VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/149203
talking points Reader comments We want to hear from you. Visit vegasinc.com to post your opinion. On Eli Segall's July 31 vegasinc.com story about whether the valley's booming real estate market signals another housing bubble ("Home prices soaring, inventory shrinking: Is Las Vegas back in a real estate bubble?"): This is no bubble! — VegasHomeSeller.com Buying a house is great here if you have massive amounts of excess money. We tried to get several houses, but they were quickly outpriced by cash bidders. The loan we had was not enough to buy a house. Houses go on the market and shortly go way up and sell for more than the asking price. This is a suspiciously common occurrence, almost like a planned event. Are the banks using excess money and fake investors to buy up inventory to corner the market and keep new builders going? — Dennis Hill (denny one 1) If this is a bubble, if there is a burst, it will be far smaller than what we lived through between 2007-09. Let's all keep our fingers crossed that the economy stabilizes and improves. We can fight about it. But for those of us who live here, and chose to stay, we should make the most of it. — AshleyAshley Cash buyers, who are investors, will take the neighborhoods right downhill, as they look to rent the property to any warm body. The other problem with buying formerly $300,000 houses for $100,00 to $125,000 is that you are now likely buying in a neighborhood that has seen a downgrade in the quality of homeowners. At $300,000, you were getting professionals, middle managers and wealthier retirees. Once those prices went down to $100,000, it brought in an entirely different class of people. That's reality, like it or not. You have to be very careful buying in Las Vegas if your intent is to live in that new neighborhood. — Tom Davis (TomD1228) ket didn't implode completely, and they are the primary reason the inventory has dwindled and helped values return. For those who continued to fulfill their mortgage obligations during the recession, that is good news. And, for what it's worth, the bulk of Nevada's tax income comes from what can be characterized as the lure of a "get rich quick" scheme. — James P. Reza It's starting again, yes, but not for all homes. Just those cheap ones that can easily be flipped or dumped if the economy tanks again. If you're a long-term owner who is willing to pay a bit more and are going to stay in your property for a long time and are not concerned about equity so much as a solid home to live in, it's a buyer's market for you. However, given the attitudes of investors, as well as the new attitude that it's acceptable to default on real estate, it's not as secure a market as it was 10-15 years ago. That instability is what makes this a bubble. — Robert Rooney (DMCVegas) I'm pretty sure a lot of people are trying to buy because of low interest rates. If the rates go back up, many people won't be able to afford a home again. Then guess what happens? People quit buying, and the prices are forced back down. — vinnyvegas Las Vegas was one of the hardest markets hit. It makes sense economically that we should experience a very low supply as the demand begins to increase again. It's a great time for sellers in the market. The last two homes we listed both sold within two days. We are excited to see what happens with the market. — Amanda Barron and Don George Investors are the primary reason the housing mar- On Alison Saclolo's July 31 lasvegassun.com story about a pilot program for food trucks downtown ("Food truck rotations begin Thursday in city's new pilot program downtown"): Why not just designate zones where food trucks could operate downtown, 150 feet away from established brick-and-mortar restaurants, and paint those curbs a new color, then let trucks park there when they think they can make money? Free enterprise! No. The city designates only three spots in all of downtown where only one food truck can set up each day. Then they set up a big, complicated lottery and a calendar to keep track and police everything. Is there a full-time food truck monitor now in the new parking czarina's division to babysit all of this mess? — 777s SIOR Southern NV Chapter Members Donna Alderson, SIOR CBRE – 702-369-4866 donna.alderson@cbre.com Xavier Wasiak, SIOR Jones Lang LaSalle – 702-304-2631 xavier.wasiak@am.jll.com Mike DeLew, SIOR Colliers International – 702-836-3736 mike.delew@colliers.com Dean Willmore, SIOR Colliers International – 702-836-3763 dean.willmore@colliers.com Daniel Doherty, SIOR Colliers International – 702-836-3707 dan.doherty@colliers.com Randy Broadhead, SIOR CBRE – 702-369-4867 randy.broadhead@cbre.com Art Farmanali, SIOR Cushman & Wakefield – 702-796-7900 afarmanali@comre.com Michael Dunn, SIOR, CCIM Cushman & Wakefield – 702-796-7900 mdunn@comre.com David Frear, SIOR Colliers International – 702-735-5700 david.frear@colliers.com Soozi Jones Walker, SIOR, CCIM Commercial Executives – 702-316-4500 soozi@CEVegas.com Tom Grant, SIOR Diversified Interests, Inc – 702-222-2222 tggrantco@aol.com Kevin Higgins, SIOR Voit Real Estate Services – 702-734-4500 khiggins@voitco.com Mike Hillis, SIOR Cushman & Wakefield – 702-796-7900 mhillis@comre.com Patrick Marsh, SIOR Colliers International – 702-735-5700 pat.marsh@colliers.com Greg Pancirov, SIOR Colliers International – 702-836-3734 greg.pancirov@colliers.com Tom Naseef, SIOR, CCIM Colliers International – 702-836-3720 tom.naseef@colliers.com Brad Peterson, SIOR CBRE – 702-369-4809 brad.peterson@cbre.com Taber Thill, SIOR Colliers International – 702-836-3796 taber.thill@colliers.com KNOWLEDGE | EXPERIENCE | RESULTS Charles W. Witters, SIOR Lee & Associates, Commercial Real Estate Services 702-320-1337 cwitters@leelasvegas.com Total # SIOR Active Member Brokers Curtis Sanders, SIOR Cushman & Wakefield – 702-796-7900 csanders@comre.com 12 AUGUST 2013 20130812_VI19_F.indd 19 SIOR Brokers as % of Total Brokers SOUTHERN NEVADA CHAPTER Greg Tassi, SIOR CBRE – 702-369-4853 greg.tassi@cbre.com | Total # Commercial Brokers www.siornv.com 702-798-5156 | SIOR Chapter Transaction Volume Citywide Transaction Volume SIOR Chapter % of Total Market Volume 21 400 5.00% $483,766,333 $1,159,439,753 42% 19 8/8/13 2:37:43 PM