The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: TH	1/26/2009 12:13:18 AM
	Read Replies (2) of 306849

A little over ten hours of real estate research this Sunday. Probably looked at 15,000 properties, most in Vegas. They are just giving away houses in Vegas. The numbers for houses under 400k built in the last five years are just staggering. No bottom anytime soon there. It was amusing to see a number of homes I only saw in renderings now listed as short or foreclosed. One Ryland hunk o' junk was so different from the brochure from 05/06 that I had to check the address. Half what Ryland wanted at the peak, and they are not yet done with the fall. Condos are a bit more mixed. I've noticed a number of the spectacular deals are just gone. Those links in my file and on my weblinks are showing non-active, but I'm certain they are sold. Should have jumped on that REO at Panorama, as it seems all the good ones are now gone. One unit I've tracked for 3 years moved in just a few days, as I'm sure there was some Tom Jones wannabe like me that wanted that corner unit for sub 600k. Tried in vain for hours to find a very nice and small condo on Black Mountain that I regretted not buying in 98. Excellent strip view at night and a real nice deck on the side facing the strip. Stupid Realtor.com <ng> The new and improved Realtor.com is a piece of junk. I think they intentionally removed some features so you would have to solicit a realtor. For example, it used to be a single selection to get all the Vegas properties with a city lights view. Now that is gone and I had to go zip code by zip code on all the good areas. I would estimate that this change increased my search time by 100. I'm considering just buying a 250K condo in the 89123. Extremely deluxe for that price, with high end wolf and subzero. Yea, good stuff for 250K. So difficult is that development to sell that they are renting out the units unsold and waiting it out. That is why only about 10 in the entire development are for sale, but those ten are cheap. High end stuff is not down as much as I expected. The really nice stuff like C2 is down, but not to the point where I would consider buying. Maybe live in Vegas for a couple of years and just keep the condo for weekend trips if I ever move to LA. Seeing another tick down in LA Westside condos and some houses. One in Marina Del Ray looks to be a steal, as they just chopped 700K off and now it can be had for 1.5 million. Really deluxe condo on Abbott Kinney with retail just got a similar reduction from 3.3 to 2.6. GT TH

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