[eastbay]

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I started looking around yesterday and here are some preliminary observations:

Homes in Summerlin (on the west side of town by Red Rock) are still selling and don’t appear to have lost much value. There are some new townhouses being built right by Red Rock and a new mall that seem pretty reasonably priced (high 200s to low 300s) and are selling. This is probably the best part of town to live in but you are going to pay for it.


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How do you know they're still selling at a pace that doesn't put the screws to the developers?

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In the south side of town there are new developments everywhere. It seems to me that almost all of these new developments are unoccupied, The sellers/builders seem very desperate, one builder just told me that he would knock 60k (10%) off the list before I expressed any interest in the houses.


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That's nothing, just a teaser. Look for the deep pocketed homebuilders who can take a loss to get inventory off the books and move on.

Get prequalified at the sales office. Once they see good credit and 20% cash, they will be your love slaves. Play them off each other, like when buying a new car. Nothing is too much to ask: to close the sale, you need granite, high end wood and carpet throughout, included. You need appliances, included. You need backyard landscaping, included. You need a pool, included. Not to mention a *deep* discount off the asking price. Like 1/3rd.

Don't come out firing with these offers, but let them think they might have you, then reel them in over a period of days as the competing offers start to come in. Make them sweat.

But only do this in a place in which you see potential and that you want to live. Truly dead neighborhoods are never a good place to buy.

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I checked out some units in the Panorama Towers (Baller high-rise near the strip) and was very impressed. This would be the ideal place for me to live from a lifestyle prospective. But in my opinion all of the units are WAY overpriced. A one-bedroom with a den + 2 baths (946sq feet) is listed at $399,000 (on only the 6th floor) and several 750sq feet one bedrooms listed from 350,00+.


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The $/sq ft on that sounds truly terrible, especially considering the supply coming online soon.

What can you rent those for?

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