Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 03-21-2012, 06:42 PM   #21
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,836
Quote:
Originally Posted by clifp View Post
I can tell you that market has bottomed in Vegas.

A few weeks ago I was there attending a conference and once again when looking for rentals. After eliminating some via the internet I saw 8 places and put in offers on 4 (Ya I am not being picky).

These are all single family homes built between 1997-2005 3 or 4 bedrooms, 2+ baths tiny lots, and 1100-1700 square,in ok to move in condition. All are either short sale or bank owned. My offers are all cash with 30 day escrows.

List My offer Result
59K 58K Multiple offer, resubmitted at 62K, competing with 29 offers.
62K 62K 6 offers. Bank counters at 67K accepted the counter still waiting to hear if I got it.
72K 69K Seller accept a different offer over list
83.5 76K Desirable area, but lousy location. 15 offers several offers over list I withdraw.
Wow, these prices sound really good, assuming there is nothing radically wrong with them. Congratulations on finding them! I hope you get those that are still up in the air. Sounds like a lot of competition.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-21-2012, 06:58 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,398
If the rent is significantly higher than the monthly cost for a house, and one intends to stay for a while, this is not a bad time to buy.

Funny how people feel secure when they follow the crowd, yet history shows that the contrarian tends to do a lot better.

At the height of the bubble, people were camping out in front of some new subdivisions in San Diego to get on the list to buy a new house.

In Florida, there was a story of such a fortunate early guy, who walked out of the RE office and immediately sold his contract for a condo to another guy who was late in the waiting line, and pocketed something like $75K.

My mother was visited by a friend of hers, who flew in from DC to buy a new home with the intention to flip it. My mother got all excited and told us that we were missing out on all the good deals that out-of-state people were snatching, right under our nose!

Crazy, crazy stuff! Now, people would not want anything to do with owning a house.

Last year, my daughter bought a townhome in a nice area, which is adjacent to a resort and its golf course, for 38% of what the previous owner paid. Oh, and the previous owner put in a nice kitchen and bathroom remodel too!

I told my wife and daughter that when the price was good enough and we found a house that nice, what was the point of waiting for a few more %? So, I strongly encouraged my daughter to buy it (to the point of even giving her the down payment!).
__________________

__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 03-21-2012, 07:49 PM   #23
Full time employment: Posting here.
 
Join Date: Mar 2012
Location: seattle
Posts: 643
Quote:
Originally Posted by clifp View Post
I can tell you that market has bottomed in Vegas.

A few weeks ago I was there attending a conference and once again when looking for rentals. After eliminating some via the internet I saw 8 places and put in offers on 4 (Ya I am not being picky).

These are all single family homes built between 1997-2005 3 or 4 bedrooms, 2+ baths tiny lots, and 1100-1700 square,in ok to move in condition. All are either short sale or bank owned. My offers are all cash with 30 day escrows.

List My offer Result
59K 58K Multiple offer, resubmitted at 62K, competing with 29 offers.
62K 62K 6 offers. Bank counters at 67K accepted the counter still waiting to hear if I got it.
72K 69K Seller accept a different offer over list
83.5 76K Desirable area, but lousy location. 15 offers several offers over list I withdraw.

The banks must be hemmoraging there, that's probably half of the cost to build the units, not to mention the land and soft costs....
__________________
bld999 is offline   Reply With Quote
Old 03-21-2012, 08:01 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Quote:
Originally Posted by bld999 View Post
The banks must be hemmoraging there, that's probably half of the cost to build the units, not to mention the land and soft costs....
Well yes, on average I believe Vegas real estate has declined by 70-75% from the peak. My condo I bought for 55K last summer was sold in 2006 for $198k. Plenty of Vegas property is still going for $40 and most everything is still under $60 well below replacement cost.
__________________
clifp is offline   Reply With Quote
Old 03-21-2012, 08:25 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
More good news on housing from today's WSJ.

Quote:
The U.S. housing market, a notable soft spot in the nation's weak economy for the past four years, is becoming less of a drag on the recovery.

Real-estate markets are showing signs of life as falling prices spur buyer demand, lifting home sales and new construction from the depressed levels of the past three years. The spring selling season, traditionally the busiest period of the year, appears to be off to its best start in five years. Sales of existing homes in January and February were at their highest level since 2007, according to data out Wednesday, though sales in February edged down by 0.9% from January on a seasonally adjusted basis. The decline in real-estate prices has slowed its pace, making Americans less cautious about spending and potentially more disposed to buy a home.
For the first time since 2005, investment in residential real-estate, including home building and renovation, has contributed to U.S. economic output for the past three quarters.
More here
__________________
clifp is offline   Reply With Quote
Old 03-21-2012, 09:04 PM   #26
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,836
Quote:
Originally Posted by clifp View Post
More good news on housing from today's WSJ
Very encouraging news, thanks. I am looking forward to more recovery in the housing market.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Poll:How many of us are Engineers? Huston55 Other topics 134 08-25-2012 09:12 PM
Poll: How Many Of Us Are Professional Engineers Rustward Other topics 40 07-27-2012 09:54 AM
Come on... tell us to retire now rkser FIRE and Money 30 03-18-2012 08:28 AM
US Bank seems to have priced their mortgages above market Hamlet FIRE and Money 1 02-24-2012 12:07 PM
An Industry's Value Per Ton Is A Major Determinant Of US Manufacturing Job Losses haha FIRE and Money 2 02-23-2012 06:18 PM

 

 
All times are GMT -6. The time now is 02:10 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.