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StumbleWith foreclosures soaring and home prices in the tank, Miami and Las Vegas often compete for the dubious distinction of being the nation's hardest hit condo market, the Miami Herald is reporting. Just a few years ago the two cities shared a reputation as invincible boom towns. Now both real estate markets are climbing out of an abyss of stalled condo developments, spiraling foreclosures and stymied sales. Trying to figure out which is the biggest real estate loser isn't so easy. But comparing the two markets puts into perspective just how unprecedented Miami's condo explosion was.
Bad bets: The condo meltdown in Las Vegas mirrors Miami's
(via Miami Herald) · December 29, 2009 · 12:22 PM
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Spoken like a true miserable liberal M.
Spoken like a true miserable conservative JPM42.
Just what one expects to hear from the party of "NO," the party if zero ideas, the party that worships insane lairs and nit wits like Palin.
Quick, go turn on Fixed News Channel so you can learn tomorrows talking points.
Obama is going down so fast in the polls, he might go negative.
Caroll,
Seriously, why are you so quick to bash m for the comment. Did you not read the what the comment was referring to? The doom and gloom and resentful attitude of the previous writers' statement is, in his opinion, representative of the liberal mindset. By doing that you are proving him right. Instead of commenting on the article, you felt the need to jump all over another commentors statement because he may have views other than your own. No free speech unless you agree with what I have to say, isn't that right, liberal? Anyway, I think it is a shame that the real estate market in both of these great cities continues to stay depressed when the rest of the country seems to be turning it around.
"Love to see Vegas underwater,,,,,lol,,,ha ha ha"
What a poor comment to make, mrability. You really are a pathetic human being. :-(
Can't we all just get along?!! Housing prices had to tank, even a blind man could see that.
las vegas need to market more to the retired sectors across the nation. Those old folks on their SS, and 401k plans still got a lot of money. Condo liveing is still a good idea for the nearly deads. To bad not many jobs around for the newly weds.
If Las Vegas get more retiress moveing hear, this world help a few other industries beside real estate, like the medical community and the funeral homes.
The biggest problem with the condo life in Vegas is the high monthly HOA's. Just not worth $700 per month for HOA on a 1300 2br/2ba apt...on top of PITI payments.
The biggest problem with the condo life in Vegas is the high monthly HOA's.
The real true. HOA'S are going crazy, high HOA.
Spoken like a true miserable conservative JPM42.
Just what one expects to hear from the party of "NO," the party if zero ideas, the party that worships insane lairs and nit wits like Palin.
Quick, go turn on Fixed News Channel so you can learn tomorrows talking points.
______________
This from the person who uses the term "party of no", now that's original. Did you get this from Olbermann, Madow or the Dailykos or just regurgitate this from the pages of the LVSun?
Can anyone tell us where Paul Murad is? I would like to hear from him and his condo's are the greatest act. I guess that the global supply of barons and sheiks was overestimated after all.
Talk about the greatest condo acts, anybody heard from Arron Auxier lately?
liberals are usually the bottom rung of the income ladder so they use "greed" instead of "taking a huge risk and getting a huge reward".
Steve,
On average liberals have higher incomes than conservatives. Interestingly liberals give less to charity.
I should also note that the welfare state also gives more to the wealthy than to the poor.
Pat: Again with the liberal hate from the right wing libertarians. What you fail to realize is liberals give more to charity than than conservatives. Your study (John Stossle Fox News libertarian) includes CHURCH and RELIGOUS POLITICAL contributions as charity. Yet tea baggers scream if they have to pay taxes for the services they use the most of. The red states use far more federal dollars than the blue.
Conservatives are only for their group and never give to society as a whole.
Just wondering - HOAs with empty condos and no revenue coming in...what would they do with the units?
Vegas 13,
Typically the builder/developer is on the hook until enough are sold to turn over to the HOA. After that the banks will have to pay the dues on the foreclosures.
The high HOA is the reason i wont buy one of those new sexy condos. The rent would barely cover the HOA, let alone taxes and any mortgage at all.
I've never understood the lure of condo living. They're like the NFL's seat licenses. A fool and his money...
The developers/builders (not the same) pay themselves a salary within the framework of the entity they work or even own. A commitment from a lender for construction and initial stage financing is also...voila...a ticket to continued wages or draws. Of course, no one wants a project to fail, that is a given. However, if all the handwriting on the wall and all bellweather's show an almost certain ultimate failure...what can be done except grind away until the plug is pulled, by someone else. This is common sense not common good. No wonder so many projects were kept running in first gear for years after the end scene was well known to all. It would take a man of honor to do otherwise. Do we, Godfather, have any men of honor still in Las Vegas?
Hey Mrability,
Your truth hits a little close to home, i guess people don't like the truth.
We have bought a home in Las Vegas primarily because of the warmer winters. I do worry a little about the summers as at 75 I have no desire to be out in the sun and I imagine it is way too hot to sail in the summer. I was surprised and dissapointed to learn that property taxes are not based on assessed value of the property but rather replacement cost and depreciation. I believe the value of the place may go down another 25% within the next year or two. I believe the best way to figure out what happened economically is to follow the money and not be too hard on yourself or fellowman for not seeing the future more accurately. Maybe it is time to do those things that provide a job for those who cannot find one ie the government be the employer at minimum wage until other employers can hire more people.
We have to spend less $$$ on creatin' phony wars overseas!!! Only the oil companies and defense contractors get rich that way!
Bring Bush back, he will get Vegas Going
We need REAL change, not a poser