Some Vegas Speculators Get Burned
"KB Home, the region's largest home builder, didn't cut prices but did tighten its policies on sales to investors. Contracts now stipulate, that, barring the loss of a job or other major problem, those who resell their properties within a year have to give KB Home the profit." I really like this idea, and the federal government should follow suit.
"When you lose money in real estate, you really feel it,'' said Igor Doncov, a software engineer in Half Moon Bay who bought two new houses in Las Vegas early in 2004 but sold them at a loss after his builder, Pulte Homes, cut prices on its new models by $180,000.
"I thought I couldn't lose," he said in a telephone interview. "But it turned into a total disaster."
See: Watchful eye on Las Vegas housing game - SF Chronicle
http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/03/07/MNGOTBLIIR1.DTL
"When you lose money in real estate, you really feel it,'' said Igor Doncov, a software engineer in Half Moon Bay who bought two new houses in Las Vegas early in 2004 but sold them at a loss after his builder, Pulte Homes, cut prices on its new models by $180,000.
"I thought I couldn't lose," he said in a telephone interview. "But it turned into a total disaster."
See: Watchful eye on Las Vegas housing game - SF Chronicle
http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/03/07/MNGOTBLIIR1.DTL
Comments