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02-11-2005, 03:19 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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In my development there are 11 houses for sale out of 172....2100 sq just closed for 400K....just dirt for the backyard....one across the stret just like it is for sale at 450K....3000 sq fters are 525K to 600 + K with furniture....3700 sq is 605K to 649K which for the most part are reduced in price...the holidays are not a good time to be selling and the latest one put up for sale is 4000 sq with 1/2 acre and pool and gorgeous bkyd...(backs a 4 lane street) 800K....which is 50K more than the last one of the same size sold for last summer.
All the builders new home projects in my area say from the low 600's for 3000 sq plus homes.... I drove through a new home development and was astonished by the number of new homes that are vacant with for sale signs..that means investors rather than home owners.... On the other side of the coin....a large tract of land near me was just auctioned off by the BLM for 298K an acre undeveloped...with infrastructure it comes to about 600K an acre....which is up for a tract of land in Henderson that was sold last spring for 289K an acre...so prices have stabilized and show that the LV market is still viable at these price levels..
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02-11-2005, 03:36 PM
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Location: Mid-life crisis, could be anywhere
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David,
Yep, its really impossible to buy now as a pure investor. That goes not only for Phoenix, but also California and Utah as well. Builders simply will not sell to investors any more. In Phoenix, DR Horton is the only investor-firendly builder left, and they are getting a mandatory $20k "lot premium" for all investor purchases. To buy one, you need to buy it as your "second home". You can probably get away with buying a couple this way, but that's it. The good old days for investors are over. I bought mine in Litchfield Park. Tabs - I hate to say this.... but I think the gig is up in LV. I saw this coming a long time ago.. and I really don't even know what the hell I'm doing. It will happen in Phoenix also, in about a year or so.
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02-11-2005, 03:43 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
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I talked with Mother today, she said it usually take 5 rate hikes to effect the mortgage market..we've had 4 so far.....HOme prices are undoubtly leveling off..yet the home market analysts think we are at the begining of a bubble not the end of one, with certain geographical areas in CA being overpriced....Chico, Stockton, Santa Barbara being the 3 that I can remember...simply because it wasn't what one would expect... They expect LV to remain viable....
I have become very conscience of how money flows over the past few years....one class of assets will do very well while another languishes in the doldrums.....when that one area becomes overpriced money will come out of that area and seek a place that is considered to be undervalued....lately I have noticed that the financial gurus are talking about a bounce in the stock market by as much as 40%....where is that smiling face thingy when you need it....
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02-11-2005, 03:47 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
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There are NO More easy picken in LV, the market has matured...aka it has become expensive...yet like CA will it crash and burn? I came just in time to make some money....remember if LV crashes so will CA.....
And DR Horton is the Builder my Construction Defect Attorney says is the worst builder he has to deal with....they had 6 attorneys on a case against him and lost, it was the largest singlefamily home award in NV at 280K....part of the deal was they had to buy the family a new home.... My Builder...Rhodes Homes has the reputation of being a drug addict scum bag...who btw contributed money to Dem Sen Harry Reids (Senate Minority Leader) political campaign illegally...low level Rhodes emplyees donating money when they don't even have a history of voting....also I believe I read in the Newspaper that Rhodes was the contractor that built his home in Search LIght, NV...Hmmmmm
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02-11-2005, 03:57 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
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To be fair and balanced Jim Rhodes is registered as a Repblican...but seems to donate money to Dem political canidates that help him with his land deals...
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02-11-2005, 03:58 PM
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Unconstitutional Patriot
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02-11-2005, 04:06 PM
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A Man of Wealth and Taste
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U better plan on it being an investment....anything else down't make sense especially at this stage in the market cycle...
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02-11-2005, 04:09 PM
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Long term is always best, Jurgen. But I think there's still large money to be made in Phoenix speculating. Geez, I can't believe I just said that. Its worked for an idiot like me, so I don't see why it can't work for others. The party won't last forever, but why not get in while things are still hot? I believe that Phoenix/Tucson are still undervalued (at least compared to LV).
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02-11-2005, 04:23 PM
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Student of the obvious
Join Date: May 2000
Location: Phoenix
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I just got back from the mailbox. An agent sent out a card bragging about selling a house up the street from us for $348K in one day. I used to have a real estate license and it seems to me that if your listings sell in one day, you probably left some cash on the table.
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02-11-2005, 04:39 PM
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Unconstitutional Patriot
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Carry on! 
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02-11-2005, 05:00 PM
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A Man of Wealth and Taste
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Quote:
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02-11-2005, 11:52 PM
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Dog-faced pony soldier
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Stupid question, but how the hell are people affording the down payments on these places nowadays? All I have for "real" money is a 401K - and a crapload of student loan debt.
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02-12-2005, 05:39 AM
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Quote:
Relaxed lending rules and low mortgage rates are the primary cause for this gold rush. More buyers are fighting for the properties. It is classic supply and demand. Jürgen |
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02-12-2005, 06:00 AM
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D idn't E arn I t
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I'm not joking. My buddy who makes $2400 /mo on paper just got approved for a -0- down loan for $205K which puts the stroke over 50% of his earnings. We just had to state an appropiate (inflated to qualify) monthly income on the loan. NO proof necessary. He hustles side jobs for extra money and also moved in a friend who pays rent to help him. I'm closing a deal in HI where the borrower has a $9.00 / hr job + tips she doesn't claim and she's $193K into her $450K house and the payment legitimately 100% of her pretax earnings - and she's bought at 5.25% on a 5/1 ARM - stated income, stated assets. If it wasn't for their FICO scores both of these deals would've been dead. Other programs are doing that as well as allowing interest only payments and the qualification ratios are based on those artifically low payments. Also, up to 50% of Pretax debt for the house payment is OK - 55% with some lenders. rjp
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02-12-2005, 06:06 AM
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02-12-2005, 06:28 AM
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A Man of Wealth and Taste
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One of my neighbors has a Interest Only loan.....
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02-12-2005, 09:53 AM
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Interest only loans..batting on massive increases in value. A gamble I, in LV, would not be willing to take. These are only for the truly ignorant OR for those with extremely high risk tolerance.
Then again, I am a very conservative investor.
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02-12-2005, 10:24 AM
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A Man of Wealth and Taste
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My neighbor has nearly doubled the value of his home since he moved in....August 2003....actually so have I....these dam trailers just seem to keep going up in value....
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02-12-2005, 10:51 AM
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A Man of Wealth and Taste
Join Date: Dec 2002
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Money I too was a conservative investor...till I met Mother...she has a penchant for using money to highest and best use....now ohhh my Gawd.....
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02-12-2005, 10:57 AM
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Carrera
2003 996
04 Jeep
Boxer engine, 6 gears, big wing: it's a GT3!
1981 ?! A Red one... 3.0
Balla special
P car
OK, a girl that identifies as a car. Good enough?
Porsche Z06
P truck orsche
