awgee - 01 April 2009 07:34 PM

I do not understand the attraction of Las Vegas.
I see nothing attactive enough to cause me to want to live there or even visit there.

Then don’t.

awgee - 01 April 2009 07:34 PM

I do not understand the attraction of Las Vegas.
I see nothing attactive enough to cause me to want to live there or even visit there.

Unless you have a gambling problem. Vegas has great Vacation appeal.
And its almost local. Not sure about living there though.

Its great to fly in. 50 Miniute flight. Get picked up in a Maybach limo.
Check in to the Skyloft.
Skylofts
These suites are as low as $ 400.00 a night weekdays.
Includes the Butler and the Maybach to and from the Airport.
Spend a few days during the week and escape. No car to drive.
No responsibility except to not go too crazy.
Some of the best restaurants in the world. Great shows.
And its amazing. Some of the nicest people in the world.
When the people that work in Vegas see that you know what your doing and
obviously have experience in the town and are friendly. The sky is the limit.
You will get comped and upgraded and taken care of for a minimal expense.
You just have to ask and know the system a little.
Just a little gambling at Pai Gow and some Craps. Too much fun.

Beats investing money in the Stock Market or in Real Estate these days.
And during the weekdays its DEAD.

bltserv - 01 April 2009 09:09 PM

awgee - 01 April 2009 07:34 PM

I do not understand the attraction of Las Vegas.
I see nothing attactive enough to cause me to want to live there or even visit there.

Unless you have a gambling problem. Vegas has great Vacation appeal.
And its almost local. Not sure about living there though.

Its great to fly in. 50 Miniute flight. Get picked up in a Maybach limo.
Check in to the Skyloft.
Skylofts
These suites are as low as $ 400.00 a night weekdays.
Includes the Butler and the Maybach to and from the Airport.
Spend a few days during the week and escape. No car to drive.
No responsibility except to not go too crazy.
Some of the best restaurants in the world. Great shows.
And its amazing. Some of the nicest people in the world.
When the people that work in Vegas see that you know what your doing and
obviously have experience in the town and are friendly. The sky is the limit.
You will get comped and upgraded and taken care of for a minimal expense.
You just have to ask and know the system a little.
Just a little gambling at Pai Gow and some Craps. Too much fun.

Beats investing money in the Stock Market or in Real Estate these days.
And during the weekdays its DEAD.

I guess that is it.  I do not enjoy gambling, and see absolutely no vacation appeal.

awgee - 01 April 2009 09:27 PM

bltserv - 01 April 2009 09:09 PM

awgee - 01 April 2009 07:34 PM

I do not understand the attraction of Las Vegas.
I see nothing attactive enough to cause me to want to live there or even visit there.

Unless you have a gambling problem. Vegas has great Vacation appeal.
And its almost local. Not sure about living there though.

Its great to fly in. 50 Miniute flight. Get picked up in a Maybach limo.
Check in to the Skyloft.
Skylofts
These suites are as low as $ 400.00 a night weekdays.
Includes the Butler and the Maybach to and from the Airport.
Spend a few days during the week and escape. No car to drive.
No responsibility except to not go too crazy.
Some of the best restaurants in the world. Great shows.
And its amazing. Some of the nicest people in the world.
When the people that work in Vegas see that you know what your doing and
obviously have experience in the town and are friendly. The sky is the limit.
You will get comped and upgraded and taken care of for a minimal expense.
You just have to ask and know the system a little.
Just a little gambling at Pai Gow and some Craps. Too much fun.

Beats investing money in the Stock Market or in Real Estate these days.
And during the weekdays its DEAD.

I guess that is it. I do not enjoy gambling, and see absolutely no vacation appeal.

The other BIG “Vegas Let Down” is if your a reformed Alcoholic. I made the mistake of
taking a client that I was not aware of his past “Drinking Problems”. Not a good trip.

awgee - 01 April 2009 07:34 PM

I do not understand the attraction of Las Vegas.
I see nothing attactive enough to cause me to want to live there or even visit there.

My dad has serious arthritis (sp?) and was suffering out here, since he moved to Vegas he feels a lot better due to the dry, warm climate.  He does like to play poker and do some sports bets so it works for him.  Also, Nevada has a much lower cost of living than Southern California…utilities are slightly cheaper, gasoline is $.10-.15 cheaper, the sales tax is only 7.25%, car registration is about 1/2 the cost, there’s no sales transfer tax on cars purchased from a private party, and you have no state income tax.  Different strokes for different folks (that being said, I’d never raise a family out there).  That doesn’t include the fact that you can buy a newer home in the best parts of town for about $100/sf.

.

skek - 01 April 2009 10:26 PM

awgee - 01 April 2009 09:27 PM

I guess that is it.  I do not enjoy gambling, and see absolutely no vacation appeal.

I enjoy gambling, particularly poker, so Vegas will always have that appeal to me.  But I see no vacation appeal there, and would never take the family there.  The restaurants are nice, if you are already there, but they are all just over-the-top Vegas-ized reproductions of real restaurants that exist elsewhere.  As with everything in Vegas except the gambling, I would prefer to experience the original.

True story—I overheard a woman talking to her friend about a recent family vacation to Vegas.  When asked why she took her family there, her response was “that way the kids got to see the Eiffel Tower and the pyramids, all in one trip!”

What do you play Skek?  Limit?  No-Limit?  Tournies?  Do you play locally at Ocean’s Eleven, Hawaiian Gardens, or Commerce?

.

skek - 01 April 2009 10:29 PM

usctrojanman29 - 01 April 2009 10:28 PM

What do you play Skek?  Limit?  No-Limit?  Tournies?  Do you play locally at Ocean’s Eleven, Hawaiian Gardens, or Commerce?

Yes.

haha I play at some of the tournies at HG and the $300 No’Limit or $1,000 No’Limit tables.  I’ll play $8/$16 or $20/$40 down at Ocean’s Eleven.  When I’m in Vegas I play at the Red Rock Casino (since it’s close to my dad’s house) or I hit up Bellagio (love that poker room).  How often do you play?

.

Goofy - 01 April 2009 08:35 PM

awgee - 01 April 2009 07:34 PM

I do not understand the attraction of Las Vegas.
I see nothing attactive enough to cause me to want to live there or even visit there.

Then don’t.

thanks

I think buying RE in Vegas these days is gambling.

norcaljeff - 03 April 2009 04:48 AM

I think buying RE in Vegas these days is gambling.

depends on the price you pay and the location.

skek - 01 April 2009 10:26 PM

True story—I overheard a woman talking to her friend about a recent family vacation to Vegas.  When asked why she took her family there, her response was “that way the kids got to see the Eiffel Tower and the pyramids, all in one trip!”

Too funny.  There’s a “You might be a redneck” joke in there somewhere. 

usctrojanman29 - 03 April 2009 04:55 AM

norcaljeff - 03 April 2009 04:48 AM

I think buying RE in Vegas these days is gambling.

depends on the price you pay and the location.

Just like the IE, there are several areas in LV that are at or below rental parity and cost less than the original construction cost even if the land was free.  Further price drops would be considered an “over correction”.  This over correction can and will occur but won’t affect the fundamentals of the investment.  The towers on the strip have MUCH further to drop.

usctrojanman29 - 03 April 2009 04:55 AM

norcaljeff - 03 April 2009 04:48 AM

I think buying RE in Vegas these days is gambling.

depends on the price you pay and the location.

Do you have any zip codes to recommend?  With income taxes going up in this state, I need to start looking for a new residence.

norcaljeff - 20 April 2009 06:43 AM

usctrojanman29 - 03 April 2009 04:55 AM

norcaljeff - 03 April 2009 04:48 AM

I think buying RE in Vegas these days is gambling.

depends on the price you pay and the location.

Do you have any zip codes to recommend?  With income taxes going up in this state, I need to start looking for a new residence.

89144, 89135, 89138, and 89134 are Summerlin (masterplan community like Irvine….www.summerlin.com) in the Northwest by Red Rock Casino is probably the nicest part of Vegas.  Anthem in Henderson is also a nice area…89044 and 89052.  Prices should be below $100/sf in these areas.  PM me if you want me to send you some Vegas MLS listings.

Vegas is now the top foreclosure city

norcaljeff - 24 April 2009 05:20 AM

Vegas is now the top foreclosure city

Not surprising at all since they build and sold THOUSANDS of homes in iffy locations and you had investors camping out overnight to buy into these new developments.  Summerlin/Anthem will always trade at a higher premium to other parts of Vegas just like Irvine will always trade at a premium to most other parts of OC.

It seems that even the “nice” parts of Vegas are suffering from the total economic disaster that is happening there.

The big bet that fueled Las Vegas’s growth for so long is the same one that’s now going bad: tourism. Vegas expanded into the lucrative market for business meetings and conventions, building massive exhibition halls and new hotels and casinos. Construction jobs multiplied and the housing market bubbled over. Now that tourism and business travel have collapsed, Vegas has little else to cushion the blow.

Even some long-time Vegas stalwarts now believe the era of astounding growth is over.

“I don’t see any opportunities for any development in Las Vegas,” said Las Vegas Sands chief executive Sheldon Adelson in an interview. Mr. Adelson, who in 1999 opened the Venetian, a Vegas-style replica of Venice complete with indoor canals, rattled off a list of U.S. states he has his eye on now: Massachusetts, Florida, Kentucky, Ohio, Texas.

All along the Las Vegas Strip, massive, half-finished edifices may never see a grand opening. Last month, the $3.5 billion Fontainebleau Las Vegas hotel and casino declared bankruptcy, and 3,500 construction workers lost their jobs. Other projects, such as the $5 billion Echelon resort, a hotel tower at Caesar’s Palace and a luxury condo tower at the Palazzo, also halted construction.

“There won’t be another [casino] property built in Las Vegas for a decade,” says Jim Murren, chief executive of MGM Mirage, Nevada’s largest employer.

Las Vegas has experienced ups and downs before. Business dropped off in the 1970s, during years of stagflation. And casinos were hurting for business in the months after Sept. 11, 2001. The city emerged from these downturns when Americans felt confident and wealthy enough to travel as the larger economy grew. But analysts and observers say now, unlike then, Vegas has billions in debt that will make a recovery much harder.

Harvey Perkins, a gambling consultant with Spectrum Gaming, believes the industry can no longer depend on regular Americans to behave like high rollers. “I think people have fundamentally changed in their spending patterns.” The casino business model, he says, will have to be “re-engineered.” Vegas, Mr. Perkins and others believe, will have to return to the days of being a bargain destination. That’s already starting to happen, with hotels throwing in coupons for spa services, and high-end restaurants offering cheaper options.

Who do you sell houses to? People with jobs. Only one problem… the Vegas unemployment rate looks worse than the Great Depression…

graphrix - 21 July 2009 09:39 AM

It seems that even the “nice” parts of Vegas are suffering from the total economic disaster that is happening there.

The big bet that fueled Las Vegas’s growth for so long is the same one that’s now going bad: tourism. Vegas expanded into the lucrative market for business meetings and conventions, building massive exhibition halls and new hotels and casinos. Construction jobs multiplied and the housing market bubbled over. Now that tourism and business travel have collapsed, Vegas has little else to cushion the blow.

Even some long-time Vegas stalwarts now believe the era of astounding growth is over.

“I don’t see any opportunities for any development in Las Vegas,” said Las Vegas Sands chief executive Sheldon Adelson in an interview. Mr. Adelson, who in 1999 opened the Venetian, a Vegas-style replica of Venice complete with indoor canals, rattled off a list of U.S. states he has his eye on now: Massachusetts, Florida, Kentucky, Ohio, Texas.

All along the Las Vegas Strip, massive, half-finished edifices may never see a grand opening. Last month, the $3.5 billion Fontainebleau Las Vegas hotel and casino declared bankruptcy, and 3,500 construction workers lost their jobs. Other projects, such as the $5 billion Echelon resort, a hotel tower at Caesar’s Palace and a luxury condo tower at the Palazzo, also halted construction.

“There won’t be another [casino] property built in Las Vegas for a decade,” says Jim Murren, chief executive of MGM Mirage, Nevada’s largest employer.

Las Vegas has experienced ups and downs before. Business dropped off in the 1970s, during years of stagflation. And casinos were hurting for business in the months after Sept. 11, 2001. The city emerged from these downturns when Americans felt confident and wealthy enough to travel as the larger economy grew. But analysts and observers say now, unlike then, Vegas has billions in debt that will make a recovery much harder.

Harvey Perkins, a gambling consultant with Spectrum Gaming, believes the industry can no longer depend on regular Americans to behave like high rollers. “I think people have fundamentally changed in their spending patterns.” The casino business model, he says, will have to be “re-engineered.” Vegas, Mr. Perkins and others believe, will have to return to the days of being a bargain destination. That’s already starting to happen, with hotels throwing in coupons for spa services, and high-end restaurants offering cheaper options.

Who do you sell houses to? People with jobs. Only one problem… the Vegas unemployment rate looks worse than the Great Depression…

Easy, investors….at least those are the ones that are buying homes right now out there.

usctrojanman29 - 21 July 2009 02:03 PM

Easy, investors….at least those are the ones that are buying homes right now out there.

Really? Please provide statistical evidence to back this theory up. The one sucker buyer you are working with as anecdotal evidence doesn’t count. Since there were originally 735 scheduled for the auction in Clark County yesterday, I could only take the time to look through the first page of 200, and about 150 went back to the bank, about 6 sold, and the rest were canceled. Of the 6 that sold, they sold for $0.20 to $0.30 on the dollar of what was OWED, so you have to figure these few investors are really buying the homes for less than $0.10 on the dollar of what they were once “worth”.

To play the numbers game, OC had 270 scheduled for the auction yesterday compared to 735, and OC has more than a million more in population and more than 200k housing units than Clark County. And you think the OC market is going to continue to go down. Clark County and Las Vegas are in a great depression on a micro econ perspective. The only smart people that are investing there are paying $0.10 on the dollar, flipping them to not smart investors and getting the hell out as quickly as possible. Because anyone who looks at the numbers knows that $0.10 on the dollar will be around for several years to come.

graphrix - 21 July 2009 06:42 PM

usctrojanman29 - 21 July 2009 02:03 PM

Easy, investors….at least those are the ones that are buying homes right now out there.

Really? Please provide statistical evidence to back this theory up. The one sucker buyer you are working with as anecdotal evidence doesn’t count. Since there were originally 735 scheduled for the auction in Clark County yesterday, I could only take the time to look through the first page of 200, and about 150 went back to the bank, about 6 sold, and the rest were canceled. Of the 6 that sold, they sold for $0.20 to $0.30 on the dollar of what was OWED, so you have to figure these few investors are really buying the homes for less than $0.10 on the dollar of what they were once “worth”.

To play the numbers game, OC had 270 scheduled for the auction yesterday compared to 735, and OC has more than a million more in population and more than 200k housing units than Clark County. And you think the OC market is going to continue to go down. Clark County and Las Vegas are in a great depression on a micro econ perspective. The only smart people that are investing there are paying $0.10 on the dollar, flipping them to not smart investors and getting the hell out as quickly as possible. Because anyone who looks at the numbers knows that $0.10 on the dollar will be around for several years to come.

Don’t shoot the messanger.  Here you go…straight from GLVAR (Greater Las Vegas Association of Realtors).  Total sales in June of 4,735 broke the previous bubble record for month sales of 4,628.  You’ll also see how sales are significantly higher for each month this year compared to last year.  I’m just telling you what I see on my Vegas MLS.  When I pull up sales records for the past few months I see a good share of buyers pay CASH and have out-of-state mailing addresses.  I’m not saying that prices not going continue to head down, but at this point there are many properties in Vegas that are selling below rental parity which is probably causing the surge in sales (for now).  I read an article this weekend (I didn’t save it) that mentioned that investors are stepping in to both Vegas and Phoenix and picking up properties.  This may be a dead cat bounce, but the fact is that sales are up a lot and inventory is down over 30% from the end of 2008 in Vegas.  Honestly, I may be one of those real estate investors on the courthouse steps once my consulting contract ends and I can pick properties up for .10-.20 on the dollar to flip…don’t have to plunk down the hundreds of thousands of dollars like here in the OC plus Nevada is a landlord friendly state (i.e. you can get rid of a tenant/occupant in a matter of a few weeks).

Vegas Trendline

I was tempted to buy into one of those towers where they rent out your suite when you’re not there. It seemed like win-win since supposedly you would not be spending out of pocket each month as your share of the rent should pay for it and if you needed a place to stay in Vegas it would be cost-free.

Luckily we didn’t as it seems those places are always vacant and any income from guest stays would be zero.

USC: Do you have any info on these type of “timeshare” deals?