[Caltovegas]

Well here's another article knocking the Vegas living..

Nevada's boom ends in record number of empty homes - Yahoo! News (http://news.yahoo.com/s/ap/20110315/ap_on_bi_ge/us_nevada_housing - broken link)

[unf0rgiven6262]

1 out of 7 houses were and may still be empty. I'd be interested to know how many squatters are inside these houses across the valley.

[vegaslocal55]

So today there are twice as many vacant houses as in 2000? Not so bad when you consider how many more houses total there are, right?

[Exaday]

I am so glad that I was able to come out ahead in this foreclosure crisis. I remember when everyone was telling me I had to buy, buy buy. That prices were only going up.

I thought the price of a house was astronomical in 2005 when I helped My grandmother sale her house for 300k, the same house she purchased for around 80k I believe in the 80's.

Last summer I purchased a home using a VA loan and feel pretty good about it.

When we went searching for a new home it told a surprising story as we looked at many short sale homes where often the family was still living inside these homes. I could see the look of fear and uncertainty in their eyes, the despair and grief as they watched strangers come in and survey a home which once symbolized their hopes and dreams.

We've all known friends who have had their lives shattered by this. I have a few friends still hanging on by a thread. The people I feel the worst for are the elderly.

I feel strange to be one of the few winners out of all this. I've prospered during these times because I saw it coming. I've even started my own company that capitalizes off of cleaning and repairing these homes. I look back and certainly don't think I am smarter than all those who lost money, just luckier.

I believe in Vegas and I know we will eventually come back stronger than ever before. I'm not an economist so I can't tell you when, it will be this decade though. The world is still entranced by Vegas. The lure and the risk of this small desert town still captivates the imagination.

[Robustus]

Originally Posted by Exaday

I feel strange to be one of the few winners out of all this. I've prospered during these times because I saw it coming. I've even started my own company that capitalizes off of cleaning and repairing these homes. I look back and certainly don't think I am smarter than all those who lost money, just luckier.

Depends on your definition of "smarter", but by being nervous about home prices that were WAY above the long-term trend line, you were at minimum more rational and disciplined than most. I'll bet most people didn't even bother to compare.

[macgeek]

The Ackerly family moved into a rental house after they defaulted on their mortgage. The value of their $240,000 North Las Vegas home was worth $80,000 by the time they left. Unlike some of their neighbors, they didn't take the new kitchen cabinets, or the palm trees they had planted in the yard, or any of the other improvements they lovingly made to the house after they moved in.

Where is the house?
I will buy it!

Jonathan

[Scott456]

Originally Posted by macgeek

Where is the house?
I will buy it!

Jonathan

Didn't it say "North Vegas" already?
You want to buy in "North Vegas"? ....go ahead, nobody is holding you back

[007 license to sell]

This isn't really new information in the real-estate community most realtors are aware of this, it's information that as a buyer you need to know. Any one that is thinking of purchasing needs to know that prices could still go down, how much now one really knows you can play with numbers all day long to make it come out just about any way you want.Any one purchasing in our market has to know the volatility of the housing market.

However knowing what is going on out here as a buyer or an investor you have to plan for long term, some say 5 yrs some say 10 yrs. When purchasing a property now days purchase it to enjoy and if you can't afford an upset meaning a loss of job or reduction of income source of any kind you must think hard before purchasing. Prices are at all time low and interest on loans are low it could be an ideal time to purchase for some.

Granted investors are a different breed of buyer and they will sniff out the best deals and flip, some will put renters in them and then flip. Some investors are patient and will wait and see how this plays out and have a long term plan. Where as the average buyer should look at their personal finances and plan to see if it fits in for a long term plan and not just the short term.

If you want to wait and see how much lower prices will go that may be the better way to go for that buyer. As a buyer you need to look at why you want the property and access does it make sense to you financially and can you afford it if something goes wrong? Also keep in mind that the neighborhood you purchase in could have these empty homes in the community which could continue to cause values to go down.

[tony soprano]

Originally Posted by Exaday

I feel strange to be one of the few winners out of all this. I've prospered during these times because I saw it coming. I've even started my own company that capitalizes off of cleaning and repairing these homes. I look back and certainly don't think I am smarter than all those who lost money, just luckier.

Chance favors the prepared mind.