All Forum Posts by: Ted Harris

Check realtor.com. Currently 145 3br under 40K. If you check up to 45K, there are 252, and if you go up to 50K, there are still over 400!!

That is not what worries me. This is:

http://www.msnbc.msn.com/id/35832152/ns/business-washington_post/page/2/

Your search included condos/townhomes which there are still o' plenty ... it's the 3 bedroom, sub $50k SFR that's becoming endangered. I agree there's still a lot of inventory to go through but it's been a year now and supply can't keep up with demand and it appears more and more investors are flocking to Vegas so bottom continues to move up .... I look at the 2nd wave as more opportunities for people like me before things start to settle in 2+ yrs and Vegas economy bounces back :cool:

Vegas bottom was reached and is gone ... in 2009, 3 bedroom sfr's in decent shape were going for under $40k .... probably only way to get a sub $50k 3 bedroom sfr is via shortsale ... last year at this time there were 100+ 3 bedroom REO sfr's for sale under $40k ...hardly any now ... inventory can't keep up with demand ... appreciation already visible for low-end homes ... with so little building going on and assuming Vegas population maintains or grows (BIG if - considering current economy), i see a lot of appreciation as people continue to acquire homes for half or less of what it would cost to build. (and yes, obviously i'm a huge believer in the vegas market so take this as you may....)

wow, property taxes are crazy high in tx ... mine is more than covered with first month's rent.

I attribute part of the delay trying to find someone to lease/option the home for $950 for first 5 weeks ... once I opened it up to a traditional renter I found someone within three weeks at $750, one year lease. It's not in N Vegas ... decent area but on a busy street.

I bought a $42k 3/2 SFR in Vegas ... found a tenant last month after a two month search. Vegas seems to remain a hotbed for investors as the sub $50k 3/2 SFR appears non-existent .... I can see rents softening as investors continue to buy up all the REO's. I'm probably like most Vegas investors who like both the cashflow and potential appreciation because of the city's desirability with no state income taxes, weather, world-class amenities, etc. But I agree with you Rich, finding good tenants paying nice rents is a valid concern.

Robert Shiller raised this question over the weekend in a NY Times article ... he delves into a bit of history of why govt has subsidized housing and his theory why we continue to do so. I tend to agree it's less of an economic decision but a feeling that home-ownership fosters healthy communities. Obviously, this backfired during the housing bubble ...

http://www.nytimes.com/2010/03/07/business/07view.html?bl

Zillow ... kidding, nothing else comes close to the ultimate Real Estate site that is Bigger Pockets! :rock:

Agree with you Mike on Oregon being a heavily taxed state ... also, unemployment remains an issue (like a lot of places) so hearing about businesses you mention isn't good ... I live inside Portland's urban growth boundary which limits building in the metropolitan area. This coupled with Portland's desirability bodes well for the long term, imo. However, that's all predicated on a healthy economy.

Welcome Spicer - nice to see another Portlander join BP Nation!!

I'm definitely seeing more and more signs that both the housing market and overall economy are not only stabilizing but also showing signs of growth .... maybe it's just the area where I live but let's hope it continues and spreads!