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View Full Version : The price of property



ishmael
05-09-2008, 05:02 PM
They just showed a story about property in Vegas. A couple buys this home, maybe 3,000 square feet. Half the neighborhood is now up for sale and not selling. The thing that hit me was that for this cookie cutter condo home, in order to sell it, they'd slashed the price by 300,000 dollars. The place didn't look worth three hundred big ones to me. I mean it was run of the mill condo, in a development that failed.

Wuz'up with that?

George Roberts
05-09-2008, 05:09 PM
Location. Location. Location.

Cuyahoga Chuck
05-10-2008, 10:35 AM
Real estate is and always will be "location,location, location.
Las Vegas has the draw of weather and gambling. It's been on an upward spiral for many decades and the housing market got plenty overheated because real estate looked like a no-lose investment. The downturn in growth may be a blessing in disguise because Las Vegas is bumping into it's water frontier already. And if the cost of electricity skyrockets that may put another nail in the coffin.
A town south of Phoenix went from 3000 to 30,000 in nothing flat. Now it has large numbers of homes empty and owned by the banks. Growth there was so rapid a lot of homes were bought by investors who were looking to flip them for a big profit. The early birds bought, sold and beat it. The late comers got royally burned.

merlinron
05-10-2008, 08:39 PM
in-laws bought a house in nort vegas about 10 yrs. ago for $192K. nothing special, looks like every other tile roofed, stucco walled 3 bedroom home out there. latest appraisal put it at $430K!
i was told there was an ordinance passed a few yrs. ago that restricts building one family dwellings. because they are running out of room to build, all new construction has to be multy-family. the price of american pie just went up!.....again.