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Answers (14)
- Linda Strasberg, "L Strasberg"
- Contributions:2314
- Robert Adams, "LVrealestateHELP"
- Contributions:316
It's crazy becuase homes are selling for the same prices they were selling for in the 1990's yet some nighborhoods continue to decrease in price while other neighborhoods skip along the bottom not appreciating or losing value. The Las Vegas area has it's own set of problems now though. Our debt, unemployment, housing market are all weighing heavily upon us. We also need the rest of the nation to rebound so they have extra money to take trip to VEGAS again.
- Billy Alt, "Alt Group Las Vegas"
- Contributions:66
Las Vegas is the epicenter of the Foreclosure crisis. Along with FL and AZ we got hit the hardest. The good news is that the rental market has been stable and I would suggest if you are buying for an investment you stay in the under 150k price point. Almost half of the buyers are purchasing with CASH! Vegas is #1 in the US for housing being below the cost of rebuilding. There are multiple offers on most properties that are in decent shape and good areas. My advise to you is to look at the numbers and if you can get a CAP rate of 8-13% then you have a great tangible investment that will produce you cash flow for years to come. Some day you may even get some appreciation!
Good Luck,
Billy Alt
Realty World Luxury Homes
- Dan, "the_country_hick"
- Contributions:4690
Undervalued compared to what?
2006 prices? yes.
Normalized historically based prices? Maybe.
What prices will end up at when the foreclosure mess is finished? No, prices will drop more.
2006 prices? yes.
Normalized historically based prices? Maybe.
What prices will end up at when the foreclosure mess is finished? No, prices will drop more.
- Eric Auger, "EricAuger"
- Contributions:72
Las Vegas is under valued compared to what real estate prices could be if we had 4% unemployment and banks willing to lend money which is what happens in a balanced market.
It is important to note that Las Vegas has become one of the most affordable large city in the US just like we were back in the mid 90's
Eric Auger
[link removed by moderator due to self-promotion]
It is important to note that Las Vegas has become one of the most affordable large city in the US just like we were back in the mid 90's
Eric Auger
[link removed by moderator due to self-promotion]
- Omid Shahabe, "Omid Shahabe"
- Contributions:469
You cannot built a house for the price you can buy it in todays market place. At the same time we still have lots of REO inventory to go through in the Las Vegas area. The increase in supply may cause the prices to keep declining a little more. As a buyer entering this market it does not really matter where the market is right now as long as you as an individual buyer get a great deal on a single property.
- Yousef Abughazaleh, "Mr.shortsales"
- Contributions:242
Its not severely undervalued but it sure is undervalued.. 1) Almost every home under 160K had multiple offers 2) Its to cheaper to buy vs rent ( for those that can qualify) 3) No one ever talks about trustee auctions Mon-Fri investors are out there buying as much as they possibly can driving prices up from the opening bid's they are buying ALL cash. They wouldnt be investing millions if they thought there would be no future for LV. These are CASH investors NOT 2006 100% financing speculators. The time to buy is now!
-Yousef A.
-Yousef A.
- real estate mike
- Contributions:2001
the market "says" prices were too high for a great recession. Some say the great recession is over; I think not. Home prices, generally speaking, cannot be severely undervalued. There are many more forces at work to ensure that home prices don't become undervalued than there are that could depress prices. The key points are: local(and in vegas's case national) economy, substitutes to buying(rentals), inventory of properties for sale, potential buyers mindset.
- NTETS, "Mr Caveat"
- Contributions:6436
i wish i could just connect the posts between people saying "no markets were off by more than 35% with the others saying "65% off the highs and priced to sell"
"priced to sell" is of course code for i'll sell at a little below market, sell quick and become a comparable sale so that in just 6 months, the market is now 10% lower!
"priced to sell" is of course code for i'll sell at a little below market, sell quick and become a comparable sale so that in just 6 months, the market is now 10% lower!
- Linda Strasberg, "L Strasberg"
- Contributions:2314
it's unbelievable how incredibly affordable homes have become...some are off by 65% since the highs...multiple offers presented on most properties that are priced to sell
- NTETS, "Mr Caveat"
- Contributions:6436
LV is by far one of the worst markets to buy in.
- sunnyview
- Contributions:25120
No. Las Vegas still has significant pressure from foreclosures. Las Vegas also leads the nation in unemployment with the highest in the nation at over 14% here. Las Vegas also had a huge building boom adding to the supply problem. Until those resolve, prices will track down and stay down for a while.
- Kenneth Burrell, "Mr. Las Vegas RE"
- Contributions:38
Severely undervalued is the sad reality for the Las Vegas housing market. The market prices we see today are based on the current conditions. No one can say with any certainty what the prices will be like in one to five years from now. I'm optimistic and see a brighter future for many home owners. My advice: if you're in a position to capitalize on the home prices of today, buy some real estate.
- Mark Fleysher, MBA, "MFleysher"
- Contributions:136
My outlook: Prices are so low that if they get cheaper they may as well give them away for free! Seriously. One major thing about Las Vegas is that there are pretty much no surrounding cities. Note that values have been slightly increasing, and not dropping.
My question previously was about Las Vegas. Anyone think that market is severely undervalued?
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