[jfkIII]

you put your left ARM in, you pull your left ARM out, you put your left ARM in...and you shake it all about. You do the hokey-pokey and you switch your ARM around. That's what it's all about.

(now, THAT's asinine! (spelled correctly))

[uncle_el]

Originally Posted by rpachigo

There ain't no such thing as a free lunch. I thought my comment would ruffle a few of the real estate professionals' feathers. See this article referencing decreasing rents in LA. This could easily apply to Vegas.

Housing downturn hits L.A.-area rents - Los Angeles Times

Also 22566 properties in pre-foreclosure status and 11683 properties at auction currently on realtytrac. Add in another over 25000 bank owned properties and this future continues to be grim. Anyone who thinks some bounce back will occur in spring or summer I think is mistaken. Already I see foreclosures from 2008 sales - not good. Granted, someone bought a property for 25,000 or so - what's the downside to that? It can't be much I suppose although we'd have to check with Cleveland or Detroit on that. We're not those two cities of course. But for someone contemplating buying a house for $150,000 to $200,000, tread very cautiously. You may be wishing you were renting.

Originally Posted by airics

Even in the Cleveland area, 50k or less is mostly ghetto... Remember that these homes are mostly in shambles.... I find it hard to believe that you will be able to buy a decent home for 50-80k in vegas (not condo)....So do i foresee the 150k home today being 80k, not likely.. just my opinion.. If that happens, everyone will walk from their loans.

let this article tell it, there are 1k homes in cleveland:

Radical cheap: $1,000 homes - Jan. 8, 2009




some seem to think the market still has a way to go down:
Confessions of a former real estate bull - Jan. 5, 2009


all that to say that nobody knows where we're headed. take everyone's comments with a grain of salt, whether positive or negative, whether intimately associated with the real estate industry or not.

[airics]

dont believe everything you read.. you couldn't pay me to live in east cleveland, you cant rent the house, you have to rehab the house... trust me these houses need alot of work.. my buddy bought 5 houses in garfield hts for $110k , for all of them.. each averaged about 20k to fix... taxes are $2500 - $3500 a year each... can't rent them.. nobody wants the area or the headaches.. next time i'm out, i'll picture up a few of these so you can see what i mean... i live in mayfield ... cheapest house listed is 69k (average around 160).. you walk in... the floors are pulled up, you look up, you can see the sky.. the smell is unbearable... it is hard to believe someone actually lived in the house...

[Rebecca40]

Originally Posted by rpachigo

But for someone contemplating buying a house for $150,000 to $200,000, tread very cautiously. You may be wishing you were renting.

If we bought, we would be looking in the $250-325K range - not looking for luxury, but want a 3-4 bedroom home in a good school district with a larger yard so we can have some space for our dogs, a pool, and a non-nazi-ish HOA. I'm just afraid we won't find that in a rental because we have kids, dogs, and cats. We had even thought about looking at one of the older horse properties in the NW, but are afraid it might not re-sell well. We just want a decent place to live with some elbow room and the ability to sell in 3 years and not lose any more money than we would by renting. I guess that may not be a reasonable expectation - we'll see how thing are in a few months when we're ready to find a house I guess. Thanks for the input everyone.

[airics]

at that price point, i think you have alot of risk, there is alot more to fall....

[jfkIII]

Originally Posted by Rebecca40

...a non-nazi-ish HOA...

An oxymoron if I ever saw one.

[Rebecca40]

Originally Posted by jfkIII

An oxymoron if I ever saw one.

Yes, I know. I'd prefer no HOA but if we have to have one, a lax one would be preferable. I'm all for protecting property values, but I'd rather have nice neighbors with stinky horses, an RV parked outside, or an unusual yard ornament or two rather than snooty neighbors in a pristine setting. We're really live and let live kind of people as long as there's nothing dangerous or illegal going on.

[olecapt]

Originally Posted by Rebecca40

Yes, I know. I'd prefer no HOA but if we have to have one, a lax one would be preferable. I'm all for protecting property values, but I'd rather have nice neighbors with stinky horses, an RV parked outside, or an unusual yard ornament or two rather than snooty neighbors in a pristine setting. We're really live and let live kind of people as long as there's nothing dangerous or illegal going on.

Wait until it is time and then explore both alternatives. Who knows? Don't ever deal with this class of problem until you have to and then you look at the reality. That often makes it much easier.

[Rebecca40]

Originally Posted by olecapt

Wait until it is time and then explore both alternatives. Who knows? Don't ever deal with this class of problem until you have to and then you look at the reality. That often makes it much easier.

You are so right, Olecapt. My problem is that I'm a planner and I like to have everything mapped out way in advance. I do my research early so I know what to expect - and then things go and change on me

[olecapt]

Originally Posted by Rebecca40

You are so right, Olecapt. My problem is that I'm a planner and I like to have everything mapped out way in advance. I do my research early so I know what to expect - and then things go and change on me

Leasing more than 45 days in advance is pretty well impossible. So no point in worrying about it. If leasing is on the list then you wait until 45 days maximum out.