Vegas housing bottom??

I sold my 2800 sq ft LV house 16 mo ago for 480k; same type custom house across the street is now listed for 269k, so they may get 250 for it. 2 yrs ago you could sell it for 520k. Wow - prices fell further and faster than I could ever have imagined. We must be close to a bottom there - I bought this house in 1992 for 185k!

I sold my 2800 sq ft LV house 16 mo ago for 480k; same type custom house across the street is now listed for 269k, so they may get 250 for it. 2 yrs ago you could sell it for 520k. Wow - prices fell further and faster than I could ever have imagined.
We must be close to a bottom there - I bought this house in 1992 for 185k!

fwiw
Ask local broker when supply hits 5 month buy. Limited downside at that point. likely go to 190-220k at least.

On a national level we are close to fair value but since we were 50%+- over fair value we are likely to mirror the peak to the downside allowing for time progression of the 100 year trend line...we may see the median hit $95-120k for a national low.
Many markets have bottomed and some have limited downside but due to the primary 6 or so states that carry almost 70% of the country's weighting we got some serious downside left on the national numbers.

Not happy to say these numbers but it is what it is.
Z

i agree w u zoro. this will likely be prolonged and go down more than people can imagine at this point. I mean how many people even a few years ago ever expected any decline let alone 10, 15, 20% ? and U-6 number was over 13% unemployment , yet all of the mass layoffs haven't really hit, and small employers have hung on to folks for as long as they can. so we are not even near a bottom in the layoff trend let alone starting the re-hiring process. until that re-hiring proces turns and then picks up steam and then the mass inventory of homes gets worked off there ain't gonna be any bottom in prices. could this take a few years ? i can't see how it will happen any faster . this stuff doesn't change on a dime. this is trending stuff, and trends don't just revert in knee jerk fashion.

Edited by nimblebear, 10 January 2009 - 10:04 AM.

I sold my 2800 sq ft LV house 16 mo ago for 480k; same type custom house across the street is now listed for 269k

Do you feel lucky, guilty, or both? LOL!

The bottom of housing may look more like an "L" than a "V".

We went thru that here in Tulsa about 20 years ago.
There was no rush to get back in.
But while waiting I did find a few bargains.

Edited by Rogerdodger, 10 January 2009 - 12:32 PM.

I sold my 2800 sq ft LV house 16 mo ago for 480k; same type custom house across the street is now listed for 269k, so they may get 250 for it. 2 yrs ago you could sell it for 520k. Wow - prices fell further and faster than I could ever have imagined.
We must be close to a bottom there - I bought this house in 1992 for 185k!

i just reactivated my real estate license in las vegas signed up on the MLS and am flabbergasted with what i am seeing...they are literally giving these properties away!

I saw where the MGM was going to delay opening a new addition and canceling a planned condo. DUH!

I sold my 2800 sq ft LV house 16 mo ago for 480k; same type custom house across the street is now listed for 269k

Do you feel lucky, guilty, or both? LOL!

The bottom of housing may look more like an "L" than a "V".

We went thru that here in Tulsa about 20 years ago.
There was no rush to get back in.
But while waiting I did find a few bargains.

Roger, I think you're dead right. What they are doing now will have a "floor effect" in most markets, sooner of later (if not already). But the upside is likely to be very limited for some time.

That may be a good thing. Housing affordability has been way off for a long time.

BUT, sure looks to me like a pretty nice home out here is pretty affordable for the median family.

a $180k house with 20% down has a mortgage payment of $763.29

Mark