Tuesday, May 24, 2005

7% Of LV Listings Reduce Price In The Past Week

The Las Vegas web site that has a search function for homes reduced in price the last seven days has reposted the results. It reports that out of 16,346 total MLS listings, 1,133 have had prices cut in the last week. That's 6.9%.

Maybe the webmaster is playing some blog-chicken with THB, but you might hurry over and look before they realize what's up.

25 Comments:

At 4:37 PM, Anonymous Anonymous said...

many of these still seem over-inflated. Can't believe a 2400 sq. ft house is going for over 600K ... this ain't coastal California ... it's dry, dusty, desert Vegas!
speaking of "chicken", maybe we should call some of these and make some offers well below the already lowered price!


JeffInAZ

 
At 4:37 PM, Anonymous Anonymous said...

many of these still seem over-inflated. Can't believe a 2400 sq. ft house is going for over 600K ... this ain't coastal California ... it's dry, dusty, desert Vegas!
speaking of "chicken", maybe we should call some of these and make some offers well below the already lowered price!


JeffInAZ

 
At 4:43 PM, Blogger Ben Jones said...

Jeff,
It would be interesting to send an email and see what they said.

 
At 4:54 PM, Anonymous Bazooka said...

"Jeff,
It would be interesting to send an email and see what they said."

This seems like a great idea to me. If disappointment has turned to fear in LV and there is a sense that blood is in the water, you never know what kind of a lowball offer some of these people would take. This could be a great pyschology barometer. Anybody here have the balls to give it a try?

 
At 5:06 PM, Blogger flat said...

anyone have MLS numbers for Mass....especialy the Cape

 
At 5:33 PM, Anonymous Anonymous said...

I've saved up almost $1 million and I'm looking forward to being able to get a good bargain on some real estate when this thing implodes. I have a friend just back from living in the UK and he tells me there are for sale signs everywhere and that houses are sitting for sale forever (over a year) and are constantly reduced in price. Said they've even got reality shows on TV that help people sell their houses.

 
At 6:00 PM, Blogger Ben Jones said...

5:33 anon,
Thanks for the tip on the UK.

 
At 6:02 PM, Anonymous Anonymous said...

oohhhh nooooooooooooooooooooooooooooooo

 
At 6:38 PM, Anonymous Anonymous said...

All, I just sent an email on this property listing:

http://www.lasvegashomes.com/Default.cfm/Page=/ForSale/Cat=/ShowPropertyInfo/PropertyType=/Residential/ML_Number=/494695.htm

The property was originally listed for 589.9K but it has been slashed to the bargain price of 569.9K!!

In my email I asked how motivated the seller was and if they would consider 300K for the property!
I wonder if I'll hear from them??? I kind of doubt it :) . 300K is expensive for this type of house even in Phoenix.

Maybe we should all send an email on one of the props listed, just to rattle the cage a bit!

JeffInAZ

 
At 6:42 PM, Anonymous Anonymous said...

fyi -- you know things are getting a bit carried away in PHX when the local nightly news is having "bargain property watch" segments where they do a story on housing developments and areas in the PHX area that are "still bargains". This is a bunch of BS of course as these prices are still expensive compared to what they were a year or two ago. This is all part of hyping this thing further up to keep people jumping onto the bandwagon (or into the fire, depending on your perspective!)

JeffInAZ

 
At 6:58 PM, Anonymous Anonymous said...

additional info on UK...apparently hasn't hit london proper yet...it's in the burbs and non-london cities

 
At 7:16 PM, Anonymous Anonymous said...

Another indication of a problem is an attempted FSBO, because they can't afford to pay a commission. Then they give up and list it with an agent.

 
At 11:25 PM, Anonymous Anonymous said...

test

 
At 5:46 AM, Anonymous Anonymous said...

Flat -- if you go to realtor.com and use Cape Cod as your search, then just pull up a few listings and you'll see the MLS numbers. Look at several, so that you don't accidentally choose one very stale one.

 
At 9:17 AM, Blogger goleta said...

Flat,

you should also be able to track the numbers of home
listed due to foreclosures, preforeclosures, BK, and FSBO at
http://www.foreclosure.com/state/ma.html

 
At 9:37 AM, Blogger Ben Jones said...

I'm not sure what is happening with my blog, but until it is resolved, I will be blogging here.

http://thehousingbubble2.blogspot.com/

I appreciate your patience everybody!
Ben

 
At 5:44 PM, Anonymous Russ Winter said...

New downtown San Diego listings and price reductions piling up fast. New pendings in last three weeks to a crawl.
http://www.sdcondo.com/graph.html

Large yoy sales declines going into early May in three Bay Area counties:
http://www.dqnews.com/ZIPSJMN.shtm

April yoy sales, No Calf:
http://www.dqnews.com/RRBay0505.shtm

Alameda 2,546 2,244 -11.9%
Contra Costa 2,419 2,119 -12.4%
Marin 535 481 -10.1%
Napa 185 205 10.8%
San Francisco 759 681 -10.3%
San Mateo 861 850 -1.3%
Santa Clara 3,344 2,830 -15.4%
Solano 944 1,037 9.9%
Sonoma 828 711 -14.1%
Bay Area 12,421 11,158 -10.2%

A total of 11,158 new and resale houses and condos were sold in the nine-county region in April. That was down 1.3 percent from 11,310 for the previous month, and down 10.2 percent from 12,421 for April last year , according to DataQuick Information Systems.

 
At 5:45 PM, Anonymous Rus Winter said...

Clean link to sites in last post here:

http://www.siliconinvestor.com/subject.aspx?subjectid=54034

 
At 8:23 AM, Anonymous Anonymous said...

anyone around?

 
At 11:29 AM, Anonymous Anonymous said...

as of 5/27, it's now 1490 reduced in the last 7 days!

 
At 6:14 PM, Anonymous Anonymous said...

Vegas "Booming" according to this realtor:

Market Conditions for Las Vegas, Nevada

Reported by ZipRealty, Inc., REALTOR

As of May 17, 2005.


Current Market Rating: 4


1 2 3 4 5
Buyer's Seller's

Current Price Trend: 5

1 2 3 4 5

Falling Rising



The Las Vegas real estate market is booming! Appreciation in some housing markets is reaching well over 30%! Las Vegas real estate shows no sign of slowing down and continues to be in high demand.

 
At 7:03 PM, Blogger Black-Scholes said...

What are the names of the shows- I will pitch the idea to Mark Burnett. Just think- the ultimate "Reality" survival show; Brokers trying to keep owners from killing themselves while trying to get "the best" price (re: any warm-blooded organism with a checkbook)

 
At 3:19 PM, Blogger The Watch Doggie said...

P&I: $3,246
Those are the numbers for carrying this overpriced maraschino!
Think of the INCOME you need to carry this!
IN Canada - say you make 72 grand a year. You take home around 4000.00 a month out of that. *Probably higher in the States..
That means that virtually ALL of my income at 72,000 would go for the monthly nut. That means my wife would have to carry an equally good paycheck. How many people can handle this debt load? This is without talking about FOOD - insurance - gasoline - water - power - clothing - car/transport. If you are speculating:
You don't sell it...you eat that much every month it sits there...
I see that, in one of your other comments - "I have a friend just back from living in the UK and he tells me there are for sale signs everywhere and that houses are sitting for sale forever (over a year) and are constantly reduced in price. Said they've even got reality shows on TV that help people sell their houses."

This is what we face in Vancouver - the question is WHEN?
Ans:
SOONER rather than later. I would bet we have OUTSIDE - one year - inside 3 months.

 
At 9:23 AM, Anonymous Anonymous said...

well, i was in phoenix last year and made an offer on a home and got it accepted but i backed out within the 10 day inspection periond because i got nervous since i already have two investment properties. long of the short is, the house i almost bought is selling for 100K more than it was a YEAR ago..

Darn. I could have paid off one of my other homes with that gain.

so i have been looking again this year in PHX and LV...but prices are still climbing. I just don't feel good about buying because i think there is a WORLDWIDE real estate bubble. I think I will sit on the sidelines and pick up the scraps when it falls out.

there is NO WAY that people can continue to take on the kind of debt they are saddling up with...NO WAY> and people are using their homes as ATM"s to buy new houses, new cars, and look at Best Buy's net profit gain over last year....NEW ELECTRONICS.

this can't sustain itself. i see a huge implosion ....that will take a big toll on the economy. so we replace one mania with another...Stocks with Real estate.

true, at least if you own your home and don't have to sell...you are only bad off if you have high payements and lose your job. if you have investment property you are screwed in an implosion since people who are renting will now start buying. not renting. could take YEARS to get back to current price structures. if ever. a lot of the stocks i bought have languished below what i bought them for ...like 40% at least.

when will it happen? none of us have a crystal ball but i would think within 6 months to a year.

the totality of the fallout? could be huge.

 
At 8:35 PM, Anonymous Jamie Flournoy said...

Check out the low end of the scale too, it's pretty silly. $93K last week, $50K this week. $119,900 last week, $114,900 this week. Not pretty. At this rate I can just wait 23 weeks and get paid to take it off their hands!

What's that? It's the sound of popping, muffled by the human shield of a horde of real estate agents trying to hide it from you.

 

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