[olecapt]

Originally Posted by dude66

Interesting quote:

"We and other reporting builders have observed that October's activity appeared weaker than September's," Toll Chief Financial Officer Joel Rassman said in a statement. "These trends suggest that we still have challenging times ahead."

"Clearly all these guys are hurting," said Weiss Research analyst Mike Larson. "When you look at the balance of Toll's comments and some of the other builders, it looks like things are getting sequentially worse, not better."


What I don't understand here in Las Vegas is that new condo development over in Summerlin at Alta and Rampart. They're building MORE condos that will just flood an already overcrowded market and sit empty? HUH?

That is a major high end development. It is not a condo per se. Has condos but of the half million up class. Little local interest...though they have sold most of One Queensridge acrooss the street...so who knows. I suspect it does not hit the market until 2009 and after.

Ohhh...and I doubt it is in Summerlin.

[dude66]

[olecapt]

Originally Posted by dude66

Cute cartoon. How is it relevant to Las Vegas Real Estate?

[smalldog]

I think Vegas has huge sub-prime problems. Half of the house on market are foreclosures. House price will going down, and down.

Originally Posted by olecapt

Cute cartoon. How is it relevant to Las Vegas Real Estate?

[Positiveone]

Everywhere i hear & read that the Real Estate market will only get worse in Las Vegas/Henderson, but then i hear on the very same news how Las Vegas still ranks as one of the best places for future growth in employment. The news also mentions 2500-3500 people move here monthly, so i wonder with all these jobs available, and with all these newcomers wont homes be needed for new residents? Where are all these thousands & thousands of people going when they move here? Into apartments?

Just take a look at the Vegas Strip and you can see yourself that new casinos are being built, city center alone will produce tons of jobs, The Hard Rock Hotel expansion will be a 1 billion dollar expansion, the Venetian and more. Wont all that just help with the price of real estate? I can see many other states having growth problems but not here. This town seems to still be booming.

[Jay F]

Everyone still thinks LV is a great city for jobs. It was in the past and maybe it will be in the future, but for now Nevada has the 12th HIGHEST unemployment rate in the U.S.

[ackackack]

Originally Posted by Positiveone

Everywhere i hear & read that the Real Estate market will only get worse in Las Vegas/Henderson, but then i hear on the very same news how Las Vegas still ranks as one of the best places for future growth in employment. The news also mentions 2500-3500 people move here monthly, so i wonder with all these jobs available, and with all these newcomers wont homes be needed for new residents? Where are all these thousands & thousands of people going when they move here? Into apartments?

Just take a look at the Vegas Strip and you can see yourself that new casinos are being built, city center alone will produce tons of jobs, The Hard Rock Hotel expansion will be a 1 billion dollar expansion, the Venetian and more. Wont all that just help with the price of real estate? I can see many other states having growth problems but not here. This town seems to still be booming.

You're right, we get plenty of jobs from the casinos, largely service-related jobs that pay low wages. Not the type of wages that are going to be able to buy up the glut of homes sitting in the valley. It's still booming, and probably will continue for a long time. It looks like the population will keep increasing. Thank god for baby-boomers coming hear to retire and our wealth of service-industry jobs. We'll need them to help support the economy while the middle-class recovers from years of bad loans and overspending.

[floridasandy]

there are over 25,000 properties in vegas listed on realtor.com. i don't think that vegas is booming right now. i like to visit vegas yearly, but last year i noticed that some areas were looking a little more rundown. i did not see nearly as many asian tourists and did see a lot more hispanic workers. i wonder if the asians are going to the macao casinos now or somewhere else. as a group, they seemed to be pretty big spenders while in vegas. i hope vegas can get turned around as it has been a really fun place to vacation.

[smalldog]

Yes. You are right.
First, the people moved in mostly with lower paid job, with stated income, so it is hard for them to get a loan for high priced house.
Second, too many investors need get rid of the house. Personally, I know a friend buying 3 houses in 2003-2004 here for investment, while she already is not living in vegas now.
Third, people loaned with ARM 3 years ago, now cannot afford payment, which results to more foreclosure.

Originally Posted by ackackack

You're right, we get plenty of jobs from the casinos, largely service-related jobs that pay low wages. Not the type of wages that are going to be able to buy up the glut of homes sitting in the valley. It's still booming, and probably will continue for a long time. It looks like the population will keep increasing. Thank god for baby-boomers coming hear to retire and our wealth of service-industry jobs. We'll need them to help support the economy while the middle-class recovers from years of bad loans and overspending.

[jfkIII]

Originally Posted by smalldog

Yes. You are right.
First, the people moved in mostly with lower paid job, with stated income, so it is hard for them to get a loan for high priced house.
Second, too many investors need get rid of the house. Personally, I know a friend buying 3 houses in 2003-2004 here for investment, while she already is not living in vegas now.
Third, people loaned with ARM 3 years ago, now cannot afford payment, which results to more foreclosure.

sounds like a recipe for disaster!