Can it get much worse than this?
Uh, yup, it can...
Damn, it's gotta REALLY suck to be a realtor, condo salesman, mexican roofer or anyone involved with real estate (besides foreclosures) in meltdown-central Las Vegas today.
Local real estate analysts do not necessarily agree with national studies that predict double-digit price declines in Las Vegas as part of the national slowdown.
Such studies generally don't give enough weight to local economic conditions, association President Linda Rheinberger said. None of them mention the lack of private land for development in Las Vegas or the continued job and population growth that sets the local economy apart from the rest of the country.
"All real estate is local," Rheinberger said. "Barring some sort of catastrophic event, we don't expect that (drop) to happen here. Instead, we see continued signs of what we call a soft landing, or market correction. We're not expecting local housing prices to drop by double digits. The history of our housing market makes that very unlikely."
While prices have remained stable, the number of sales has tailed off. The Realtors association showed 1,739 single-family home sales in September, down 41.7 percent from a year ago. A total of 438 condos and townhomes were sold, down 34.5 percent.
Inventory of homes for sale on the Multiple Listing Service continues to rise to record levels in both categories. Single-family listings are up to 20,815, a 57.4 percent increase from a year ago. Condo and townhome listings more than doubled from a year ago to 5,135.
"They look at sales down 17.1 percent from August and down 41.7 percent from September '05 and they want to jump off the bridge," she said. "What they don't factor in is '04 and '05 were anomalies. In the resales, we're going to have our third-best year on record and the second-best in new homes. So you have to be careful when you look at one piece of the puzzle."
October 06, 2006
realtors in Las Vegas now on hunger strike (not of their choosing) - sales down 42%, inventory up 57% - part of that "soft landing" I guess
Subscribe to:
Post Comments (Atom)
12 comments:
Yea and 07 will be the 4th best year, and 08 will be the 5th best year...........you get the trend.
Did you see Casey made SfGate:
http://tinyurl.com/jccos
Fire sales all over the place...I just picked up a 2006 Bentley GT for my wife off a tip from a friend of a friend for 62,000 cash...anyone want to take a shot at what the previous owner did.... ;) Also, picking up deals left and right in the Los Angeles Craigslist under Furniture, Electronics, and Computers. People are pretty much selling new stuff at low prices. Though they list them high at first, just make a note of them, ad offer them 66% of what they ask with "CASH" always in the Subject title and they will come around soon, rather then later...
Over in Phoenix, Houndboy is in full delirium mode.
http://tinyurl.com/lfxxr
classic picture! ben's blog can't hold HP's jockstrap!
F-em!
"While prices have remained stable, the number of sales has tailed off. The Realtors association showed 1,739 single-family home sales in September, down 41.7 percent from a year ago. A total of 438 condos and townhomes were sold, down 34.5 percent."
"Inventory of homes for sale on the Multiple Listing Service continues to rise to record levels in both categories. Single-family listings are up to 20,815, a 57.4 percent increase from a year ago. Condo and townhome listings more than doubled from a year ago to 5,135."
This Mexican Standoff is the prelude to falling prices. Sellers are desperate to get rid of their negative cash flow debt boxes, but reluctant to sell at a loss. Buyers know that prices are dropping and no longer feel pressured to get in before they are forever priced out. As a result, sales are way down.
Because we are currently at the top of the market, sellers will lose even more if they wait and follow the market down with a series of price reductions. Buyers will also lose, if they don't follow the formula. Buyers should offer only the appraised value of the house as of 2001, multiplied by 1.3. In the next few years (if not sooner) all real estate prices must correct to the traditional annual increase of inflation plus approximately 1%.
paintblot,
vegas is toast. what a great solid place, quality people all around that say things like "drinks and shows" "lets go to the strip club" "porn is great"
it did have a good run though.
That arguemement about running out of land in the valley has been around for 15 years. The land is BLM and they sell some of it every year (artificial land value). The valley? They've already started building out of the valley. Whitney ranch extends up and over the hill. Since when did a little hill become a growth obstacle? You could build forever around Vegas.
calling bugsy segal a great politician may be illegal today!!!
VEGAS BABY
LAND OF BULLSHITTERS AND LOSERS
Hellllllllllloooooooooo
Get Some Great Information about real estate agent . If your interested in finding out how the experts deal in real estate then visit http://realestate.opportunitiesinfo.com
Post a Comment