Many thanks to PR for sending this photo from Las Vegas:
Do you get the feeling the market’s getting a little tough in Las Vegas?
 |
Whether purchasing or refinancing a home, we'll offer you sound and unbiased information.
Get national and regional topics like California's refinance market,
and calculators to evaluate your own mortgage.
|
WTF???
Who needs or wants 2 homes in the same city? Do they think they can get would-be landlords?
Actually, I get the feeling that people are starting to realize that it’s not going to get any better…
Diana-
Mr. Twist and I were asking ourselves about the two house thing. Use one for storage?
I must say though, as the mother of five, having the kids next door has a certain appeal. : )
Maybe if you go in with a friend, you can get financing based on combined income?
The question is, was it originally from the 370s for one, with prices now being cut fully 50%?
No, you buy the two, get a great rate, finance them both together. Move into one, sell the other and use the cash to buy stuff you don’t need or go gambling.
toysarefun-
Seems like if the builder could get more than the two for one price they would. That is the current market price which will probably continue to go lower. So if someone buys the two homes thinking they are going to flip one for a quick profit they are going to be in for big letdown.
It’s Safeway marketing: 10 for $10!
But some people don’t realize you get 1 for $1. LOL
Maybe the builder is saying something about the quality of the construction in the boom-built-boxes.
If you buy two, and move into the second one when the first one falls apart around you… perhaps you should be able to stretch livable quarters out to at least the length of the mortgage.
Or perhaps it is just a way to save time & paperwork for those who still want to be “specuvestors” and sign up for no-doc, no SSN, no way I’m makin’ a payment, liar loans.
(if they can find any of those loans)
We’ve made fun of “free” countertops, landscaping, pools, cars, trips and other “incentives,” but an entire house for “free” certainly takes the prize!!!
Wouldn’t you be delighted to have just bought a paltry single home in that neighborhood, and come home from working overtime in an effort to make the resetting house payment…
only to find that sign on the entrance to your community!!!!
(How would you like to be working in the sales office when the recent buyers/debtors show up screaming?)
I’ll wait a bit longer, then I’ll take four. As for financing, I wouldn’t put them under the same loan because selling them off in 8 years could be a real bear that way.
Overcoming Real Estate Losses at http://whinecountryrealestate.blogspot.com/
“As for financing, I wouldn’t put them under the same loan…”
Well, it’s “for the price of 1″ - if that were REALLY true, you’d only have to finance one and the other(s) would be free and clear.
I drove by that sign yesterday on my way to lunch. Me and my coworker were like, WTF?
I’m not surprised, really.
Who would really want 2 SSB’s for 370k?
Vegas is starting it’s decline now. Sellers are starting to realize they have to LOWER THE PRICE.
I still don’t see any lenders offering a guarantee that water will be available for the term of your mortgage.
Hi All,
Longtime reader but first time poster. I live down the street from this sign’s bigger cousin (north las vegas). If memory serves me correctly, that sign has been up for over a year and I’d always viewed it as a marketing ploy because of the slowdowns that had started occurring (at that time). I was never interested enough though to actually check it out. We moved into a new home, 2600+ sq, 4/2.5/3car/den/dr/lr in Sep 2005 for $1250 mo. In Dec 05 the owner had the home appraised and the appraiser told us the home was “valued” at $400k “although none of the houses have sold at that price yet” (her words). At that point I knew that the market in Vegas was insane. The only thing the house has going for it is its size. It has no upgrades, everything is basic from the floor up and the quality is definitely not the best. We are prior homeowners (Chandler AZ - spouse was military) and know what a quality built home looks like and this doesn’t come close.
When we first moved here we wanted to buy right away and met with a broker (friend of a friend) who told us that we could get into a $300k home. I was shocked because our previous home was $150k and our mortgage was $1350 (with everything including prop taxes - which kept going up) which to my mind meant $2700 mo and I for one did not want all of our money going towards a mortgage - I liked having a life! I told my husband, no way were we able to afford that much and through dumb luck didn’t fall into what was likely a subprime trap - er “loan.” At that time I was not educated on the types of loans out there. My uncle (a mortgage broker in AZ) helped us with our first home and we trusted him to do all the work for us - stupid now that I look back on it! But after stumbling across and reading blogs like this I am more educated and now know what to look for.
Twist, you’ve done a great job on setting up a quality forum and the caliber and quality of your posters prove it! Keep up the good and informative work everyone.
Stujor
Oh holy heck Village Idiot, you’ve just come up with one of the best RE schemes I’ve seen to date.
If you can get a bank to finance one at full price and get the other free and clear, and then just let the bank foreclose on the financed property, you’ve got yourself a free house! Is Nevada a single-form-of-action state?
Of course, I guess that would require the bank’s appraiser to ignore the sign…
I bet there are some pissed off homeowners in that subdivision that bought a house before they had this deal.
OUCH!
BTW, I noticed the Remax google ad at the top of this comment section with the two clueless agents. Two real-estate agents in the same picture can mean one thing to me: double-trouble. Look at ‘em would ya? Pathetic
Ouch! is right. This is depressing, even knowing people should have paid attention. And those houses that were built badly and the people who are now stuck with them… I’m renting one. It’s beautiful! But they used such cheap materials! We take extra good care just because the landlord deserves better.
Dan
This scheme goes by a much better name:
“Two for the price of two”.
If that is what people are paying for it, that is what the homes are worth!
Mike-
Well put.
Also, has anyone called to see what the scam is about?
“It’s Safeway marketing: 10 for $10!
But some people don’t realize you get 1 for $1. LOL”
Yeah, but the question is, do I have to sign up for one of those stupid plastic shopper cards to get this sweet Vegas deal?
I’ll try to go and take picture of the houses tomorrow.
I know there is a pig farm about 2 miles up the road that smells like hog-heaven.
And of course the stupid developers built right next to a manure pile and it reeks when the wind blows. I wonder if those are the houses they can’t sell.
Hey, maybe they’ll throw in a free bag of clothes-picks to put on your nose.
Jimatlaw you beat me to it. As soon as I read this I’m thinking buy one get one free and let the first one go back to the bank. If that won’t work get a neg ARM loan and let the government bail you out a no loose proposition.
If its the same as what was advertized here in Colorado Springs the second home is a time share deal. I laughed at the stupid Realtor when she told me that. I think it is the same fools I really can’t quite remember to much craziness to keep up.
Drove down one of the main roads here today. I could not go more than 20 seconds at 35 miles an hour without seeing a for lease sign on Commercial Real estate. Sometimes there were 3 or 4 in site at all times.