[bumpercar]

Your criteria keeps changing as things go from bad to worse. Next you'll say you'll only be worried if the sun explodes. If you could only step outside yourself for just a minute you would see how absurd all your statements are. Your refusal to acknowledge anything negative about the LV market demonstrates the extents the human mind will go to when it perceives its survival as threatened. Not the type of human condition home buyers should be relying on for rational, unbiased advice.

Originally Posted by olecapt

No. Things are OK well past that point. Casino projects go belly up periodically in Las vegas as they always have. The classical reason is the owner has insufficient funding to get the joint up and running. That owner loses and someone else picks it up and finishes it and makes a lot of money. Recently see the Stratosphere, the Alladin and the Rampart Casino. Things do fail. See Spanish View Condos.

You are attempting to make the point that it is an unusual event. It is not. Certainly complicated by the credit market but thats life.

I will start to worry seriously when MGM stops work on City Center.

[olecapt]

Originally Posted by bumpercar

Your criteria keeps changing as things go from bad to worse. Next you'll say you'll only be worried if the sun explodes. If you could only step outside yourself for just a minute you would see how absurd all your statements are. Your refusal to acknowledge anything negative about the LV market demonstrates the extents the human mind will go to when it perceives its survival as threatened. Not the type of human condition home buyers should be relying on for rational, unbiased advice.

And listening to all the idiot doom merchants is the right way to go about it?

Spare me. I call the RE market as it goes. It continues to drop slowly in price while increasing substantially in volume. That may or may not be the the beginning of a turnaround. The impact of REPOs is real and a major force in the market. But it is well included in the present numbers. And note that the pricing of REPOs is also driven by marketing forces. The Banks are simply pricing low enough to move the product quickly in a declining market. If they reach the conclusion that the decline is ending prices will stabilize very quickly.

The Las Vegas economy as a whole appears robust and growing. That may or may not offset the bad news from the RE Sector. But it sure does help.

[smalldog]

I just talked with someone with casino. She told me there are much less people coming now. In some department, there will be 20% layoff, or taking one day extra off work.

[dude66]

Originally Posted by olecapt

The Las Vegas economy as a whole appears robust and growing. That may or may not offset the bad news from the RE Sector. But it sure does help.

Um, really?

Two Las Vegas Housing Projects Have Missed Payments, WSJ Says
March 15 (Bloomberg) -- Two Las Vegas housing projects have each missed an interest payment in recent weeks on about $765 million of debt and are holding talks with lenders, the Wall Street Journal reported, citing development partner Focus Property Group.

Bloomberg.com: U.S.

[bumpercar]

are as misguided as those refusing to acknowledge anything negative. Some posters may fall into the first category whereas you stand alone in the latter. You feel compelled to diminish and spin every piece of negative information presented yet you feel you're calling the market "as it goes". Again, if you could only step outside yourself.

I've recently acknowledged here that the LV real estate market has turned up recently. Do you know why I did that? Because it was reality. I didn't try to suppress or spin it just because it went against my arguments. That's called being objective.

Originally Posted by olecapt

And listening to all the idiot doom merchants is the right way to go about it?

Spare me. I call the RE market as it goes. It continues to drop slowly in price while increasing substantially in volume. That may or may not be the the beginning of a turnaround. The impact of REPOs is real and a major force in the market. But it is well included in the present numbers. And note that the pricing of REPOs is also driven by marketing forces. The Banks are simply pricing low enough to move the product quickly in a declining market. If they reach the conclusion that the decline is ending prices will stabilize very quickly.

The Las Vegas economy as a whole appears robust and growing. That may or may not offset the bad news from the RE Sector. But it sure does help.

[dynimagelv]

Originally Posted by smalldog

I just talked with someone with casino. She told me there are much less people coming now. In some department, there will be 20% layoff, or taking one day extra off work.

customer volume is down slightly....layoffs will occur in propertys that are heavy in employees.....as far as revenues....maybe in some hotels....in ours we are consistantly above last years revenues but below budget....ain't makin as much as we wanna...but no layoffs...period.....

[vegas_4u]

Originally Posted by Daddys///M3

This is not true. I do not know where you are getting this info from but it is highly inaccurate. The programs that have disappeared or are disappearing are the high loan to value stated income programs, for obvious reasons, many non-owner occupied programs, and piggyback (80/20, 80/15, and 80/10's) loans because of the inherent risk that the second lien holders face due to current market conditions.

Again, you mis-interpreted what I stated completely. I never stated what programs have dissapeared or are re-appearing. I said, blanket statement, getting a loan has become more difficult, which is a true statement. Last week, my broker called me and told me a guy, owner-occupied, non-investment, could not get a loan with 20% down and 720 credit score. They went through all the programs avaiable, and due to a minor technicality, he was denied. So, that was my point....

During the boom, this guy would have been able to get owner occupied with 5% down, maybe even 0% down...

So, my statement is true, it is harder to get a real estate loan now, there are more conditions, it has tightened up for investors and owner occupied....

[vegas_4u]

Originally Posted by Chest Rockwell

vegas_4u has set a city data record for most untrue statements in a 2 week period.

Unbelievable - I assume Chest Rockwell is stated this because of my comments about downtown, which are accurate.

And all you doom and gloomers about projects, the end of Vegas, like Cosmopolitan, which was bailed out btw, -- what is your point? Are some of you even in real estate? Or even live in Vegas? This is a down-turn market, but Vegas will do ok, of course it will have some troubles and challenges, no economy is immune... so what is your point? Jeeez....

You read the news, and assume things - I'm in Vegas, I'm in real estate for many yaers, as I know what's up --- so your assumptions are erroneous aat best...

Olecapt seems to be the only one who knows what is going on....

You doom and gloomer cry babies, please stop posting garbage, and try to understand the dynamics of real estate and local economies...

[vegas_4u]

furthermore, some of you people sound like old worried geezers, like that guy who said "il'l worry when MGM stops construction on City Center..." you are just trying to make people who don't know the real deal, to senselessy worry more......

if you knew anything, you would know that Dubai has a 50% stake, and if things got really bad, they would certainly invest more and continue the construction. There is alot of international money driving Vegas.... and the dollar is weak, so it is great investments for them....

This is a short term slump, things WILL come back people, get with the program. Large investors don't bail... they ride out the storms. Smart investors are actually investing now..

you cry babies... boo hooo.... get with it. Olecapt seems to be the only one who knows what is really going on.... , and me too.... both Olecapt and myself, live here, and we know real estate.

No wonder most of you are clueless, you know nothing about real estate, just cry baby doom and gloomers... BOOO HOOO..... stop posting crap...

[vegas_4u]

Originally Posted by SLCPUNK

Vegas is in the middle of a boom?

Realtors said those words in Florida, NY, California, Utah..you name it.

"It's different here"

"International money"

"People moving down from (insert city), and it's cheap for them."

I mean, really, I can't believe you are sitting here typing this, when we are in a recession, which was kicked off by one of the biggest national housing meltdowns in our lifetimes.

Unreal!

Do you really think a recession means EVERY business in EVERY market in EVERY corner of EVERY city goes down the tubes??

Come on !! There are micro-economies that do well in recessions.... you think people will just stop visiting Las Vegas? Numbers may drop, but you ride out the storm....

Vegas IS IN THE MIDDLE OF A HYPER BOOM RIGHT NOW - you are talking out of you know what..... go see the cranes, the construction. Jobs flowing into Vegas (150,000 new jobs through 2012).. come on now. International money - the cheap dollar means more international money. Dubai has a 50% stake in City Center. Vegas is a unique market, very resilient... it is happening now.

No ecenomy is immune, but some do better than others. Based on what is happening, as well as the cheap dollar and international investing, Vegas will actually do well during this recession. You do realize, you can have a residential slump, and a commercial boom... tourists from Asia and Europe and other places, don't care about Las Vegas residential slump, they go to the Strip... commercial. boom..... which then creates jobs.. which then helps reduce the housing supply.... etc. etc.

I bet you don't even live in Vegas... jeeez....