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Old 04-08-2008, 02:50 PM   #1
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Default OT finance gurus - to buy or not to buy an extra couple homes in Vegas...?

Quote:
Originally Posted by http://www.lvrj.com/business/17380589.html

HOUSING: 'Feeding frenzy' in Las Vegas

Foreclosures, short sales rise, bringing big drop in prices

By HUBBLE SMITH
REVIEW-JOURNAL

More than half of Las Vegas home sales in March were foreclosures or short sales, the president of Greater Las Vegas Association of Realtors said Monday.

The association reported 1,478 escrow closings for single-family homes during the month, a 34.6 percent increase from February. It was the third straight monthly increase. Sales are down 7.9 percent from the same month a year ago.

"What an increase we had in March," association President Patty Kelley said. "People are coming outside, the weather's getting warm and they've heard doom and gloom all winter long. There's some great deals out there, and they're not going to last forever."

Inventory of homes listed for sale is at 22,763, up 1.2 percent from February and up 6.9 percent from March 2007.

Median prices declined 1.4 percent to $243,169 as bank-owned properties continue to sell below market value, Kelley said. Foreclosures and short sales, or homes sold for less than the mortgage owed, accounted for 773 sales in March, 52.3 percent of the total.

While home prices are still declining, down 20.3 percent from a year ago, Kelley said she doesn't expect them to go much lower because they're now selling for less than what it would cost to build that same home today.

She said foreclosure homes are getting multiple offers. It's taking longer for banks to approve sales and for buyers to close escrow.

"It's starting to become a feeding frenzy," Kelley said. "The banks, the title and escrow companies are backed up. They laid off all their people and now they don't have the staff to handle the volume. We could get foreclosures and short sales out of the inventory. We have buyers coming back, but the banks can't act fast enough."

Doug Glendinning of Las Vegas said he's losing his enthusiasm and patience three weeks after making an offer on a bank-sale home.

"With so many houses in that particular category, I don't understand how the bank can drag its feet on accepting or rejecting or asking for a counter(offer)," Glendinning said. "I'm not concerned with their decision, just how can they sit there and not make one? No one can explain this to me in any common-sense terms."

Distressed property sales are among the greatest opportunities in Las Vegas right now, Jeremy Aguero of Applied Analysis said.

"Sharks are swimming around the blood," he said at an economic forum last week.

Jeff Adams of FreeReal EstateMentoring.com said the current market is a real estate investor's "dream come true."

"With the subprime meltdown going on right now and foreclosures up over 700 percent nationwide, there is a huge opportunity out there to pick up properties at 50 (cents) to 60 cents on the dollar," he said.

Realtor Steve Hawks of ReMax Platinum said he just received notice from the bank about a 2,480-square-foot home in Seven Hills going on the market for $334,000, compared with its 2002 sales price of $565,000.

For condos and townhomes, there were 198 sales in March, a 19.3 percent increase from the previous month and a 41.9 percent decline from a year ago. The median price was $163,000, down 18.5 percent from a year ago.

Total sales volume for March was $451 million, a 25.4 percent decline from a year ago.

Association statistics are based on data collected through the MLS and do not necessarily account for newly homes sold by local builders and other transactions not involving a Realtor.
CN: according to some analyst, the current Vegas housing market is supposed to be a real estate investor's "dream come true."

I already own my condo and was thinking of buying one or two extra homes as an investment... what do you all think??
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Old 04-08-2008, 02:51 PM   #2
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Only do it if you can afford the mortgages without renting them out. With all the defaults, there is also a glut of rental homes on the market.

If you are talking about investing daddy's money, by all means, it is a very good investment now, if you can wait 2+ years to see the return.
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Old 04-08-2008, 02:53 PM   #3
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Originally Posted by imprezton View Post
If you are talking about investing daddy's money, by all means, it is a very good investment now, if you can wait 2+ years to see the return.
exactly

that's the big thing - 2 years yes I can wait, more than that... not such a lucrative investment in my opinion.
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Old 04-08-2008, 03:11 PM   #4
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i would. i just don't have the time necessary to monitor my investment.

long term i think Vegas is a great place to be.
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Old 04-08-2008, 03:14 PM   #5
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there is also a market in Miami and San Diego
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Old 04-08-2008, 03:14 PM   #6
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i would. i just don't have the time necessary to monitor my investment.

long term i think Vegas is a great place to be.
Wouldn't be much to monitoring it if you're paying cash. You buy the house, pay property tax on it. Hire a property manager to rent it out. They take $100-$200 a month out of the rental income for the service.
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Old 04-08-2008, 03:15 PM   #7
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Quote:
Originally Posted by INFIDEL View Post
CN: according to some analyst, the current Vegas housing market is supposed to be a real estate investor's "dream come true."

I already own my condo and was thinking of buying one or two extra homes as an investment... what do you all think??
Buy the foreclosure next to me and I'll help you with maintenance. I'm dead serious.
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Old 04-08-2008, 03:16 PM   #8
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Wouldn't be much to monitoring it if you're paying cash. You buy the house, pay property tax on it. Hire a property manager to rent it out. They take $100-$200 a month out of the rental income for the service.
trust issues.
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Old 04-08-2008, 03:18 PM   #9
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trust issues.
True, that. As an example, my ex tried one of them. Paid them for advertising her rental, and they told callers that home was no longer available, but they have some others.
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Old 04-08-2008, 03:19 PM   #10
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What water rights does vegas have?
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Old 04-08-2008, 03:21 PM   #11
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What water rights does vegas have?
Do you mean "What water rights does Las Vegas have," or "What water rights does the typical Las Vegas property owner have?"
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Old 04-08-2008, 03:32 PM   #12
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Both.
As someone whom has owned property in Tuscon, Santa Fe and Taos...water rights are always an interesting political issue.
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Old 04-08-2008, 03:34 PM   #13
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Both.
As someone whom has owned property in Tuscon, Santa Fe and Taos...water rights are always an interesting political issue.
As an individual property owner, there is approximately zero percent chance of finding property that still has water rights attached. The Southern Nevada Water Authority is at the point of buying water rights from central Nevada and Arizona.
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Old 04-08-2008, 03:38 PM   #14
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I think it's too early. I wouldn't buy until beginning fourth quarter, at the earliest.
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Old 04-08-2008, 03:41 PM   #15
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I think it's too early. I wouldn't buy until beginning fourth quarter, at the earliest.
true

Q2 and Q3 are going to be a muther!
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Old 04-08-2008, 03:45 PM   #16
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I think it's too early. I wouldn't buy until beginning fourth quarter, at the earliest.
If any of these safety net bills that are being bandied about come to fruition, the spec values of these homes could start improving immediately. Speculative investors are already creating multiple-bid situations on foreclosure homes in Las Vegas, so the very bottom of the market should be very near or maybe even already past.
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Old 04-08-2008, 03:49 PM   #17
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As an individual property owner, there is approximately zero percent chance of finding property that still has water rights attached. The Southern Nevada Water Authority is at the point of buying water rights from central Nevada and Arizona.
I'll have to start reading on NV law, but I would be consirned that they will run out of water in the next decade or so. southern NM is already having issues 30 years before they are "supposed to run low".
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Old 04-08-2008, 03:49 PM   #18
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Quote:
Originally Posted by imprezton View Post
If any of these safety net bills that are being bandied about come to fruition, the spec values of these homes could start improving immediately. Speculative investors are already creating multiple-bid situations on foreclosure homes in Las Vegas, so the very bottom of the market should be very near or maybe even already past.
benjaminetinyahoo says you is wrong.
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Old 04-08-2008, 03:51 PM   #19
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my sister bought on top of the vegas bubble (had female nesting panic) its not pretty
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Old 04-08-2008, 03:53 PM   #20
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my sister bought on top of the vegas bubble (had female nesting panic) its not pretty
pics?
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Old 04-08-2008, 03:53 PM   #21
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my sister bought on top of the vegas bubble (had female nesting panic) its not pretty
It isn't pretty, but if you bought as a long-term home purchase and not expecting immediate profit, you're fine.
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Old 04-08-2008, 03:53 PM   #22
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I'll have to start reading on NV law, but I would be consirned that they will run out of water in the next decade or so. southern NM is already having issues 30 years before they are "supposed to run low".
what is the source of water?
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Old 04-08-2008, 03:53 PM   #23
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.................
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Old 04-08-2008, 04:03 PM   #24
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You need to make sure that you can rent it before you buy it for at least enough to cover the mortgage. I would do more research on the current rental market in your area then anything else. With this high of a percentage of foreclosures and homes being sold under market value their is sure to be a lot of rentals in the area as well. Otherwise Real Estate is always a good investment....especially when you get in at the 'buy low' times we are going through right now...
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Old 04-08-2008, 04:08 PM   #25
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You need to make sure that you can rent it before you buy it for at least enough to cover the mortgage. I would do more research on the current rental market in your area then anything else. With this high of a percentage of foreclosures and homes being sold under market value their is sure to be a lot of rentals in the area as well. Otherwise Real Estate is always a good investment....especially when you get in at the 'buy low' times we are going through right now...
In his case, it would be his father's investment money. A mortgage wouldn't be part of the deal.
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