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.
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:
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Las Vegas is more likely to be destroyed by fire and brimstone than have a collapse of housing prices,” Scoggins concluded.
ReplyDeleteUh 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?
He must work near Luxor. Isn't that the place that is near denial?
ReplyDeleteIsn'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?
ReplyDeleteThis 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?
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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