Las Vegas Homes Called "Undervalued"

Here’s a nice study, which declares Las Vegas prices as nearly 19% below long-term market fundamentals.

Interesting, their metrics show Phoenix and Los Angeles to still be overvalued:

 

Other regional markets and their valuation in the third quarter:
St. George, Utah: At $223,700, 39.7 percent overvalued
Salt Lake City: At $260,700, 18.8 percent overvalued
Phoenix: At $197,500, 3.9 percent overvalued
Los Angeles: At $384,400, 1.6 percent overvalued
San Francisco: At $666,100, 15.6 percent undervalued
Stockton, Calif.: At $161,000, 27.7 percent undervalued
San Diego: At $337,000, 19.1 percent undervalued

Advertisements

4 Responses to Las Vegas Homes Called "Undervalued"

  1. Fred says:

    What’s the update on ManhattanWest when will it be occupied. I heard from dealer at Bellagio that the former General Contractor filed a lawsuit.

  2. Cindy says:

    Where were these “experts” when housing was clearly OVER valued during the bubble? IMO housing has a long way to fall. Prices are still way out of line with incomes, and with so many people struggling to pay for the house they’re already in, fewer are buying. The housing indsustry did this to itself. Instead of being satisfied with ‘normal’ profits, it saw a chance to push appraisals higher and sell houses with toxic loans, then try to unload those loans to investors. The whole thing was a scheme destined to fail, and predictions from at least 2004 if not earlier should’ve been heeded by both the industry and the govt. Mainstream media just parroted what the industry said, leaving only those who were online and looking for that type of alternative viewpoint, to realize it was a bubble, in time to react accordingly. Those who remained ignorant, or chose to put on blinders, lost. Real estate is still over valued in most if not all areas. It will continue to be out of people’s reach until it’s in line with incomes, and attainable with normal financing. Accept that and lower prices. Stop trying to lobby congress to make tax payers make up the difference between what you want to sell it for, and what the market can bear.

  3. Fred says:

    Where’s the post about what’s going on at Manhattanwest. According to your press releases you sold around 150 units at 5-10 percent downpayments with upgrade deposits of 50 percent. Thats around 5 million in escrow minimum, probably more like 7 million. Are we gonna get our money back????

  4. Mike Vincent says:

    Fred……..kiss your money “goodbye”!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s