"Obama's An Idiot" is where my political bitches now live. Go ye thereto and read.

Monday, October 31, 2005

The L.V. Housing Bubble

Kent County Daily Times - News from the Associated Press:
Real Estate Prices Soaring in Las Vegas

LAS VEGAS (AP) -- Its front windows wish you 'Feliz Navidad' in paint that won't wash off. The landscaping consists of four shriveling cacti and a patio piled with empty cat food boxes. Inside, it's 700 square feet of confirmed bachelor's clutter. And it can all be yours for $1.2 million - cash.
[...]
Once considered deadlocked in the wasteland where the Las Vegas Strip fizzled into a decaying downtown, the World War II-era home is now happily nestled in the shadows of billions of dollars of new and proposed high-rise condominium projects. Corchuelo is sitting on much-coveted land.
[...]
The former catering waiter and Colombian immigrant bought the home in 1978 for $30,000.
[...]
His house is in the oldest section of town, and one of the shittiest. Unbelievable.

Our house's value has more than doubled in the last couple years. This area is the new California as far as real estate prices go.
You used to be able to move here and get a house at a bargain. Decent wages, no state income tax, no sales tax on food, those were big factors for bringing businesses into the area.
No moer. People won't be able to buy houses nearly as easy. They won't be able to afford them.
There are lines just to get into drawings for the chance to buy a house in a new subdivsion. People will line up for days to get a 'lotto' ticket.
Realtors in town are thicker than flies, and half my mail is flyers trying to get me to sell my house.

It's all going to burst one of these days, but apparently, not anytime soon.

2 comments:

Peggasus said...

That is INSANE. 700 Sq ft??

I was watching one of those 'sell you house' shows the other day, and the featured home was 1300 sq. ft, and homes in the neighborhood went for $400,000 to $500,000. Obviously, that would be California.

Shit, my house would go for a few million if I could only move it 2000 miles.

And that damn bubble better not burst until we put ours up in February or March. I'd be PISSED.

curmudgeon said...

We're getting almost as bad as Caleeeefornia here.
Mostly 'cause all the Caleeefornicators are moving here.