Las Vegas report -The shape of things to come here in New York? Nah, It's your once in a lifetime chance to become neighbors with petrfitz and Celine?
Started by jake
almost 17 years ago
Posts: 277
Member since: Jan 2007
Discussion about
After AFS, this analyst from RBS visited a few properties in Las Vegas. Here is the summary of what he found. Anecdote 1: "What we found were clear signs of a bad situation. The home was built in 2006 and sold for $470k, but was taken over by the bank only 7 months later, leading us to speculate that the prior resident had perhaps borrowed 100% of the purchase price, and may not have ever actually... [more]
After AFS, this analyst from RBS visited a few properties in Las Vegas. Here is the summary of what he found.
Anecdote 1:
"What we found were clear signs of a bad situation. The home was built in 2006 and sold for $470k, but was taken over by the bank
only 7 months later, leading us to speculate that the prior resident had perhaps borrowed 100% of the purchase price, and may not have ever actually made a mortgage payment. Whatever the case, that original buyer did take away some souvenirs – such as the refrigerator/freezer, the washer and dryer, and a built-in microwave oven."
"They also apparently felt some stress, which they relieved by punching a fist-size hole into the living room wall. Since sitting empty starting in early 2007, the bank has repeatedly lowered the asking price to its current level of $142k."
Anecdote 2:
"The broker was unable to meet for a showing, but told us that the property was currently listed for $340k, which was down from the $580k level where it last traded 2 years ago."
Summary:
"So what do we take away from this experience? That the price declines seen in the secondary market for homes in the Las Vegas areas we visited are likely to continue for a prolonged period. The inventory of unsold homes across the price spectrum remains high, and distressed selling dominates activity. New construction may have slowed sharply, but has not fully ceased. As a result, current supply will be absorbed very slowly, with any sellers facing very difficult prospects.
After a few hours of looking at the Vegas housing market, the blackjack and craps tables seemed less dangerous a venue, with the added benefit of our choice of beverage available at no additional charge."
[less]
Response by petrfitz
almost 17 years ago
Posts: 2533
Member since: Mar 2008
yeah a lake front estate near lake mead can be compared to a track house in a blue collar neighborhood near the strip just like a lux manhattan full floor penthouse with river views can be compared to a wood frame single family in South Bronx.
Jake you are a real estate genius.
Ignored comment.
Unhide
Response by oldbuyers
almost 17 years ago
Posts: 190
Member since: Dec 2008
jake, lame effort. Las Vegas was the core of the investor speculation market, not for primary residency. You cannot compare the two cities.
RE everywhere is depreciating, Manhattan included. Las Vegas has its own distinct and separate problems that plague RE.
Ignored comment.
Unhide
Response by nyc10022
almost 17 years ago
Posts: 9868
Member since: Aug 2008
Yes, NYC and Vegas are not the same. They are two different markets.
Perfitz managed to make completely bad investment decisions in two different area. It just took twice as much talent!
Ignored comment.
Unhide
Response by jake
almost 17 years ago
Posts: 277
Member since: Jan 2007
The phrase that caught my eye and resonates with New York is:
"New construction may have slowed sharply, but has not fully ceased. As a result, current supply will be absorbed very slowly, with any sellers facing very difficult prospects."
No petrfitz, the report never mentioned anything about track? housing or blue collar neighborhoods but did say that the 2nd anecdote was from a guard gated community.
But petrfitz help me understand: what exactly is a lake front estate near lake mead??
Is it a lake front estate that's in close proximity to lake mead but on a different lake? help me out.
Ignored comment.
Unhide
Response by petrfitz
almost 17 years ago
Posts: 2533
Member since: Mar 2008
actually on both - a private lake out the back door and out the front door lake mead.
Ignored comment.
Unhide
Response by jake
almost 17 years ago
Posts: 277
Member since: Jan 2007
Atta boy! whats the name of the other lake?
Ignored comment.
Unhide
Response by petrfitz
almost 17 years ago
Posts: 2533
Member since: Mar 2008
lake las vegas
Ignored comment.
Unhide
Response by nyc10022
almost 17 years ago
Posts: 9868
Member since: Aug 2008
So its several miles between the front door and back door?
Ignored comment.
Unhide
Response by petrfitz
almost 17 years ago
Posts: 2533
Member since: Mar 2008
no A hole there is nothing built between the front door and lake mead as i sit on the edge of the national park. you continue to prove that you are a moron of great lengths.
Ignored comment.
Unhide
Response by jake
almost 17 years ago
Posts: 277
Member since: Jan 2007
no need to get abusive petrfitz. so just to be clear, this is a single family detached estate with frontage on both lake las vegas and lake mead? must be nice. pool? kidney shaped or lap pool? maybe both - that works. how many car garage?
how much frontage on each lake? and what exactly is the distance from your back door to lake las vegas? and from your front door to lake mead? i mean you make it sound like a tall person could straddle it. and is it a sandy beach along your shoreline or sea wall with dock?
Ignored comment.
Unhide
Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
OH MY LORD!
I was just watching some news piece on Vegas. They covered the Lake Meade Golf Course and the houses around it. Its in such bad shape they CLOSED THE GOLF COURSE. The houses have lsot 50-70% in value!
I swear... I just saw this on CNBC. They were covering the golf course housing bust.
And this was the purchase Perfitz BRAGGED ABOUT!
He said buy Manhattan RE at the absolute peak of the bubble!
AND he bought in the 2nd biggest bubble market, too!
'/%3e%3c/g%3e%3c/svg%3e)
yeah a lake front estate near lake mead can be compared to a track house in a blue collar neighborhood near the strip just like a lux manhattan full floor penthouse with river views can be compared to a wood frame single family in South Bronx.
Jake you are a real estate genius.
jake, lame effort. Las Vegas was the core of the investor speculation market, not for primary residency. You cannot compare the two cities.
RE everywhere is depreciating, Manhattan included. Las Vegas has its own distinct and separate problems that plague RE.
Yes, NYC and Vegas are not the same. They are two different markets.
Perfitz managed to make completely bad investment decisions in two different area. It just took twice as much talent!
The phrase that caught my eye and resonates with New York is:
"New construction may have slowed sharply, but has not fully ceased. As a result, current supply will be absorbed very slowly, with any sellers facing very difficult prospects."
No petrfitz, the report never mentioned anything about track? housing or blue collar neighborhoods but did say that the 2nd anecdote was from a guard gated community.
But petrfitz help me understand: what exactly is a lake front estate near lake mead??
Is it a lake front estate that's in close proximity to lake mead but on a different lake? help me out.
actually on both - a private lake out the back door and out the front door lake mead.
Atta boy! whats the name of the other lake?
lake las vegas
So its several miles between the front door and back door?
no A hole there is nothing built between the front door and lake mead as i sit on the edge of the national park. you continue to prove that you are a moron of great lengths.
no need to get abusive petrfitz. so just to be clear, this is a single family detached estate with frontage on both lake las vegas and lake mead? must be nice. pool? kidney shaped or lap pool? maybe both - that works. how many car garage?
how much frontage on each lake? and what exactly is the distance from your back door to lake las vegas? and from your front door to lake mead? i mean you make it sound like a tall person could straddle it. and is it a sandy beach along your shoreline or sea wall with dock?
OH MY LORD!
I was just watching some news piece on Vegas. They covered the Lake Meade Golf Course and the houses around it. Its in such bad shape they CLOSED THE GOLF COURSE. The houses have lsot 50-70% in value!
I swear... I just saw this on CNBC. They were covering the golf course housing bust.
And this was the purchase Perfitz BRAGGED ABOUT!
He said buy Manhattan RE at the absolute peak of the bubble!
AND he bought in the 2nd biggest bubble market, too!
Perfitz is the KING of lousy investments.
wow, nothing from perfitz....
must be in bankruptcy court