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twitterLas Vegas breaks record for monthly homes sales
Wednesday, July 8, 2009 | 11:27 a.m.
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What housing slowdown?
Las Vegas set a record in June with more existing homes sold than any other month in history, according to the Greater Las Vegas Association of Realtors.
The group reported 4,702 single-family homes, town houses and condominiums were sold in June, topping the previous record of 4,414 sales in June 2004. Most of last month’s sales were existing homes, but the Realtors also handle some new homes.
In addition to the record number of sales, the median price of homes held its own for the first time in nearly two years. The median price of single-family homes sold in June was $140,000 — the same as May. That’s the first time there wasn’t a decrease in prices since August 2007 when they rose 1.7 percent.
Prices have fallen 38 percent since June 2008 and 55 percent since the peak of $315,000 in June 2006.
“I think it’s significant that we sold a record number of homes last month. We’ve been closing in on this mark for a few months,” Sue Naumann, president of the Realtors’ group, said in a statement.
Naumann said it’s positive for the economy to have housing prices stabilize, especially when bank-owned properties are still dominating the market.
There is a strong demand from first-time buyers and investors, Naumann said.
In June, 3,785 single-family homes sold, a 16 percent increase over May and a 70 percent jump from June 2008. Also, 917 condominiums and town houses sold last month, a 24 percent increase over May and a 212 percent increase from June 2008.
The median price of town houses and condos sold in June was $66,000, a 1.5 percent increase over May. The price is 52 percent below where it was a year ago.
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"Naumann said it's positive for the economy to have housing prices stabilize, especially when bank-owned properties are still dominating the market."
lol really? stabilizing?
of course they will say this, much like the greenspans they have a vested interest in property, I have been lied to by many real estate agents in vegas, only to find the same property back on the market a few months later...
There is so much spin in this article, if I attached some copper wire and magnets I could power the entire southwestern US.
The county loves them transfer taxes. They get it three times. First from the buyer who bought a house and them lost it, Second from the bank to foreclose on it (yes they have to pay the transfer tax to foreclose) and third from the new buyer the bank sells it to. So as the county cries broke, I aint buyin it!
Nowhere in this shameless article does it say what percent of existing sales are actually foreclosures.
Naturally there would be a record number of homes sold with a record amount of inventory available at these prices.
Banks still have lots of inventory they're just sitting on. This story isn't great news; the slump exists with more market correction ahead.
And, most of the deals are done by a select group of agents in cahoo banks. If you're an agent who is not a part of that exclusive club; you're SOL.
markp,
you've been lied to by many real estate agents?
explain FACTUALLY how an agent lied to you.
everyone's got a story about how unethical real estate agents are, but nobody ever provides any proof.
Sounds like return fire against yesterday's article projecting lower home values into 2011. Monthly data is worthy of analysis, but it should not be used as evidence of "the bottom". Several quarters of trends will be needed before anyone can speak of stabilization.
All over the country speculators are bragging about how many houses they are buying. Some of these guys complain that they would have bought more but they ran out of money. I doubt if Las Vegas is any different. How many of these houses were purchased by owners of underwater homes who are now going to abandon them in favor of their cheaper digs? The fat lady is not even close to singing. Ever notice that the word speculator is absent from a realtors vocabulary. It is replaced with the word investor. As Naumann herself said, there is strong demand from "investors".
Unfortunately, real estate agents do lie, as does everyone. The Nevada Real Estate Division handles broker complaints and they are busy with cases with ample evidence of lies including forgery, whiting out numbers and inserting new ones, using fake names, selling under expired licenses, stealing listings from each other daily.... The hearings are open to the public so check it out for yourself. But these issues are no different that any other profession.
The most enjoyable part of reading the Sun.com is found in the reader comments.
The Sun could write a story about someone saving a child's kitten from drowning, and it wouldn't take but a minute for someone to post a message letting everyone know how much they hate kittens.
And then someone else would blame the kitten for the real estate market.
And then someone else would blame the kitten being in the water to begin with on Obama.
And then someone else would say the kitten fell in the water because some casino exec shoved him in.
And then someone else would say the only reason the kitten was saved was because the child was part of a diabolical Greenspun editorial agenda.
And on and on ....
mwcrob you cracked me up.
The end of the world crowd is everywhere not just vegas.
The glass is not half full its empty. And if there is anything in the glass its poison. And if its not poison then it should be so we can get it over with.
Its bad now but its not WW2 and its not the Great Depression. Without an attitude adjustment in this country the negative crowd might just be right. The end of the world REALLY is just around the corner.
@MWCRob
It's comments like yours that make this world suck. It's your fault we are in this mess. You need to move to Mexico, only then will the housing market rebound.
be prepared the end is near - or is it just the end of the world is near - old joke about the sign placed on the road to indicate that the bridge is out ahead which said the end of the world is near - finally the poster figured out that it would be better if the sign said - bridge out ahead - but not before several cars dove into the creek.
conclusion - i am glad I am not a really estate sales person - and am happy to be a renter. My question is how many homes were added to the really bad market while setting a record of sales of homes lost by suckers!
Hey MWCRob - I respect your comments and even though I think your off, you entitled to say your piece! A little bit of a contradiction. Your complaining reader comments, but you published you opinion in the very same forum that you rail against - right? Something motivated you to the keyboard. This is not your Father's news anymore. In our wonderful internet world, we get to comment on any article we want! Our voices are heard whether we agree or disagree. Keeping news organizations like the LV Sun honest. What's wrong with that?
wow - maybe we should all take a deep breath before we have people move to Mexico - besides Canada is nicer!
I think a mass movement to Mexico is long overdue. There is like 5,000 miles of bug free, perfect weather coastline waiting to be inhabited by people looking for a more casual lifestyle. I look at that Baja California strip and salivate. I'm just finding it difficult to get there, with the fear of crime and all. Someone needs to open that gate. Look at how many people crammed into SoCal, Baja is like SoCal times 100.
really is any1 goin to believe realtor they are backstabbing, lying piece of crap. what happen when mortgage going to reset in 2009 2010 2011 2012
What a crock this article speaks. The housing market is not recovering and we don't want it to recover for years. The mess these agents, brokers, builders, developers, appraisers, and all others who sold real estate two to three times the price need to be taught a lesson. You are entitled to a responsible profit not the fraudulent amounts earned in the past.
To Las Vegas Sun, do your homework and please provide facts not that of people who base their income on speaking lies. That is the problem with news today, reporters and media outlets are too lazy to get off their duffs and research the facts. They instead rely on experts; experts who by the way are too stupid to be honest. These so called experts make money on telling lies and providing misinformation to the public so they can increase their income.
Wake up consumers, America is in this mess because of the greed, lies, corruption, and commission based incomes that solely rely on higher consumer prices. If you don't step up and take back what America was founded upon, it will only get worse and the only winners will be the very people who lied to you in first place.
Buy with value, who cares what your neighbor paid, who cares what the original owner paid, who care what these so called experts say. No home in this economy is worth the asking price let alone what anybody else paid. Remember, the instant the house is occupied the structure depreciates; it is the land that appreciates in value, not the structure (building). These very people have trained you the consumer to think real estate always goes up in value, no it doesn't.
When developers and speculators paid in excess of $500,000.00 per acre for desert land and this very land can't be given away then you have to ask, what is this place worth? Not very much, remember, the structure is and will depreciate and you spend time and money to make repairs within 10 years of being new. The land is all that goes up in value. When do you think Clark County land will sell for $500,000.00 per undeveloped acre?
again...
2 more posts from people saying "realtors are liars", but providing not a single factual link to any news story or data to prove their point.
Best comments Ive read in awhile +1 for its2hot's comments.
I am not one for govt' control but Im waiting to see the Socialized dept. of housing aquisition replace all these realtors and loan feeders.
I see the why the first timers are jumping in, with the tax incentives and affordability being so decent (compared to the boom). Plus alot of them had to sit out last summer because of the credit crunch. So they waited and now they're all going nuts.
As far as investors go, Im kinda at a loss. In the face of unemployment setting records and inventory numbers never seen (with new units coming online every day) they will bid over asking price $15k+ to buy a house. I hear alot of these "investors" are from China, coming over with buckets of cash to invest, $15k is nothing to them. They will only see the houses once if at all, and they will rent these homes into the ground till they can sell it for a profit. Perhaps alot of "investors" are buy and bail situations. This makes some sense as they stole their current home for $387,221 back in '06. And now they are bidding on the house down the street for $159,500.
No matter what these "buyer" situations are, you can be sure they have their trusty realtor by their sides to help them with their purchase.
Something teels me the foreclosures will outlast this sticker shock freinzy and prices will stay low for some time.
MWCRob +1
Hell, +10.
Here's a couple lame googles for ya, Stevem
http://www.contactmusic.com/news.nsf/art...
http://www.youtube.com/user/RealEstateCo...
I remember the first house I ever looked at with a realtor, and my first question was; "how long has it been on the market?" "a little over a month" she replied. That night I was looking over the flyers she gave me and I noticed they were the realtor's copies. That first house had been on the market for almost 5 months.
I guess calling them all liers isnt fair. But saying they are in it for their clients and that they have their clients best interests at heart, is even less fair.
Realtors are salesmen... Accept it.
I dont think its really sunk in yet about all these houses that went into foreclosure,and the peoples credit it affected.The people from over seas are comeing and snatching these up a bargin prices.The only way to get the market going is to stop giveing the money to the banks for them,and put people in a home with the government as the holder? It will take the houses off the market,build the values back up,and keep the money right here in AMERICA!It surely isnt working the way it is,and something needs to happen fast before we become USA,VACATION SPOT FOR THE WORLD!
they are still overpriced
Stevem
1) This house has just come on market, err actually no it has been on for 8 months
2) There is a lot of interest in this property I advise you put in a higher bid than asking price ... Do i look stupid!
3) We are selling 4000 properties a month at this rate there wont be any on the market after 3 months.... oh yeh!
4) I am charging you 6000 for my work, it takes a lot to sell an overpriced house.... how much work is worth 6k
5) You had better buy now, the market is rebounding... Sorry I forgot you were a financial whizz and you know it won't rebound for some years, but I still gotta sell this property and get commission
6) This is a really nice area.... what about the guy who just got shot outside? what guy no-one was shot... nooo of course not it was in all the papers
the lies continue to pour out of the mouths of these people who make money selling you a property,
I assume stevem you are in real estate!!
I lived in vegas for a lil while not anymore and though i missed it , i agree with most comments stating that the housing markets and vegas' recovery wont be there pretty soon...
I remember whe the housing market was pretty good, i arrived in vegas in 04 and everybody was telling me: buy a house within 5 years its value will ahve doubled and u will make lots, well i did not listen and it was a good thing for me.
Ppl behaved like sheeps and jumped on the bandwagona dn it was bound to happen...
ITs a very basic rule in economy i guess. Plus mots of these houses were not worth their prices which was widely inflated...
I loved the city of vegas but pretty much like new york and its stockexchange earleir this year proved to be a testimoney for the failure of stockmarkets/and blind capitalism VEgas is just the same way.
There are tons of great individuals in vegas, i have my best friends there but sicne vegas economy is solely or mostly based on tourism this was bound to happen. The truth is a lot of ppl in america live above their means.
For many europeans like me, this crisis has not affected us at all> I saw prices moving, some ppl get fired, but in the end the unemployment ebenfits are there and this is a rough time but our markets i think were a bit more regulated, ppl more protected.
This ubprime crisis is shameful and exploited lots of ppl who overnight or so ended without a home then likely will defautl on credit cardsm ruining credit scores...
How many lives has this crisis affected ? 1 american out of 10 is unemployed, 1 homeowner out of 54 defaulted or struggled payig its home so really what is the point in saying its a selling record if ppl sold their houses for peanuts?
I beleive the government shall interfer and do something.
On the other end, one comment said real estae broker and so on shall be told a lesson and i agree with that. Too many ppl where jus thinking about greed and i think Vegas has to go back to earth.
I think too many extends this city sent wrong messages to ppl...
DO ppl here think that it is normal that a kid that goes to college full time to eb lets say a doctor end up with a startign salary lower than a valet parking guy (in a posh vip hotel)or a stripper who made int eh good days easily 100k a year...
What message did it send to ppl ? Quit school be pretty shake ur behind and u will get rich?
Im not being mean or judgemental at all. THese jobs are not as easy as we think BUT,at least to me, some things had to eb put in perspective ...
So in the end yes it will recover, when ? Could be a few years, but we msut ensure better training of real estate agent, more honesty across the business and hopefully agovernment that is supportive of the one in needs, all the money should not go to bankers who acted foolishly, family shall be helepd as well.
Seb
Markp, ignorance know no bounds, I suppose...
Let's start with the fact that is AGAINST THE LAW in the State of Nevada (ie. NRS) for a RE agent to disclose a murder on the property, a death by aids on the property, or a child molester living in the neighborhood for that matter. If you have a problem with that - write your congressman, moron. The agents are simply doing what you are complaining about - following the law!
As for your other comments...instead of calling you a liar, I will simply ask this - where is your civil suit and your RED complaint? If you have been taken sooooooo advantage of by lies from agents as you claim you have, surely you have pursued your legal remedy through due process, right?
Funny that these same people screaming 'personal responsibility' to those who are currently defaulting on their homes now....are the same people acting like innocent victims who had no control over their real estate agents in their home purchase. I thought the housing meltdown was the fault of stupid, greedy, ignorant homebuyers? And if it is the agent's fault for lying to unsuspecting homebuyers...then why all the vitriol directed to the subject of any 'underwater homebuyer' story?
Which one is it? Greedy homebuyers or greedy agents taking advantage of ignorant clients? You cannot have it both ways...although I know you'll keep trying!
The sharks that caused this mess in the housing market across the country are still out there,they are re-inventing themselves and calling themselves something else.People who can ill afford another crisis can still run into another.These low life's thrive on people when they are down and out. Remember,if it sounds too good, it is.If it's FREE...is isn't. Don't let your guard down and don't rush into something even if the "shark" says they're going fast and you may miss out on this offer.
jahreb, clearly you didnt read, it was not on property, it was in the road, it was public knowledge
nope I was not taken advantage of we didnt buy via that agent..
I have heard agents tell vendors, we will increase price by 10k it will panic people to buy..
even if anything is against the law, a large number of these glorified sales people help fuel a boom which turned badly... look at the number of cases of fraud, etc
those that think any differently are clearly either low on intelligence or are real estate agents with a vested interest...
enough said...
AgentFabricator here... Would anyone like to buy a townhome? Many upgrades! (offer not valid on weekends, limit one per buyer, price is subject to change without notice)
see, again...
neither one of you has shown a DOCUMENT of where a realtor has done something unethical or illegal to YOU.
if you say they have lied to YOU...then YOU surely have some way to support that claim.
you don't...so shut up.
the article about slash was NOT from a reliable news source and it says "allegedly" the realtor said it was a private street.
they provide no proof that it is or isn't. they also don't show ANY proof the realtor made any statement that the home was on a private street.
so...strike that one.
now, the lady in the video talking about how much "fraud" she found rambled on for 7 minutes there, yet failed to produce ONE letter, document, sales receipt, MLS listing to show where fraud happened.
i also put little faith in a broker that says "i seen" and "real-A-tor".
stevem
the points i wrote are what actually happened to me..
if u need factual content for your real estate agent brain to absorb simply look it up on the web
stevem get a life and stop trying to sell overpriced poorly built homes
MWCRob, you hit it, and with humor, too. So very true.
sure, markp
give me a link to a website that shows FACTUALLY shows how an agent did something unethical or illegal to you.
any coward can hide behind a screen name and make allegations without any facts to back it up.
I really hope the kitten is okay. That's the problem today, pet owners are so irresponsible.
It is funny that the conservative crowd tends to say you have to look out for yourself, be self reliant and make your own way in the world.
Then people like lemmings jump off the cliff because a real estate agent told me to, the bank told me to, the mortgage company told me to, etc etc.
I have never been hosed on real estate and have had plenty of sales people get me to try. And hell I am a democrat and a liberal. Just not a patsy for every scam like the stock market bubble or the real estate bubble.
Comment removed by staff.
A lot of us CA people are buying too. Not just the chinese.
Cash is King in this market.
Hey everyone, Lollipop Reza showed up to tell us how negative we're being and that nothing bad ever happens in Las Vegas. Reality, dude. Deal with it. We all know you're just a Vegas shill who ekes out a meager existence by happy-talking Vegas and denying the housing bubble and other truths.
From his 2005 bio: "James P. Reza is a Las Vegas native who lives, breathes, and writes about all things Las Vegas. He is the editor of the Best Places Las Vegas guide, author of the Berlitz Pocket Guide to Las Vegas, and consultant editor for the Time Out Guide to Las Vegas. His writing has appeared in Conde Nast Traveller, ID, and Rudy Maxa's Traveler. He is also the nightlife columnist for the Las Vegas Mercury."
I need a real estate agent but I wear birkenstocks (no bong though) so stevem is out. MWCRob has the best and funniest comment I have seen about the state of paranoia that now exists in Vegas and the country.
I am a Real Estate agent and I am not in business to give financial advice. My job is to find a property that fits your specs at the price you are prepared to pay, period. There are plenty of buyers now and business is great. Get your license people and grab this opportunity to earn some serious money.
Great here we go again. Why do people think homes are a get rich quick scheeme? The Cali crowd is rushing here with cash to buy as many houses as they can and everyone is going to be a realtor...
Homes were never meant to be ATMs and people decided they "deserved" a vacation, they "deserved" the new car, blah, blah, blah.
Stop blaming the banks for talking you into spending more than you should. You did it.
And I am a democrat for hecks sake.
May you live in interesting times.
our tourism is down, our population is declining, and we have record unemployment...explain to me how we are going to get enough people moving into town to fill all this new rental inventory being created.
that's what all these people are doing buying these homes.
HAHHAHAHAHAHA.
I laugh at all of you who bought really expensive houses thinking it was a good investment...HAHAHAHAHAHAHAHA.
What now? Your home is worth nothing.
I seen so many homes around $30-70,000. The average is a lot less.
Good thing I bought mine for $20,000 in straight up cash...and I don't owe a mortgage..! Who's smarter now?
here is where
the problem starts. Mr. meowington you did not buy a home for $20k and the average for homes is not less than $70k. MISINFORMATION!!!! And if you did buy for $20k, tell us how much you had to invest in this palace to make it livable!! stevem hits it on the head. All talk no facts. lets blame Realtors (and yes I am one). I remember holding a gun to my clients head and forcing him to but. And Markp, you wrote your agent wanted to charge you $6k for you to buy a home? That commission comes from the Sellers side, not the buyer. MISINFORMATION!!!
Actually I do not stand corrected. I did buy a home for 20k and I bought 2 others afterwards for the price of 40k and 60k who all were in great conditions.
They 20k was a 3 bedroom and 2 bath house which is average size.
Maybe you should take a look at the market rather than following the media. Yes, average home is "130,000" but what kind of home? Ever even put that in mind? My buddy is buying one for $110,000 and it's a 5 bedroom with 3 baths plus 2 acres of land. That's above average.
Don't tell me something I've done and seen myself.
mr meow
Where exactly is this home located?
Does it have wheels?
Lol it's not a trailer.
One is located in North Vegas (northeast) and 2 others east of the strip.
Many of you haven't looked around carefully enough to see the deals being missed out. Check it out on the web...
check it out on the web? that is the biggest source of misinformation there is..call one of these $20k gems listed on Craigs list. you will get the "well that one sold but let me show you another one" speech. how many square feet is your $20k home? the only reliable source of info on home prices and movement is the MLxchange. call a few listed in the paper on sunday that are listed for under $50k. see what happens
They have many homes listed under $50,000. I do not know about $20K because I did not see it. I know that there is a horrible home near MLK road that is selling for $12k. It is horrible anyway.