Funny how everything was quiet after my last answer for six days which was by far the longest amount of time for this question since it started. Anyways...

For us, sales in June were 50% over June of 2008. http://lasvegasrealestate4u.com/2008/07/10/las-vegas-home-sa…

It's been an extremely rough and difficult time for everybody in Las Vegas for the past year but I can honestly say it has bottomed out. And... if you've followed my answers or myhttp:// www.LasVegasRealEstate4u.com blog, you know I never make the "It's always a Great time to buy real estate" statements. In fact, you can read this post --> http://lasvegasrealestate4u.com/2007/12/17/home-sales-to-reb… and you'll probably get a pretty good idea of what I think about real estate agents that do make these statements.

Anyways -- I've been looking at inventory and sales reports from other areas of the country that never had "high appreciation" rates and see some of the exact same things I saw in Las Vegas in 2006 before the implosion. Some of my banking contacts are Certainly very concerned.

Florida, Arizona, Las Vegas and California have been the poster childs for bad news concerning real estate for the past year or two --- but --- now that prices have imploded in these areas --- where do you think the most desirable real estate is?

For us -- we've been slammed with people from all over the country and world for Las Vegas real estate.

But... hey -- it's Vegas baby with millions of international visitors a year and we are certainly not normal town USA. For Normal Town USA, you better check out the Pickens Plan and get an understanding of what $700 Billion leaving the country every year means to you.

Personally, I have not been so positive on Las Vegas Real Estate in over two years. If you are a qualified buyer and want references to my long time savvy investors who will vouch that I told them to back off of Las Vegas real estate back in 2004, contact me.

There is no greater reference then Savvy Invesotors who ALMOST got caught up in the nonsense.

Enjoy the ride.....

Thu Jul 17 2008, 20:15

All this responses to this question are mirror of our market tday. The market is like a "Dalmatian dog" very spotty... This are times to get information constantly, because the market is constantly changing. Reports are not actual after time. some go month to month, week to week or day to day. The best and strongest comany had emerged from times like this. Elizabeth Arden (the red door cosmetic company) just to name one. This is the best time to invest using actual information and not polluting our thinking with "BAD" news ONLY. It's a matter of perspective. Do not miss the opportunity INVEST. find yourself a Realtor that will look after your financial goals, interest and willing to negotiate on your behalf.

Thu Jul 17 2008, 14:49

Its worth buying in Flagstaff, Arizona. We have not bottomed out, we are just down a bit. Being down a bit along with the inventory, competition and market, its a great time!

Thu Jul 17 2008, 14:32

I agree with you Bayou,

There has been some very thoughtful answers from both sides supported by relevant links... But anybody who says it's a great time to buy because it's cheaper then it was two years ago seems to not understand how prices got to the point they did or don't understand the impact all of the new home inventory has.

To top it all off, I came across this interview with an insider that worked for a New Las Vegas home builder (who says it is a nationally known new home builder but they won't mention the name) and posted the video interview on my blog. ---> http://lasvegasrealestate4u.com/2008/07/11/did-a-new-las-veg…

If this was a nationally known builder, I'm wondering if or how many other markets this was taking place in. Pay attention to the part about taking the incentives addendum out of the folders before submitting them to the lender. I do know the lender they are talking about that was forced to shut it's doors but not the builder... yet...

Fri Jul 11 2008, 11:20

Awesome, at work, and I tried to click on Dionne's sweet liberty link:

The Websense category Militancy and Extremist is Filtered

I couldn't have said it better myself.

Fri Jul 11 2008, 10:11

Dionne, the point remains that Israel steadfastly denies having nuclear weapons publicly, so you're claim that "Israel has openly stated that they have pointed at all major cities in EUROPE and USA" is obviously a lie. There's also no credible reason to think that they have any missile capable of reaching anywhere near the US. Go back to the crazy room please.

Fri Jul 11 2008, 09:54

Over the past 30 years that I have been in real estate, I have never seen it fail: by the time the government and the media actually admit and/or report that a recession has happened, then it is already, or almost already, too late to buy "at the bottom" -- a.k.a. the peak of the buyer's market.

But it is always a good time to buy if you buy wisely. Don't buy with unrestrained emotionality; get appraisals; get full disclosure (the law requires it from licensed Brokers); always buy what is priced well for you.

Rent money goes out the window just as fleetingly as other senseless purchases, like eating out or buying a new car -- but your purchase of real estate today is better than money in the bank!

Real estate investors (namely, everyone who owns real estate) always love renters because renters are paying the investors' mortgages and are increasing the investors' net worth -- while the poor, hapless renters are continuing to hemorrhage their money away on rent -- regardless of the market.

Fri Jul 11 2008, 09:45

Dionne's stuff is awesome. Israel has ICBMs now and they're aiming them at the US? Um, ok. The_bayou, I'm with you, I've never seen anything where Israel has confirmed having nuclear weapons. They just don't comment. The entire world agrees they have them, but no confirmation. If they were to confirm it, the outcry from the Arab states would be insane.

Fri Jul 11 2008, 09:25

Real Estate has never gone down in value over a 10 year period.
----
This was not true in the Greater Boston area for many people that bought in the last 80's and sold in the late 90's.

Fri Jul 11 2008, 09:22

I have to agree on the entertainment part because there is no changing anyones mind on this thread. I enjoy hearing the reasons people give for not buying as well as the ones they give for buying. Also, people are pretty good at posting new "news" as it comes out, such as the C-S index or the NAR reports. There are also a lot of the scare tactics that are to be expected "Buy now so you don't miss the bottom!" or "Don't miss the low interest rates!" or, most recently, "Do you want to buy when the fever is high and the market is at its peak?"

It is all entertainment but it I do enjoy when people put just a little thought behind their points and leave me learning something new.

Fri Jul 11 2008, 09:20

Real Estate has never gone down in value over a 10 year period.
---

Please tell that to people who bought property in Los Angeles in 1989. Their homes didn't reach the value attained during that mini-bubble until the new national (and partly global) real estate bubble came to save their hides.

Or people who bought in Tokyo, during their bubble.
http://www.dailywealth.com/images/charts/2007/mar/20070323-c…

I mention these specific places because it's true that in the absence of a bubble, RE has tended to go up, but when one seeks out specific cases where bubbles have occurred, it has decimated RE for years and years after. There's no reason to believe that this bubble is special, and won't be followed by an extended period of suck.

Fri Jul 11 2008, 09:16

Very true Vegas, This is only for entertainment.

Fri Jul 11 2008, 09:12

More fun with Mortgage Backed Securities. The ABX indices give some really good feedback on the state of the world, when it comes to confidence in various mortgage backed securities.

Here's a primer on how to read the ABX price tables:
http://www.generationaldynamics.com/cgi-bin/D.PL?xct=gd.e070225

And here are the current tables:
http://www.markit.com/information/products/category/indices/…

Fascinating stuff, isn't it?

Fri Jul 11 2008, 09:09

Carlin,

Are you sure it's not this thread? I've seen some crazy answers here since following it over a month ago and now only come here for entertainment purposes only!

Fri Jul 11 2008, 08:55

Dionne,

The crazy conspiracy board is down the hall and to the left this is a real estate board.

Fri Jul 11 2008, 08:45

Dionne,

Can you send me the source where Israel openly stated that they have nuclear missiles "that they have pointed at all major cities in EUROPE and USA..." I only ask because in the past it has been Israel's policy not to confirm or deny the availability of nuclear weapons.

Fri Jul 11 2008, 08:38

It is a great time to buy. Do you want to buy when the fever is high and the market is at its peak or do you want to buy when the prices are down or adjusting and everything is cool

Fri Jul 11 2008, 08:37

If asked the question today - July 11th - "why should someone buy in this market", the only answer I could give is "they should not". The following factors tell me that nobody should be making a large purchase without waiting a little while to see what is going to happen:

1) Gas at $4.00+ per gallon
2) Iran testing missiles twice this week
3) Israeli warplanes practicing in Iraq
4) Iran threatening to block oil shipment from Gulf if attacked
5) Fanny and Freddy tanking, possibly needing Federal assistance/bailout
6) Stock market at risk of falling below 11,000 (currently at 11,062 and down 166 on the day)
7) Presidential candidates talking about modifying or eliminating mortgage interest deduction

Fri Jul 11 2008, 08:08