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not about a trip to florida or CA....

buying a property in florida or CA

keep on hearing that they are just throwing it away
at a rockbottom price...

bloody , can't even get the details properly..

what are the benefits and your views on them?

well, none seems to know...

Well your question is too broad and kinna dumb. First of all what kind of property? residential (apartment, house), commercial, land? Secondly both of these States are huge. In Stockton (central Cali) you can buy a house for 1/5 th of the price of that of LA or San Fran. Thirdly you have to be a resident to get a mortgage or bank loan. If your buying it with cash then certainly you have enough cash to take a trip and find out for yourself.

Source: I'm a home owner in Las Vegas.

^^ is it a good time to buy a residential apartment or house in stockton?

or where else would be better?

Not a good time to buy anywhere. Prices are still going down and we haven't hit the bottom yet. Although you could get a smoking deal on a bank owned property. When banks take over a property after foreclosure they are anxious to dump it asap. They are not in a business of woing houses. Friend of mine bought a forclosed property for $185k that was orginally purchased for $305k 18 months ago.

how long is it going to plunge?

a lot or a few?

thanks dude for updating the information..

Some pretty low priced property in the US. I'm from Florida and also looking to buy property now. If you would like to know about a particular area, let me know and I may be able to help.

as a software professional, most probably I would like to know about the southern part of san fransisco bay area and also tampa florida, ....



if you were looking to buy , where would you buy?

Homer Simpson wrote:Some pretty low priced property in the US. I'm from Florida and also looking to buy property now. If you would like to know about a particular area, let me know and I may be able to help.

When did you move from Springfield? Doh!!!!!!!!!!!!!!!

K-Dog wrote:

Homer Simpson wrote:Some pretty low priced property in the US. I'm from Florida and also looking to buy property now. If you would like to know about a particular area, let me know and I may be able to help.

When did you move from Springfield? Doh!!!!!!!!!!!!!!!

hahahahaaaaa

Simpsons

hahahahaaaaa

If falling home prices and rising foreclosures aren’t enough to show how distressed the Las Vegas housing market has become, take a look at November’s residential permit total.

Home Builders Research reported a dismal 180 new home building permits issued in Las Vegas, Henderson, North Las Vegas and Clark County, the lowest monthly number since the firm started tracking the local housing market in 1988.


Permit count through November totals 5,961, down 58 percent from a year ago.

New-home sales also hit a 20-year low at 643 in November, compared with 1,521 sales in the same month a year ago. For the year, new home sales dropped 47 percent to 9,730.

December’s numbers won’t be any better, Home Builders Research President Dennis Smith predicted, so the 2008 sum will be slightly more than 10,000.

“There is no way anyone can try and sugarcoat what is going on in the housing industry,” Smith said Wednesday. “What started as a bubble a couple of years ago has evolved into a horrific, humbling and scary atmosphere that has grown into a national economic crisis.”

The median price of a new home fell 8.2 percent, or $22,288, from a year ago to $247,990 in November. It’s down 1 percent from the previous month.

Larry Murphy of housing research firm SalesTraq found prices of just $75 a square foot for new homes in the master-planned Providence community in northwest Las Vegas. That’s less than the average of $99 a square foot for some 2,000 foreclosures sold in November, he said.

“Why would anyone pay more money for a repossessed bank home than they would for a brand new home?” Murphy asked.

Nearly every home builder in Las Vegas makes Murphy’s “Under $100 Club,” from Richmond American’s price of $72.26 a square foot to Kimball Hill’s $99.96 a square foot.

Sales of existing homes declined to 2,518 in November, down 622 closings from the previous month. However, the annual total of 27,503 is up 17 percent from a year ago.

The month-to-month decline in resales is most likely related to the credit market, Smith said. Other factors such as job uncertainty and tougher qualification standards may also come into play, he said.

“We don’t see this monthly decrease as the beginning of a trend,” the housing analyst said. “After the holidays, we expect the monthly recorded resale figure to return to about 3,000 a month, the pace of the past four months.”

Single-family homes sales in November surpassed same-month sales from the previous two years, Rob Jenson of ReMax Central said.

It’s been a tough year for luxury real estate, the Realtor said. Sales of homes for more than $1 million dropped to 199 through November, compared with 410 a year ago. The ultraluxury market, or homes costing more than $3 million, fell to 21 from 40 a year ago.

There were 11 million-dollar homes sold in November, including four foreclosures. Average sales price was $1.74 million, a 12 percent decrease from the previous month, Jenson said.

The resale median price in November was $173,900, a decline of $80,000, or 31.5 percent, from a year ago, Home Builders Research reported.

The price has decreased 2.3 percent from five years ago, before the period of “gluttony and greed,” Smith said.

How much lower will it go?

“Many of the money people we talk to believe it looks more and more like factors are in place that might push this market barometer another 5 (percent) to 10 percent lower,” Smith said. “We believe it will now bottom at roughly $160,000.”

Home prices will probably settle in at that level for a period of time and won’t show improvement until 2010 or 2011, he said.

The Altos 10-City Composite Price Index showed a decline in asking prices of 0.8 percent in November and 2.4 percent for the past three months.

Prices of properties listed for sale fell in 20 of 26 major markets according to the Real-Time Housing Market Report published by Altos Research and market analysis firm Real IQ.

Asking prices fell at the fastest rate in Las Vegas, down 3.3 percent in November and 6.9 percent over the three-month period. It’s the eighth consecutive month that Las Vegas has posted the fastest rate of declining prices among major markets.

“Tight credit, job losses and plunging consumer confidence continued to pressure listing prices in most major markets during November,” Michael Simonsen of Altos Research said. “Recent government actions to reduce mortgage rates and slow the pace of foreclosures could finally start to stem the decline, but we don’t expect to see major changes until at least mid-2009.”

K-Dog wrote:
How much lower will it go?

“Many of the money people we talk to believe it looks more and more like factors are in place that might push this market barometer another 5 (percent) to 10 percent lower,” Smith said. “We believe it will now bottom at roughly $160,000.”

Home prices will probably settle in at that level for a period of time and won’t show improvement until 2010 or 2011, he said.

The Altos 10-City Composite Price Index showed a decline in asking prices of 0.8 percent in November and 2.4 percent for the past three months.

Prices of properties listed for sale fell in 20 of 26 major markets according to the Real-Time Housing Market Report published by Altos Research and market analysis firm Real IQ.

Asking prices fell at the fastest rate in Las Vegas, down 3.3 percent in November and 6.9 percent over the three-month period. It’s the eighth consecutive month that Las Vegas has posted the fastest rate of declining prices among major markets.

“Tight credit, job losses and plunging consumer confidence continued to pressure listing prices in most major markets during November,” Michael Simonsen of Altos Research said. “Recent government actions to reduce mortgage rates and slow the pace of foreclosures could finally start to stem the decline, but we don’t expect to see major changes until at least mid-2009.”

awesome k-dog...

the best for now is to wait for that 10% steep decrease or have a look at
the properties in 2011 ...

ridiculous dude... the price it was and the price it is now...

This situation started in the US about 18 months ago maybe 24. Its just reaching Dubai and many other parts of the world. There is still no end in site. So people in Dubai you ain't seen nothing yet. My advice to you all is to get out gracefully while you can or have a fall back plan. I certainly do.