The Housing Collapse - Las Vegas
The recent downturn in real estate has meant that homes selling for ludicrous prices in 2006 are now available at huge discounts in the form of real estate owned foreclosures. This new series focuses on the worst of the worst. Homes that were bought for tons of money and now are only worth a fraction of the price.
9413 Abalone Way
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Bedrooms: 4
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Bathrooms: 2
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Living Area Size: 2,203
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Price $187,900
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Price in 2006 $339,000
This foreclosed property has lost 44.5% of it’s value in the past four years. The median income for this area is $65,889, so this is still only at the very brink of affordability if you go by the 3x rule (The buying price should be no greater than three times your income).
4575 Dean Martin Dr
Wow fantastic views, fantastic floorplan, and fantastic condition!! Just an overall wonderful unit, clean, move in ready, with partial solar film, neutral flooring, modern granite counters with breakfast bar, modern flat panel cabinets with stainless steel accents, undermount sink at island, and so much more!! Buyer to verify all info.
- Bedrooms: 2
- Bathrooms: 2
- Price $259,500 Estimated payment on 30 year loan with good credit: $1,377
- HOA Fees $878 per month!
The crazy thing about people who go into foreclosure in they usually stop paying ALL of their bills related to the house. This means the HOA has to make up for the missing dues by increasing paying members dues. When the HOA Fees are almost as bad as the 30 year loan, we are in serious trouble.
What we learned
Be very careful about what liens you are taking on when you buy a condo - Banks are not very good about paying HOA fees once they take possession of a house or condo. This may leave you with huge fees tacked on to your purchase as secondary liens.
I’d go into foreclosure too if paying off a property is guaranteed to put me $100,000 + into debt. With bombs like these detonating in almost every US city, I dont see an end to our housing slump anytime soon.
Article by Mikkel
