What happens in Vegas....

Thought I'd share some tales my my old Vegas 'hood real estate wise. I used to live in the general area.

I think you may need a login to see them, if you do and don't feel like signing up here are the highlights.

4083 BOTTIGLIA

Asking $364,900. This house was foreclosed in August. Bank bought it back $392,000. Before that the last sale was for $459,000 on 9/22/2004. This is a 21.5% drop in price. And this is assuming of course a buyer will pay $365K...unlikely anyone will pay full asking price.

10619 CANON PERDIDO

Listed for $360,000. Previous sale was for $465,000 in July 2004. That is a drop in price of 22.6%, again assuming someone pays full asking price.

10532 BARDILINO

Listed for $325,00. Previous sale in August 2006 for $405,000. Ouch less than a year later and it is worth 19.8% less.

These are 3 examples but I could put up 300 examples all showing the same 20-25% drop in value. And the supply of homes is still increasing every week. Look for the $350K homes to be selling for $285K within 6 months.

Once again I will say THANK GOD (even though I don't really believe in him) I sold my house close to the peak and got out of Dodge before the housing crash really took hold.

Delusion

1. Read this:

2. Read this:

3. Try to find a good word to describe #1.

I'll start off with delusion

Prices are already 20% below 2006 peak. I sold my home in Las Vegas in March and the exact same houses are LISTED for 10% less than my SALES price. And I sold at 10% below what I could have sold for in 2006.