Friday, March 21, 2008

Danger, Danger, Danger, we have a full blown crash alert in Las Vegas

10532 Bardilino Street, Las Vegas, NV 89141

- Currently listed on the MLS for $214,000

Previous sales history for this home:

- November 2007 foreclosed upon

- August 2006 sold for $405,000

- July 2001 sold for $172,000

House has lost 48% of its value in less than 2 years, and that is of course assuming someone will pay the full asking price of $214,000.

Just for shits let me remind everyone what the so-called experts were saying around the time some poor sap paid $405,000 for this house:

Iidot #1: Tim Sullivan

"The much ballyhooed housing bubble isn't happening Las Vegas, a real estate consultant said Tuesday. At a housing seminar at the Four Seasons, Tim Sullivan, principal of San Diego-based Sullivan Group Real Estate Advisors, said a housing bubble would defy all fundamentals of the local market. "The market's not going to hell in a hand basket, and our safety net is California," he said. Sullivan said Las Vegas can't have a housing bubble with this kind of job growth and in-migration"

Idiot Runner Up: Larry Murphy

"Larry Murphy, president of SalesTraq, reported similar numbers. His median new home price was $297,289, up 6.4 percent from October 2004. He has existing home prices at $285,000, relatively flat from $284,500 in September, but up 14 percent from a year ago. Murphy said there is no housing bubble in Las Vegas, nor will there be one in the near future. "Frankly, the vaunted housing bubble is just like Y2K-- a scary proposition put forth by people who do not understand the real estate fundamentals of this market,"


Anonymous said...

Gettin back to 2001 prices. Now that's starting to get realistic.

Anonymous said...

Larry Murphy.
Larry Yun.