Thinking to buy a condo or home in Vegas

Tell your agent to look in Green Valley, its sortof like a 2nd name for part of Henderson, lots of younger clueless dip****s that all fell for the ARM deals... lots of forclosures in that area, very nice & desireable upper-middle class area too.

''Buyers Agent's'' are a dime a dozen in this town, they all are savvy with forclosures. Throw a rock next time your in Vegas... you'll hit one. If you really need a recommendation for an agent, PM me.

 

Might want to wait a bit longer; say mid '08. This bank thing still has to run its course and people in a bind will only get worse before they get better.

 

Keep in mind depreciation has hit around 20%, translates a $300,000 to $240,000 home. In my experience, been around awhile, that is about it. You won't see much more of a drop because the way markets ebb and flow, some will begin to come in now and begin to stabalize the price drop. Better to leave some on the table then to miss the show altogether. Best

 

Very good point. One will never be able to 'time it perfectly.' But the question is, at what point will this have run its course? If you are a betting man, and I'm sure most of us are or we wouldn't be where we are today, then you ride this a little further before the train hits the last top. If you are more cautious, you take it now cause there always is the chance that it will go up tommorrow. None of us has a crystal bowl that will tell us just when to pull the trigger; it's more of a feel and gut intuition. But my view is we have a little more of this before we see the legislators get involved, then things will rebound. Of course looking down the road, we will have fast growth because of the pent-up demand and the fact homes are not built over night.

 

I was just offered a high rise condo near the strip for $700,000 that was purcahsed for $1 million. It brings up another point. This is a good deal if you are not in a hurry. Your investment "window" is an important variable. All real estate goes up (with few exceptions). If you need a return tomorrow you are under pressure, if your time frame is 10 years, sometime during that period you will make money. Sure, everything that goes up comes down, but in real estate, the laws of gravity are defied in that prices always rise again.Best

 

We've seen a few situations where foreclosures are presented at auction and the bank still ends up with the home (probably to try and auction again). The local talk is that it's not going to stop sliding for another 8-16 months. I'll say it's not really my industry though - I just hear from the homebuilding employees and homeowners I interact with.

 

PM sent. I know the best guy in Vegas.