Henderson condo value plummet..

[Dead Money]

My Aunt owns a nice upper level corner unit with a fabulous view of
"Sunrise or sunset mountain, I forget...."

4 years ago, we expressed some interest in her unit, it was valued at $160,000 dollars and she had it leased at near a thousand a month.

I passed on it at $145,000 and encouraged her strongly to sell it...

She called today, her tenant died, she is 6th on the wait list to rent it, and it is mine if I want it for $56,000

Sadly, after our last visit there, being 55+ I felt horribly dated and have NO desire to go back, lots of local casino action to be had a lot closer.

Vegas may come back, but with a lot less "whales"..they need to make the consumer feel very special.....
It was super easy to get comped meals and stuff at the drop of a hat 10-15 years ago

Last outing I was verbally chastised at Caesers Palace for being in the wrong cash-out line, it was for player card members only...
I apologized as I did not know it, and they made me get in another long line when they could have simply cashed me out...
I told the Fucktard..."you will never get a penny more of action from anyone in my family who has been coming to Caesars since 1967",
Sadly the twenty-something did not comprehend my statement.

 

[WhatsHisNuts]

My parents live in a condo on the Henderson/LV border. Same type of thing. Some units were selling for $200k, now a bunch are listed under $100k. Crazy.

 

[giambi]

I own 2 houses one I bought in 2000 119,000 worth about 50,000 now and the other I bought for 365,000 in 2004 it is worth like 140,000 it is pretty sick to see what is going on............ I lived here along time and never thought it would reach this low it is definitely a great time to buy,,,,,,,,,,,but actually I would wait a couple more years just to see what happens

 

[ferdville]

Of course the housing market has tanked in LV more so than anywhere else. But beyond the horrendous economy, there is another reason not talked about alot concerning Vegas housing. A large number of the new houses and condos purchased where "investment" or "spec" purchases. That is a recipe for disaster when real estate sinks. The buyer never inteneded to live in the houses and when the rent doesn't come close to paying the mortgage foreclosures result. I came within an inch of buying into a strip high rise with a couple of friends. Thank God they bailed out before we did anything. I've thought about it again with the drop in price, but figure why buy when you can get comped. I do feel for those who are stuck.

 

[THE KOD]

I lived here along time and never thought it would reach this low it is definitely a great time to buy,,,,,,,,,,,but actually I would wait a couple more years just to see what happens

............................................................


yeh but that waiting could be the time when the money is to be made.

Thats the problem trying to figure out real estate values.

That 56 k sure sounds like a good investment to me.

 

[yyz]

Of course the housing market has tanked in LV more so than anywhere else. But beyond the horrendous economy, there is another reason not talked about alot concerning Vegas housing. A large number of the new houses and condos purchased where "investment" or "spec" purchases. That is a recipe for disaster when real estate sinks. The buyer never inteneded to live in the houses and when the rent doesn't come close to paying the mortgage foreclosures result. I came within an inch of buying into a strip high rise with a couple of friends. Thank God they bailed out before we did anything. I've thought about it again with the drop in price, but figure why buy when you can get comped. I do feel for those who are stuck.

That's pretty much it. Everyone and their brother was trying to "flip" places out there, and it was working like a charm for a few years. Problems started when too many folks assumed mortgages they could not afford with the thinking that they would just get out from under it in 18 months with a sweet profit, and the market went to shit. Couple that with those 5 year rates people refinanced at that were dirt cheap up front, and heavy in the ass.

These suckers fell into the same camp.

"I'll make these small payments now, and sell the house way before I ever have to make the payments that I can't afford".

:nono:


Banks got bailed out for these bad loans, but joe dumbass did not.

 

[giambi]

there were alot of problems but you can blame the banks (at least I do) they were giving out loans like they were supersizing fries...........it was extremely easy to get into a house with no proof of income(stated income).........that is the problem right there.........there were alot of stipulations on flipping back then you had to own it for a specific amount of time..............but when I bought my first house.... the prices never got cheaper since 2000. Houses were appreciating every year. My dad bought his house in the 80's and it isn't worth what he paid for it and I think he bought it for 70,000 back then.................there are alot of factors but I blame the banks the most............another thing is we are a bunch of followers in america and when someone jumps ship alot of us tend to jump ship too. I think all we are doing in America is playing monopoly with real money. People need to be happy with what they have...... and that is the reason I am actually happy this economical meltdown happened. Greed is not a good thing

 

[yyz]

Watch a show called "House of Cards" if you want to see some interesting stuff on the housing crash.