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Well, folks, there will be a new "normal" in the US (and other countries) and the "let's do Vegas thing", inter alia, is going to be a thing of the past for the masses. Most people are not going to be able to afford to get to Vegas, let alone gamble or go for the overpriced entertainment. This recession is just beginning. But hey, if you people living in Vegas think that there is hope for your city, well, don't let me stop you...
where else in this country, can you fly in for under 300., stay on the main drag for less than 30 bucks, have a buffet or two for under 10, and see a full blown show for 50 - 75??? Just curious, how much is a broadway show these days? How much is a night at a hotel in NYC?
So plainjane, before you open your yapper, check the stats... Yes the tourism is down here.. but its down everywhere... Have fun in Fantasy Land!
Well, folks, there will be a new "normal" in the US (and other countries) and the "let's do Vegas thing", inter alia, is going to be a thing of the past for the masses. Most people are not going to be able to afford to get to Vegas, let alone gamble or go for the overpriced entertainment. This recession is just beginning. But hey, if you people living in Vegas think that there is hope for your city, well, don't let me stop you...
Another extremely negative non Las Vegan without a clue. Maybe we should all slit our wrists just for you? Bet that would make you happy huh?
No one is arguing that this latest crash wasn't bad for Las Vegas. The facts are that Las Vegas has always recovered before the rest of the nation, even after 1929, which was the worst depression in history. Will it now? Nobody can answer that, but your dire predictions are full of sh**.
If you knew Las Vegas, you would be aware of what had been invested here, and what bargains the local resorts would be to acquire by those with the cash if some of them do go under. It happens all the time. This is nothing new to us.
You should also know that resorts like Las Vegas will always be in demand by the filthy rich international tourists (high rollers) who are actually the people that keep major hotels going...not the nickle and dime blue collar worker.
Even so, 91% of the country is still working and enjoying vacations even if 9% is unemployed ─ or under employed. Las Vegas resorts have long known that people, even when completely broke, look for ways to forget their troubles and forgo certain necessities for entertainment. That's been the history of man for thousands of years, and it has been the history of Las Vegas for 77 years. Gambling in Nevada was even started during the Great Depression. So what makes you think any of that will change now?
I'm sorry your life is so bleak and dark, but it's not that way for most of the world as you think it is.
I've visited Vegas regularly for the past year. Vegas will recover. It simply has too much potential. There's no doubt in my mind. It has an unbeatable reputation as the place to go to have fun. Though I wish it had a more diversified economy, besides the gaming and hospitality industries. It's the only place to go in the USA for the best combination of good dining, shows and other entertainment. I like the fact it has a small Chinatown. If I want to eat cheap it's a great place. Land and houses are still affordable. Nevada has a business friendly environment. Only other place that comes close is Texas for business friendliness. The only real drawback to Vegas are the generally low wages if you're unskilled or if there's too many people with your skills. I understand that public education is below par for Nevada. But tell me where public education is of really great quality ? With adequate materials and funding ?
Last week I had a VIP suite overlooking the Eiffel Tower at Bally's. Excellent view of the Tower, Paris, and the Bellagio dancing fountains. It was good to see the construction crane moving materials and helping complete more of the City Center buildings. I remembered how empty and incomplete those buildings looked this past December. When they have their grand opening I know they'll eventually fill up those suites.
Granted these are all individual stories, but having been to Vegas several times and considering moving there at one point, it was easy to see the wheels falling off the cart as early as late 2006,
thoughts?
...and the story continues...The dream dies in Detroit, DC, LA, Cleveland...to name a few.
YOu are incorrect. LV actually floats through very troubled waters reasonably well. The foreclosure bit contines and will do so for a long time yet...but it appears to have reached a stable state and has not worsened for some months. The housing market has stabilized.
Unemployment remains the big problem and will likely get a bit worse. Than we will see the impact of City Center which may well keep unemployment from rising. I would think it likely that the rate will begin to retreat in 2010. Not because of anything clever in LV but because the nation has reached the peak and started to come back down.
In general LV has survived by a general belt tightening. People lost hours and had to cut back heavily but most kept their jobs. There is, at the moment, a large body of lower end workers trying to buy houses. It is however tough as the investors continue to gulp down the low end.
I would think a simple comparison to the Inland Empire sheds light. We appear to be doing substantially better. We are half that size and appear to have stabilized our housing first and have a lower rate of unemployment with the liklihood of recovering well before the IE. Note that the demographics are similar and that Las Vegas has a better local employment core. The IE is basically the bedroom for the low end of souther california. It has very limited local industry.
Nothing has changed. You know I listen to what you say, hell I trusted you enough to buy a house from you. But you still believe LV is the greatest place on earth and heaven. Nothing can ever be said negative without you having an intense urge to defend your place in heaven.
I know you lived in a few places, you must know there are better places. Better health care, better schools, better roads, and at this time even much much better job opportunities. I hope the housing market picks up for yours and everyones sake. But I also hope you dont hold your breath waiting. Sure we have cycles but nothing has ever equaled this depression except 1929.
As a joke I saved a bunch of posts from back in 07 when many of you loudly stated that the housing market is turning. If it turns any more we will be too dizzy to eat and drink. Nothing is turning and nothing will in any near time span. And that is a fact even if you dont want it to be. No experts anywhere in this country have the confidence that you do Jim. I admire all that confidence you have but you may be steering others with false hope too.
Anyway.....I'm not talking from 1800 miles away. In the many many years I spent in LV I did make lots of friends that I still keep in touch with. Not one of them have anything good to say about the housing market or the construction industry as a whole. Not one of them are saying things are looking better. Only the regular 5 or so posters here say that. Some who felt they could stick it out are talking about leaving their beloved homes in the dust.
Just moved here to open up an auto shop, I don't know real estate but the values went up way too fast so I think it's still got a long way to fall. That being said, there's 2 million people here that need to eat, fix their cars, run their air conditioning, etc. I think a decade of illogical real estate gains gave many people false impressions on what life was really about, both here and elsewhere. I don't plan on making a million, but I don't think I'll starve either.
Anecdotal evidence is always difficult to classify, but my wife and I did go to South Point casino last night--there were at least a thousand cars in the parking lot, almost all of them 5 years or newer. Each one of those cars needs a support network of insurance, gas, body and mechanical repair shops, glass shops, stereo and tire shops, street engineers, DMV employees, etc. If we enter true '29 territory, those casino parking lots will be empty, so it's not happening yet.
Nothing has changed. You know I listen to what you say, hell I trusted you enough to buy a house from you. But you still believe LV is the greatest place on earth and heaven. Nothing can ever be said negative without you having an intense urge to defend your place in heaven.
You are incorrect Jim. I don't think LV is the best place by a long, long way. In fact if it were not for the Admiral I would not live here.
It is the best place available to us given the specification under which we function. But that is a long way from the best place on earth.
On the other side I know Vegas and a number of other places. And I am aware of how Vegas ranks by a number of criteria.
I am not about to agree that Vegas is bad because someone has a bad experience here. That happen everywhere.
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I know you lived in a few places, you must know there are better places. Better health care, better schools, better roads, and at this time even much much better job opportunities. I hope the housing market picks up for yours and everyones sake. But I also hope you dont hold your breath waiting. Sure we have cycles but nothing has ever equaled this depression except 1929.
Nope. Las Vegas was very hard hit primarily because of its highly overblown housing industry.
There are places with better job opportunities but mostly in places like South Dakota. If you are really hungry try it...but it has a number of disadvantages.
The housing market is fine. Volumes are at record highs and total revenue is second or third best year on record and climbing up. We do need to stabilize price and maybe even get to some mild apprecaton...but it is a pretty good housing market. Now the new construction industry is on its back...and probably will stay there another year or two. But that is the payback for the years of exuberance.
And on balance there are no significantly better places. There are different places...there are different combination of factors. But I know of no place that I consider clearly better. Probably move there if I thought there was.
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As a joke I saved a bunch of posts from back in 07 when many of you loudly stated that the housing market is turning. If it turns any more we will be too dizzy to eat and drink. Nothing is turning and nothing will in any near time span. And that is a fact even if you dont want it to be. No experts anywhere in this country have the confidence that you do Jim. I admire all that confidence you have but you may be steering others with false hope too.
Again there were periods in the 2007 era when it appeared we had entered into the classical CA downturn...where all moves slowly down for 5 or 7 years and then another growth spurt. It was not to be as the lenders chose a different course. I won't apologize for missing than one because everyone else did too. That the lenders would decide on economic suicide was not a rational projection. NOte though I think it probably a good thing. We washed the bad news in two years instead of five or seven.
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]Anyway.....I'm not talking from 1800 miles away. In the many many years I spent in LV I did make lots of friends that I still keep in touch with. Not one of them have anything good to say about the housing market or the construction industry as a whole. Not one of them are saying things are looking better. Only the regular 5 or so posters here say that. Some who felt they could stick it out are talking about leaving their beloved homes in the dust.
Again...I do wish ya all the best.
I certainly have not said anything good about the new home construction industry. I think it is at least two years away from even the start of a recovery. And I don't think you can find anywhere that I have hinted at any other goal.
It is my opinion that the Fontainebleau and such will recover first. And after that has run its course the new home industry may begin to recover.
I really think existing home prices have to rise to a level that will support new homes before sizable numbers are built. I think you need to be a little nuts to even consider a new home in this environment.
Find a place to hide to at least 2011 0r 2012 and then come riding back for the next runup. Probably make a big bundle in those next ten years.
And I also hope that Vegas has found a way to control and channel new home growth before it turns back on. You never know though. We do love the wild eyed gamblers.
"Maybe we should all slit our wrists just for you? Bet that would make you happy huh?"
Golly gee, yes, it would make me very happy indeed - and if you could get the Californians to do the same it would be a real bonus. Then perhaps people can move in who will respect the land and will take proper care of the resources.
"Last week I had a VIP suite overlooking the Eiffel Tower at Bally's. Excellent view of the Tower, Paris"
No, love, you did not have a suite in Vegas "overlooking the Eiffel Tower". The Eiffel Tower is in Paris, France which is located in Europe. What you happened to be looking at was a cheap imitation.
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