Comments on: Vegas Crazy

By: Emma

Emma — Wed, 21 Oct 2009 14:04:40 +0000

I can see how the people in this story were highly motivated to get into a house, any house, but in general, it seems better to wait a year until the market crashes again. And given that we are talking about unsustainable Vegas, it has to crash again.

By: DB

DB — Fri, 16 Oct 2009 06:37:31 +0000

Kwaping:”Why would you do that? Not bashing you, just curious. Is the neighborhood that desirable?”

Yes,location was nice, and with repairs it would have still been a reasaonable price. In the area we are looking at, there is a serious shortage of proprties that fit our intrest.

By: worm

worm — Thu, 15 Oct 2009 16:55:59 +0000

Nice little article yesterday on shadow inventory by http://www.doctorhousingbubble.com

By: Jim the Realtor

Jim the Realtor — Thu, 15 Oct 2009 07:46:23 +0000

Mozart,

No way man, you can’t bail now, it’s just getting exciting!

JtR

By: DKO

DKO — Thu, 15 Oct 2009 05:50:45 +0000

Very interesting timing. I spoke to a woman at a company here in SoCal that gives investors hard money loans and also acquires properties for resale through trustee sales/bank REOs/bulk portfolios etc.

She told me two things of interest. First they are keeping 90% of the deals they source in house because the margins are so high they don’t want to whole sell to flippers. (I.e. the company is doing the rehab/flip themselves instead of taking a whole sell fee.)

Second, that her industry contacts tell her the bottom is in for Las Vegas as homes are receiving multiple offers.

So, I don’t believe either of those points but what do I read by Jim on the very same day. Yes a story that LV is attracting multiple offers.

I find it hard to believe but that is apparently the market right now.

By: Genius

Genius — Thu, 15 Oct 2009 05:37:30 +0000

WhatsWhat – The numbers in that article weren’t in nominal terms. Adjust for inflation and I will agree with you.

By: BottomFisher

BottomFisher — Thu, 15 Oct 2009 03:45:42 +0000

Memo to self: do not buy a REO in Vegas this year….you do not like spaghetti in the walls…ok to throw it ON the walls to check if its done yet.

By: WhatsWhat

WhatsWhat — Thu, 15 Oct 2009 02:02:45 +0000

Household income has been flat for the last 10 years. http://economix.blogs.nytimes.com/2009/09/10/a-decade-with-no-income-gain/

Discounting mortgage rates houses should be around the same price level as 10 years ago. Anything above it is unsustainable.

By: tj & the bear

tj & the bear — Thu, 15 Oct 2009 01:04:52 +0000

p.s.: Unlike San Diego, Vegas is extremely overbuilt for its non-construction employment base. “Investors” buying up all those homes for cash will realize that to their ultimate dismay.

By: tj & the bear

tj & the bear — Thu, 15 Oct 2009 01:01:37 +0000

…but there is not going to be a miracle and the sea is not going to part.

Ye have little faith.