Monday, January 30, 2006

Bubblicious Quote of the Day

Don Foster Scoggins who works for Appraisers of Las Vegas .com had this to say about the Las Vegas Real Estate market in a company press release:

Scoggins warns that Las Vegas real estate investors should expect a lower rate of appreciation (at least compared to the red-hot pace of the last two years). "But, this is not a collapse, it’s just Las Vegas growing pains. To those who bought homes at the tippy top of the market, I’m sorry. Those homes have dropped a little because they were overpriced. But, overall, prices are higher and higher year after year," Scoggins said.

Las Vegas is more likely to be destroyed by fire and brimstone than have a collapse of housing prices,” Scoggins concluded.

7 comments:

  1. HA HA

    This guy is FULL of it- Las Vegas is one of the most overpriced markets in the country-and one that will likely see a 'large decline'.

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  2. Las Vegas is more likely to be destroyed by fire and brimstone than have a collapse of housing prices,” Scoggins concluded.

    Uh Oh, Look oooooooooouttttttttt!

    I really love that quote. How would you know if Las Vegas were to be consumed by fire and brimstone? Would anyone break away from a winning streak? Would the "pepsi for sale here" and "air conditioning!" signs outside the stores and hotels be displayed in brighter shade of neon?

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  3. He must work near Luxor. Isn't that the place that is near denial?

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  4. Isn't it amazing how some people try desperately to keep the bubbles inflated, even after it has become obvious to everyone else that the party is over?

    This poor guy is desperate, and probably realizes he has no marketable job skills, no savings, and will probably be without an income for the next decade or so, and may even be facing lawsuits from those he misled. What do you want to bet he is scared to death?

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  5. The interesting thing is that several years after this all passes, and the this piece of history is written in the history books, I believe it will be stated that the bloggers were the ones that warned the public. The media rarely reports about the bubble. When they do start reporting the bubble, it will be too late and no time for an escape. It will be the bloggers who made history. Its a shame that we have a media that would hide the truth from the public.

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  6. Me
    What profit would they make if the truth was really known especially with the lending institutions.

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  7. Taking advice or commentary from a real estate agent is equivalent to asking a McDonalds employee the secrets of great chefs. I sold out in Las Vegas in June and am so thankful I did. I now live in the less bubbly Midwest in a beautiful area and own my home on acreage here now free and clear paid for by bubble dollars. Las Vegas is vastly overpriced. Look at the inventory and DOM ;-)

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