Prev: Semi-OT: My 2010 Kentucky Derby picks
Next: Roll them Bones...
From: Walt on 4 May 2010 01:02
In article <3fNDn.407409$Hq1.83239(a)en-nntp-04.dc1.easynews.com>,
Gary <Gary111(a)Yahoo.com> wrote:

> Don has through the years shown that he has no grasp on reality as his
> stories of owing multiple houses here, in Memphis and Scottsdale, all
> owned by his phantom Nevada 'corps' are to say the least, amusing.

Well, Don was right about one thing he said: "The prices will only go up from
the bottom."
From: Las Vegas Don on 4 May 2010 10:31
On May 3, 2:30 pm, Paul_E_Wog <nos...(a)invalid.email> wrote:
> To get a better perspective we really need to pair this with some
> pricing information from:http://www.zillow.com/local-info/NV-Las-Vegas-home-value/r_18959/
>
> >> Date: Thu, 17 Jul 2008 09:35:33 -0700 (PDT)
> >> Subject: Re: New-home Sales hold steady in LV
>
> >> Hi Marsha,
> >>    This is a great time to buy in Vegas.
>
> August 1st 2008 Zillow index price (ZIP for short) for Las Vegas: 196K,
> down from a little over 290K in 2006.
>
> \>> Date: Tue, 9 Dec 2008 08:38:15 -0800 (PST)
>
> >> Subject: Re: Las Vegas real estate article
>
> >> I have been saying this for the longest.  Homes in Vegas are at great
> >> deals right now.  People need to jump in there and relocate while the
> >> fishing is good.
>
> December 1st 2008 ZIP for Las Vegas: 172K
>
> >> Date: Sat, 10 Jan 2009 11:54:32 -0800 (PST)
> >> Subject: Re: How bad is it?
>
> >> Invest in homes in Vegas right now.  The prices are low.
>
> January 1st 2009 ZIP for Las Vegas: 165K
>
> On October 1st of 2009 it hit the low mark, at 130K and is currently
> standing at 135K.
>
> With drops like that it isn't too surprising the number of people that
> have walked away from their loans.

When people have to walk you are given opportunities. If you can
reach / negotiate an agreement, get it. Manny people have developed
great relationshios with strategic people at banks. Find out who is 2
mo late on their payments and work with them Rent it out, move in it,
etc... Just be the best yoyu can be as you fill your life with people
and experiences. :)

If it is not what you want, then, in the words of Dione
Warwick, ..Walk on By....

Don
Don
From: Las Vegas Don on 4 May 2010 10:32
On May 3, 8:11 pm, Walt <n...(a)none.void> wrote:
> In article <hrnu74$t4...(a)news.eternal-september.org>,
>  "JK Coney" <jkco...(a)verizon.net> wrote:
>
> > "Walt" <n...(a)none.void> wrote in message
> >news:none-2AE00B.15115303052010(a)news.eternal-september.org...
>
> > > So keep at it, Don.  A stopped clock, like your brain, will eventually
> > > happen to
> > > be correct.
>
> > >   --- Walt
>
> >    Actually a stopped clock is right twice a day!
>
> Don's brain is more like this clock...
>
> http://heavenawaits.files.wordpress.com/2009/04/dali-time.jpg

HAHAHAHAHAHA Good one! Now, I have to run down to Smiths and, uh, I
firgot but Zzzzzzzzzzzzzzzzzz
From: Las Vegas Don on 4 May 2010 10:56
On May 3, 3:46 pm, Walt <n...(a)none.void> wrote:
> In article <hrnbpl$df...(a)news.eternal-september.org>,
>
>  Paul_E_Wog <nos...(a)invalid.email> wrote:
> > To get a better perspective we really need to pair this with some
> > pricing information from:
> >http://www.zillow.com/local-info/NV-Las-Vegas-home-value/r_18959/
>
> > >> Date: Thu, 17 Jul 2008 09:35:33 -0700 (PDT)
> > >> Subject: Re: New-home Sales hold steady in LV
>
> > >> Hi Marsha,
> > >>    This is a great time to buy in Vegas.
>
> > August 1st 2008 Zillow index price (ZIP for short) for Las Vegas: 196K,
> > down from a little over 290K in 2006.
>
> Speaking of 2006, here's another post from Don on 10/26/06...
>
> > Newsgroups: alt.vacation.las-vegas
> > From: "Don Strevel" <dstre...(a)cox.net>
> > Date: Fri, 27 Oct 2006 17:06:07 -0700
> > Subject: Las Vegas home Values buck Nat'l Trend
> >www.reviewjournal.com/lvrj_home/2006/Oct-27-Fri-2006/business/1046248...
> > --
> > Many Thanks,  :)  www.mysecretvegas.com
> > "Justin Vegas",  Don Strevel, Las Vegas, NV.
>
> The article Don cites is headlined "HOME VALUES: LV bucks national trend;
> Analyst says Southern Nevada prices stable".  The article quotes the president
> of SalesTraq as saying "the Las Vegas housing market is perfectly healthy and
> intact" and "A year from now, we could be talking about another [housing]
> shortage."
>
> Strevel was cheerleading to buy at the top of the market and continued
> cheerleading all the way down to where it is now.
>
>    --- Walt
>
>
>
>
>
> > \>> Date: Tue, 9 Dec 2008 08:38:15 -0800 (PST)
> > >> Subject: Re: Las Vegas real estate article
>
> > >> I have been saying this for the longest.  Homes in Vegas are at great
> > >> deals right now.  People need to jump in there and relocate while the
> > >> fishing is good.
>
> > December 1st 2008 ZIP for Las Vegas: 172K
>
> > >> Date: Sat, 10 Jan 2009 11:54:32 -0800 (PST)
> > >> Subject: Re: How bad is it?
>
> > >> Invest in homes in Vegas right now.  The prices are low.
>
> > January 1st 2009 ZIP for Las Vegas: 165K
>
> > On October 1st of 2009 it hit the low mark, at 130K and is currently
> > standing at 135K.
>
> > With drops like that it isn't too surprising the number of people that
> > have walked away from their loans.- Hide quoted text -
>
> - Show quoted text -

So Walt, are you buying or selling??
Or just tossing verbs into the air.
Don
From: Nonny on 4 May 2010 14:26

"Gary" <Gary111(a)Yahoo.com> wrote in message
news:3fNDn.407409$Hq1.83239(a)en-nntp-04.dc1.easynews.com...
> Walt wrote:
>> In article
>> <ebe5326b-674b-46d1-a697-f3f88202f308(a)y36g2000yqm.googlegroups.com>,
>> Las Vegas Don <dstrevel(a)gmail.com> wrote:
>>

My "take" on this fray is a little bit relevant, since we've been
out looking at one story houses for the past few weeks. I also
have a background in the industry. Yup, there are one HUGE number
of entry-level and second homes on the market right now. They are
the typical 2 story homes so close together that you can hand a
beer across to your neighbor by just leaning out the window. Most
have a 2 car garage suitable for a bicycle, but there's seldom
room for the bike, since the garage is the only place for storage
in the entire house. These were the tract homes built during the
past 10 years on land bought from the BLM at mind blowing prices
and as many homes as possible were crammed into the tracts.
Despite all this, the homes are relatively well constructed, have
fully planned infrastructure and are a decent alternative to an
apartment if someone is capable of qualifying for a loan.

Speculators are all over these houses and particularly the ones
that were trashed by the departing owner. As mentioned, the
speculator (who now is a RE expert, having watched Flip Your House
on TV), buys cheap, slaps a coat of paint on and asks 50% more.
Also, the institutions that own the homes or hold the debt aren't
even keeping the power on to many. Bring a flashlight if you want
to see that 3-BR, 2-1/2 bath, 2 car house. If I had relatives
living here in LV, I'd sure as heck think about buying one and
letting them fix it up, but understand that there IS a lot of
competition for the lowest priced ones. Likewise, if I was 40,
I'd make a run at a few, fix them up and flip them as well. The
guys with a pickup truck and toolbox are going to be the winner on
these. Another bad, bad issue is that many of the ones bought by
speculators are renting and the renters aren't the kind of folk
you'd prefer having live in your neighborhood, including multiple
families in one house.

In the middle level of homes, say the $200k to $500k range, the
current price for an owner occupied house in good condition is
about $125/sf. That'll get you a pool in most cases, the house
will be in good to excellent condition. Right now, I'm told that
the hottest properties for "real" buyers are the ones occupied by
an owner and who can close in a minimum time with the house ready
to move into. Yes, there are also the short sale and repos in
this price range, but the short sales are taking a couple to three
months for bank action and it might include a change in the price.
In other words, it's a double negotiation for the house: once with
the seller and once with the bank for the payoff, so to speak.
People are willing to pay a modest premium to short circuit the
wait and uncertainty of a short sale/repo if they want to move in
and live in the place. I was also told that theft of appliances
and HVAC is increasing during the wait for a lender to come to
terms with its loss.

We looked at a number of homes and about half were short sales.
One was a very nice home, built 2001, that the owner had departed
without any "integrity," in that he'd not even bothered to sweep
up, had trash stuffed into a room, had somewhat damaged walls and
doorways in the move-out and had let the utilities be turned off.
It was easy to spot the house: it was the one with the dead
landscaping. It was apparent that the house had been lived in, as
well. There was damage to some of the Travertine flooring and it
hadn't seen a paint brush since it was constructed. The price had
been reduced 3-4 times already, with no significant offers.

Another factor is how the buyer plans to pay for the house. Even
a short sale gets more attention if it's a cash deal.
Contingencies, even pretty straight-forward financing, can become
issues themselves.

The agent explained that the so-called trashing of houses is worse
in the low range, where the owners didn't understand what was
happening, felt that they were "entitled" to housing, had gone for
broke and lost, or considered themselves to be victims rather than
failed predators. Most of the homes we walked were in broom
condition, had all appliances and seemed ready to occupy. One
house we looked at that had been left in an unsightly condition,
however, was at least one exception to that generalization. Of
the short sales we looked at in the nicer homes, only the one was
moderately trashed, but the lack of maintenance was also quite
apparent. My guess is that the owners had been losing it for a
long time, and it wasn't a sudden happening.

It's my belief that in the middle to upper range of homes at
least, the market's taken about all the beating it's going to
take. It's always taken more time to sell an upper end home,
since the universe of buyers is more limited and they usually have
very specific requirements or desires. The homes we've looked at
are selling for approximately half what they were selling for in
2007-8 and now reflect about what it would cost to replace them
today, without land being factored in. For instance, the home
we're looking at would probably be insured for about what we're
thinking of paying, and that would reflect the 80% coinsurance
limit with no deduction for land and indestructibles, for those of
you in the insurance business.

The home we're zeroing in on is a short sale as well, but the
owner departed on an "ethical" basis and wants the house to sell,
rather than have a foreclosure. Little things, like a couple
drawers filled with the booklets that come with appliances, door
openers, vacuums etc. sure make a good impression on a buyer.
While the house is a walk-away by the seller, the home is clean,
well maintained and the seller or lender(s) are keeping the
utilities on, the landscape watered and maintained and the pool
cleaned weekly. We signed the counter offer today, so we'll know
more in the next couple months or so.
--
Nonny
On most days,
it's just not worth
the effort of chewing
through the restraints..


First  |  Prev  |  Next  |  Last
Pages: 1 2 3 4 5
Prev: Semi-OT: My 2010 Kentucky Derby picks
Next: Roll them Bones...