Opportunity Realty Manager Colin Darrow • May 2 Interview
This post may contain affiliate links or Google Ads and we may earn a small commission when you click on the links at no additional cost to you. As an Amazon Affiliate, we earn from qualifying purchases. This is at no additional cost to you and helps with our website expenses.
COLIN – Opportunity Realty: Yeah. The War of Independence separated thirteen colonies from the colonies in Canada. And the War of 1812, when the United States tried to make the two countries one, didn’t happen.
COLIN – Opportunity Realty: Can we talk about real estate prices here in Vegas?
FRANK: Why not? If you want to. What do you think, Leonard? Should we let him talk about it?
LEONARD: You know, they’re going in one direction. They’re going up.
COLIN – Opportunity Realty: There was a lot of realtors – you probably saw the ads on TV recently where they’re saying, before the bubble breaks, sell your properties. Since those ads were on TV, prices have gone up five and a half percent.
For example, in November to December, they went up one point one percent. By January to February, they went up two point seven percent. In March, they went up two point six percent and April is over but we don’t have the numbers yet but I’m going to guess it’s somewhere in that same two and a half percent range.
LEONARD: I think that speaks to, you just really don’t know. If people prognosticate and nobody really knows.
COLIN – Opportunity Realty: As a realtor, you should never say you know because you just quit looking for trouble.
LEONARD: The only time you got to sell is maybe if you’re moving to another state or another country…
COLIN – Opportunity Realty: Yeah. Don’t sell from fear.
LEONARD: Yeah.
COLIN – Opportunity Realty: You know the fear and greed. Do it on the stock market, if you want but don’t do it with your home.
LEONARD: You don’t do it in the stock market either. You do nowhere. Fear and greed gets you nowhere. You got to be properly diversified but the interesting issue here is people sell because of taxes and you shouldn’t sell because of taxes. You should sell because it’s the right thing to do for your family or you should buy because it’s the right thing to do for your family or as an enhancement to your portfolio.
So many people, they buy and they never sell. Because isn’t that a great way to build a real estate portfolio?
COLIN – Opportunity Realty: Absolutely.
LEONARD: There’s an interesting issue that’s going on here in town and it’s an issue, really across America, and that is the student…the student loan debt has gone up by 400 percent over the last four years, which is phenomenal. There’s more student loan debt today than there’s credit card debt.
COLIN – Opportunity Realty: As tuition fees rise.
LEONARD: Correct. But it’s dramatic. To have that happen over a four year period of time.
FRANK: They’re wanting to raise the fees right now at UNLV.
LEONARD: Yeah.
FRANK: A couple thousand dollars. You saw that right?
LEONARD: It’s going to create an opportunity for people to be more creative in terms of what they’re planning is so very important to do so but the bottom line is when they’re coming out in the entry level homes, there’s not a lot of inventory and they can’t afford them to begin with because so much debt.
There are a whole cadre of people that do want to get, but there’s just not a lot of inventory. What would you say is the key reason why there is not building to help support that desire to buy that entry level home?
COLIN – Opportunity Realty: Well, it’s going to get worse. Frankly, the population keeps growing and we aren’t building enough homes. As we don’t build new housing stock to keep even but they increase.
We’re playing games with numbers because…
LEONARD: You think it’s more like the builders are afraid because of…
COLIN – Opportunity Realty: Absolutely.
LEONARD: …almost completely imploding before?
COLIN – Opportunity Realty: But I think…you know economic cycles and you know how they swing back and forth? Prices will never stop rising. The prices will never rise again. The reality is that you have to look at things in a straight line.
Right now, banks are starting to lower FICO scores. It was just announced this week that they’re going to lower their FICO scores for people to be able to apply for a loan.
LEONARD: How frustrating that must be for you. When you look at the bottom of the market, when prices that drop up to 70 percent, who really cares what a FICO score because it’s the bottom of the market.
If you really think about it…that’s a pretty dramatic statement, but…
COLIN – Opportunity Realty: But a year ago, nobody could buy a house because the people from New York City were sitting down here with hundreds of millions of dollars on the courthouse steps, actually on Ford Street, and they were buying everything at 15 percent over market and they were going to rent them out.
Now there’s an abundance of rentals, rental rates start moving all that much. But finally, we’re starting to see an increase in lower end homes. But still, with the drop in FICO scores, requirements and with lower end pricing being reasonable, I think this is a time for people to buy.
LEONARD: But there’s no inventory? And you think…
COLIN – Opportunity Realty: There is in the condo market.
LEONARD: Which there are always risk there because of…I guess SNRs and things like that depending upon how they’re funded.
COLIN – Opportunity Realty: Correct and you gotta check into that. I know. In Canada, I was a founder of the Canadian Condominium Institute and again, a few years ago, but condos have historically been set up to be a starter home.
FRANK: Yeah. I can see, Colin. Colin, how can we get a hold of you? The people out there, if they want to try and track you down.
COLIN – Opportunity Realty: They can go on OpportunityRealty.net or they can phone me. My company phone number is 804-0077. Of course, 702. That’s 804-0077.
FRANK: Now, is there a place you hang out that they can track you down?
COLIN – Opportunity Realty: You’ve seen it. I have an office very well located over the corner Durango and Sahara right behind the Burger King. You can’t miss it.
FRANK: Right across the street from the Canyon Gate. Am I right?
COLIN – Opportunity Realty: Absolutely. Very pleased.
FRANK: Nice office. I’ve been there and plus, take a spin in that hot rod….what do you drive?
COLIN – Opportunity Realty: I have a Saleen from the movie “2 Fast2 Furious”.
FRANK: He’s rockin’!
LEONARD: Well, we’re going someplace after the show tonight.
FRANK: He’s a single guy! He likes to take the chicks for a ride!
COLIN – Opportunity Realty: It’s parked out back and it’s freshly washed.
LEONARD: Colin with Opportunity Realty. We’re back right after the break.
For more information about Opportunity Realty click here.
Related posts:
