[Trader Joe99]

Originally Posted by lvoc

Actually Trader Joe is missing something but it much less complex than it is made out...

Tj is missing the fact that Las Vegas dived in the crash far more than makes any sense. That was the real manipulation.

I still have no idea why...but it sure did happen. If you overlay the various Case-Shiller charts it isk quite clear. Las Vegas crashed worse than any where else. And that was done virtually single handed by the banks.

The result is that Las Vegas can come up 30% in a year...and another 30% in the next year and still be below the long term trend line.

Why only 30%? Let's come up another 50% or 100% or 150% next year.
Let's make our future buyers even bigger DEBT SLAVES.
Is that what you tell to your clients?
It's OK to be a debt slave and buy overpriced homes that went up over 60% in value just because banks are keeping 9700 foreclosed and pre-foreclosure homes off the market creating illusion of housing shortage in Las Vegas, artificially low interest rates, speculators desperately chasing yields.

Why should Casino Worker be able to buy a house for $90,000, that is not right, he should pay $240,000 for that same house. (Mod cut- rude, personal attack)

[lvoc]

Originally Posted by Jalhop

Few other cities, if any. The price increase is due mainly to assembly bill 284, which all but shut down the real estate market in NV. It won't be until next year that AB 300 starts clearing out the remaining foreclosures (thousands of them, assuming the governor signs the bill into law). In LV hedge funds will be waiting to snap everything up at a discount. In Reno, where I was looking, it might be possible to buy a house next year without enduring a bidding war.

Don't hold your breath.

It remains unclear that they will modify 284 and if they do it may make little difference.

There are a number of people suggesting a big bust is coming. You get to bet with them or against them.

Good Luck.

[observer53]

Originally Posted by observer53

If you have such a negative impression of all homes in Las Vegas, why are you here? (assuming that you are)

TJ99- I asked this question because, obviously, there are people who don't share your opinions of Las Vegas as a place to live and raise a family. They're entitled to their opinions in that regard. So, you need to state some basis, other than your obvious dislike for the city, for your figures on the maximum price per SF they should be paying.

[Jalhop]

Originally Posted by lvoc

It remains unclear that they will modify 284 and if they do it may make little difference.

The modification has already passed the house with vote 40-0. It's in the senate now, with little opposition reported there.

[Trader Joe99]

Originally Posted by observer53

TJ99- I asked this question because, obviously, there are people who don't share your opinions of Las Vegas as a place to live and raise a family. They're entitled to their opinions in that regard. So, you need to state some basis, other than your obvious dislike for the city, for your figures on the maximum price per SF they should be paying.

Observer53, $80 per sq is just my own comfortability zone and in line with local wages. As you know Las Vegas is mostly a blue collar town with hardworking people in casino industry and other service supported industries. Jobs in Las Vegas are mostly low paying service jobs. Las Vegas, same is true with other cities, needs lower housing prices, not higher prices.
Why are lower housing prices lower food prices, lower gas prices and etc not good for Americans?

I don't believe in DEBT and can't stand when other people are trying to lure uneducated and unaware buyers into more debt or higher debt.
We need to cut DEBT and not create even more debt.
Our problem is a huge amount of DEBT in this country.
That why I want to see higher interest rates, deflation to finaly kick in and flush all speculators and debtors who took debt at the end of the growing business cycle.
Time to start rewarding responsible savers, not speculators and gamblers.

[WestieJeff]

Sorry the facts don't back up your guesses. household income is around 50k. Salt Lake, Denver, etc. have similar household income and higher median home prices compared to Vegas.

Keep riding your horse, regardless if you're right or wrong about the debt in the country, your opinion is yours only and doesn't affect 99% of the country that doesn't care.

Originally Posted by Trader Joe99

Observer53, $80 per sq is just my own comfortability zone and in line with local wages. As you know Las Vegas is mostly a blue collar town with hardworking people in casino industry and other service supported industries. Jobs in Las Vegas are mostly low paying service jobs. Las Vegas, same is true with other cities, needs lower housing prices, not higher prices.
Why are lower housing prices lower food prices, lower gas prices and etc not good for Americans?

I don't believe in DEBT and can't stand when other people are trying to lure uneducated and unaware buyers into more debt or higher debt.
We need to cut DEBT and not create even more debt.
Our problem is a huge amount of DEBT in this country.
That why I want to see higher interest rates, deflation to finaly kick in and flush all speculators and debtors who took debt at the end of the growing business cycle.
Time to start rewarding responsible savers, not speculators and gamblers.

[Trader Joe99]

Originally Posted by WestieJeff

Sorry the facts don't back up your guesses. household income is around 50k. Salt Lake, Denver, etc. have similar household income and higher median home prices compared to Vegas.

Keep riding your horse, regardless if you're right or wrong about the debt in the country, your opinion is yours only and doesn't affect 99% of the country that doesn't care.

If 99% of the country doesnt care about the huge DEBT that we have accumulated and still accumulating then very soon we won't have a country to begin with.
One day Americans will stop watching American Idol and Dancing with the Stars, one day they will stop drinking Ben Bernanke Kool Aide and find out that Wall Street and Bankers have made Debt Slaves out of them. One day they will be knocking on your door and don't forget we all have guns in this country.
Have you ever seen an desperate man that needs to feed his family and kids, that needs affordable shelter?
That man is capable to do anything at that point.

[BBMW]

Not really. Vegas has a high churn or residents. This includes a lot of retirees. If people are coming in with money, buy, and stay, the natives don't have to support the market. However, someone does have to be living in the houses, bet they owners, or renters paying the investors.

Originally Posted by Caltovegas

Who is doing the buying? At some point the natives have to be able to afford the huts.

[WestieJeff]

Ok, so even if you're right. You're in the FAR FAR minority. Hardly anyone will take any action based on your opinions. Your breath is practically wasted. Even if you are right, the market can stay irrational longer than you can stay alive. You may never see anything come to fruition, and that's only if you're right to begin with.

You sound just like every participant on Doomsday Preppers. Keep predicting economic collapse/zombie apocolypse, just like they have for the last 100+ years.

In the meantime, I'll be living my life.

Originally Posted by Trader Joe99

If 99% of the country doesnt care about the huge DEBT that we have accumulated and still accumulating then very soon we won't have a country to begin with.
One day Americans will stop watching American Idol and Dancing with the Stars, one day they will stop drinking Ben Bernanke Kool Aide and find out that Wall Street and Bankers have made Debt Slaves out of them. One day they will be knocking on your door and don't forget we all have guns in this country.
Have you ever seen an desperate man that needs to feed his family and kids, that needs affordable shelter?
That man is capable to do anything at that point.

[lvoc]

Originally Posted by Jalhop

The modification has already passed the house with vote 40-0. It's in the senate now, with little opposition reported there.

We shall see. I still see no agreement in the RE community on what needs to happen.

So far nothing is going to change.