Ed wrote on April 29, 2007 06:46 PM: I say the market will be flat at best for the next 36 months.

Now is a good time to get into a long term lease (2+ yrs) or buy a NEW home.

Builders are giving away tens of thousands in options & financing because they have to in order to move product.

The "investors" that refi'd to buy and now are leveraged out... all I can say is HA Friggin HA!! Your home(s) will make a good buy for someone after you've lost it in a foreclosure.

William Moore wrote on April 22, 2007 11:34 AM: I would guess that the "average" person in Las Vegas earns somewhere between $8.00 and $18.00 per hour. Las Vegas home prices and just not commensurate with incomes and until this adjustment is made in home pricing sales will remain low. The "worker" living here in Las Vegas just cannot afford to buy a home. California speculators have killed us.

alan berk wrote on April 17, 2007 03:38 AM: When are those stupid builders going to stop building new projects and adding to the excess inventory!

When are people going to stop buying in projects like the one listed in the story on blue diamond road!

Gee the commute must be fun!

When are all of you going to wake-up and start buying homes closer to your work!

Gee it must be nice to commute to your MAC =Mansion in the Northwest on u.s 95

Dummies!


there are thousands of homes 10 mintutes to the strip in the neighborhoods east of the strip down to boulder hi-way?!

I hope Gasoline goes to 4 dollars a gallon and then maybe some of you will move back to town.

Marty McFly wrote on April 08, 2007 12:42 PM: It is clear from both the article and the postings here that las Vegas real estate is in real trouble, dispite the "professional real estate" community denials. The solution for sellers and developers is to acknowledge that 2003-2005 price increases where based upon speculation and hype. Sellers need to reduce their asking pricing at least 30% or if not then the natural market forces will "catch up" in 3 to 5 years resulting in flat sales at best. Ofcourse you have the Strip Condo hypsters and high rollers with money to burn...mostly not their own...and the out of state developers looking for the remaining chump change from those still willing to "pay to play" in Las vegas....primarliy the buyers still able to sell and coming out of hyper inflated markets (aka Northern Calif). Hosta La Vista Baby. 80% of the rest of the buyers will wait for the reamining bubble to burst or sellers/developers to get real with pricing or die by a thousand cuts!

Alan Greenspan wrote on April 08, 2007 07:04 AM: Hmmm 1600 sales and 22 thousand in inventory.....is there any bubble denial still????

longterminvestor wrote on April 06, 2007 05:03 PM: I agree with davis and egas radar...things will get much worst...and rightly so...I saw folks getting into "real estate" who had no business doing so...real estate agents not "selling" but taking "orders...coctail waitress, busboys and grifters using easy money to buy and potentially flip homes...well my friends...the party is over....there is going to be real some real pain and agony for many folks...including the "highrollers" who bought into many "mini mansion" developments and paid $500K-600K-$1mill for property's worth 1/2 that price...if theycan unload them on another unsuspecting chump...more power to them...but noone with any real sense is buying now...2007-2008 is turning poingt...then a very long period of dard nights will follow.

bob davis wrote on April 06, 2007 04:49 PM: The real estate market in las vegas has not hit its bottom point. Most of the articles posted here are bias toward the real estate industry which is natural since the RJ has a stake in the advertising and home market. Thus alot of this is industry insiders whislting by the graveyard...hoping that the4 bottom isnt going to fall out. Get real folks, the current pricing levels were and afre built on pure previous two oe threw years speculation and greed. the chickens are now comning home to roost...pricing must adjust downward another 15 to 20% before real buyers return to this market

Vegas Radar wrote on April 06, 2007 03:50 PM: "If you want to live in Vegas, you have to pay the price" No I don't— I can easily rent 1/2 the cost and wait for prices to come back down to historical mean— or below since markets usually over-correct. After all, our salaries didn't rise to justify the jump in house prices, they simply went up when credit standards deteriorated. looser credit = inflationary tighter credit = deflationary Let's see... over 13 month supply resale homes (many vacant) years of new home inventory (see below) record high foreclosures (and growing) credit standards tightening (no more 100% loans) neg. saving rate ...that leaves the very few of us out there who have cash for down payment and high fico to buy. "...builders walking away from land purchases and pulling about 50% of the permits they pulled a year ago and a 6.5 year build out of residential land in Las Vegas..." A 6.5 year build out is based on last 3 years pace of building and as you say it is slowing by half which would increase the the build out to 13 years. Also on GLVAR I can add New SF house listings from 2003-2007 (since a new house is listed only once as far as I know) and subtract total New SF sales from 2003-2007 this is what I get: New SF Listings : 395,758 New SF Sales :184,642 that leaves: 211,116 New homes out there for sale in LV land. Wow! can this be right? Well, 66K of them are from last year alone. Geez, even in the heyday of 7K people moving here a month and assuming that every single one of them would buy a house (yeah right) that is a 2.5 year supply of new homes for sale! Just taking 2006 and 2007 I calculate 86,421 New home listings lingering out there If I were a builder I wouldn't cut back 50% I would just stop! "...the market will correct itself without significant decline in home prices." Sounds like your livelihood depends on this being true—are you a realtor? —pass the popcorn

Market Indicator wrote on April 06, 2007 01:31 PM: Bubble, thanks for the free econ lesson. Your comment is absurd. With home builders walking away from land purchases and pulling about 50% of the permits they pulled a year ago and a 6.5 year build out of residential land in Las Vegas, the market will correct itself without significant decline in home prices. If you want to live in Vegas, you have to pay the price.

Bubble Watcher wrote on April 06, 2007 09:06 AM: The market is nowhere near the bottom until the laws of supply and demand take hold and prices drop another $50,000 on the median.