. |
I do believe you posted at least one article there on the new bubble in PHX. Basically a lot of people are going, "wow, houses are so cheap now!" and figure people are going to stay, so there are bound to be renters for the places. Who is to say those potential renters will stay around though? Be interesting to see how it plays out. |
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Pluto
Joined: 19 Dec 2006
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri Jul 17, 2009 10:39 am Post subject: |
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Alt-a blowups peak in Sept 2012. We can't even ponder a bottom, or what a bottom will look like in terms of price-level until then. |
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Pluto
Joined: 19 Dec 2006
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| Posted: Fri Jul 17, 2009 12:10 pm Post subject: |
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| I really can't say how much longer any of this will last. There is just too much volatility and uncertainty. I don't think we can fathom anything right now. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri Jul 17, 2009 3:03 pm Post subject: |
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| Pluto wrote: |
| I really can't say how much longer any of this will last. There is just too much volatility and uncertainty. I don't think we can fathom anything right now. |
Japan's housing bubble popped in 1989. Prices alternate, to this day, between stagnation and minor decreases. |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Fri Jul 17, 2009 5:56 pm Post subject: |
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I've been looking at realtor.com and Vegas has way over 4,000 houses for under $100,000..we're talking like nice new 3 or 4-bedroom houses as well on that market. It is incredble.
The bad thing with all of these, is there are so many empty properties...that to buy and be sitting with abandoned houses would make most a bit nervous.
Well, being a Michigan native with Detroit as the 'big city' of the state...and seeing all of those empty deteriorating houses.
Still though, I love the Vegas style housing...stucco, the walls around the back yards...the style of the housing themselves is very attractive to me. I'd love to live there. |
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mises
Joined: 05 Nov 2007
Location: retired
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Reggie
Joined: 21 Sep 2009
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| Posted: Wed Feb 10, 2010 2:34 am Post subject: |
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| Ugh. I wonder who would possibly buy a piece of that type of real estate that big in the middle of nowhere. And turn it into what? That piece of property is a total waste. What a financial tragedy. |
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Reggie
Joined: 21 Sep 2009
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| Posted: Wed Feb 10, 2010 2:56 am Post subject: |
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High oil prices would finish pushing Vegas off the edge of the cliff. I bet the Iranians monitor the insider stock transactions of Las Vegas Sands and other casino corporations associated with Israel. When Sheldon AIPAC Adelson dumps shares, it's time for Iran to be on high alert!  |
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