We Are #1

tabs · 09-26-2008, 01:59 PM

It is a great thing to be living in the FORECLOSURE capital of the US. LV has the highest percentage of foreclosures in the USA and my ZIP CODE has the most foreclosures in LV. Oh wait my Zip Code has fallen to second place after the one right to the south of me....DAM!!!!!

p911dad · p911dad's Garage

Tabs, are the homes mostly still occupied, or mostly vacant?

tabs · 09-26-2008, 02:23 PM

There are a coupla empty homes in my development. Mostly the forclosures have been sold, and reoccupied. There are investors from the east and So Cal coming in and buying homes in LV to rent. There are several other empties that are still owner owned, and for one reason or another (death, relocation, construction defect) are empty.

There was a real nice home (3700 sq ft) on a golf course near me that cost 700K plus the 250K in backyard landscaping and pool in early 2006 that just sold for 479K as a foreclosure. That was a great deal for all the luxury upgrades.

dd74 · 09-26-2008, 02:28 PM

Tabs - how's the casino traffic? Are there still as many people populating the tables, one-armed bandits, restaurants and shops, etc.?

tabs · 09-26-2008, 02:34 PM

Locals traffic is down. they are offering alot of specials. From going to the Eric Burden show 2 Saturdays ago, I was surprised at how full the casino was. I guess I will have to take a trip down there to (he11) give you a report. I live in a normal hood, far away from the tourist traps. Buffet at the Bellagio will be the excuse.

Seric · 09-26-2008, 02:37 PM

Things still looking peachy in the Pacific Northwest Bubble, for now :P

Rikao4 · 09-26-2008, 02:54 PM

I reside on what's callled the old side..I have 23 full grown oak tree's (real tree ,not a stick in your front yard)
new side= no trees, KB specials..now there is not a block that has less than 3 house for sale, and at least one 1 with the foreclosure decal..
I pass houses during my dogwalk that have been on the market 1yr +,
new side,raze the trees,imaginary roads,plots,lots..nothing...everything stopped a few months back.
during my walk 1 hr, 39 for sale.

Rika

MichiganMat · MichiganMat's Garage

Come out to Stockton and Manteca CA, life is just grand.

p911dad · p911dad's Garage

I can't imagine eating a half-mil in equity. That would wipe out most of us. It sounds like the market is working it out, painfully for many folks it seems.

Porsche-O-Phile · Porsche-O-Phile's Garage

They were reporting that prices in the San Fernando Valley were down an average of $250,000 y-o-y and still plummeting. Funny, because the reporters were actually sounding kind of surprised/incredulous about this.

Ummm... Hello? Yea. It's the SAN FERNANDO VALLEY! It sucks. Nobody in their right mind would live there. Same with the so-called "Inland Empire". I don't care if I could buy a 2BR house for $200k tomorrow in either place. I'd pass. Not worth it. Maybe for $150k. Maybe. As a rental property or something...

Zeke · 09-26-2008, 04:08 PM

150 is not gonna happen. At that price maybe you could "part it out."

Yeah, I'd buy up a few at that price. Still better would be to illegally convert them to duplexes.

red-beard · red-beard's Garage

I sold my place in San Diego for $620K in 2004. It peaked over $800K. Now Zillow has it listed for $549K

tabs · 09-26-2008, 11:38 PM

With the amount of debt the USA has piled up..I doubt housing prices are going to come back anytime soon. The game is over, the con men have squezzed just about the last dime out of America. I am afraid that those furiners are going to pull the plug on the USA. It is now only a matter of time.

The Democrats are going to get what they want...everybody to be poor. Social equality at last.

slodave · slodave's Garage

Quote:

Originally Posted by Porsche-O-Phile

Ummm... Hello? Yea. It's the SAN FERNANDO VALLEY! It sucks. Nobody in their right mind would live there. Same with the so-called "Inland Empire". I don't care if I could buy a 2BR house for $200k tomorrow in either place. I'd pass. Not worth it. Maybe for $150k. Maybe. As a rental property or something...

I really have to disagree - at least about the SFV.

Porsche-O-Phile · Porsche-O-Phile's Garage

To each their own. You couldn't pay ME to live there personally though.

rfloz · 09-27-2008, 12:47 PM

Quote:

Originally Posted by Porsche-O-Phile

They were reporting that prices in the San Fernando Valley were down an average of $250,000 y-o-y and still plummeting.

Ummm... Hello? Yea. It's the SAN FERNANDO VALLEY! It sucks. Nobody in their right mind would live there.

Quote:

Originally Posted by Porsche-O-Phile

To each their own. You couldn't pay ME to live there personally though.

Hmmm. Down $250 K huh? That means our house is now only worth 3 times what we paid for it 15 years ago and worth about 5 times what we owe on it. Definitely time to panic.

And don't worry, no matter how bad things get here in the tulies, no one is selling to a 944 owner.

Funny thing is I have moved out of the valley three times (looking for adventure, cul-chuh, hot chicks, etc.) and I always end up back here. Now that my office is here too, I don't see much of the "real" Los Angeles. Oh, drat.

As to the IE, even we valley-ites look down on that rat-hole.