[lvoc]

Originally Posted by eventusstultorummagister

A Chinese man walks into a bank in LAS VEGAS and asks for the loan officer. He tells the loan officer that he is going to China on business for two weeks and needs to borrow $5,000.
The bank officer tells him that the bank will need some form of security for the loan, so the Chinese man hands over the keys of his new Ferrari parked on the street in front of the bank. He produces the title and everything checks out.
The loan officer agrees to accept the car as collateral for the loan.
The bank’s president and its officers all enjoy a good laugh at the Chinese man for using a $250,000 Ferrari as collateral against a $5,000 loan. An employee of the bank then drives the Ferrari into the bank’s underground garage and parks it there.
Two weeks later, the Chinese man returns, repays the $5,000 and the interest, which comes to $15.41. The loan officer says, “Sir, we are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out and found that you are a multi-millionaire. What puzzles us is, why would you bother to borrow $5,000?”
The Chinese man replies: “Where else in LAS VEGAS can I park my car for two weeks for only $15.41 and expect it to be there when I return?”

Think I first heard that story 50 years ago in NYC...where it made some sense. To those who park in NYC $30 or $40 a day is not unusual.

However of course it does not really play in Las Vegas. Where you can easily get a Ferrari put up for two weeks for $20 or less. Actually if you have a relationship with a casino they will do it for free.

Why don't you find something new or interesting instead of old or dumb?

[eventusstultorummagister]

Originally Posted by lvoc

Why don't you find something new or interesting instead of old or dumb?

It's what you can relate to.

[lvoc]

Originally Posted by eventusstultorummagister

It's what you can relate to.

True in a way. I do enjoy pointing out that it is old or dumb.

[gregoo]

Originally Posted by lvoc

Think I first heard that story 50 years ago in NYC...where it made some sense. To those who park in NYC $30 or $40 a day is not unusual.

However of course it does not really play in Las Vegas. Where you can easily get a Ferrari put up for two weeks for $20 or less. Actually if you have a relationship with a casino they will do it for free.

Why don't you find something new or interesting instead of old or dumb?

What's your point?

[Kevin98103]

Well Las Vegas' main industry is not drying up like Detroit's did, but it might have a disproportionate number of renters when the dust settles. There have been articles written about investors buying up so much property with cash lately that it is increasingly difficult for regular buyers to purchase a house with a conventional loan, even with good credit. Whether those investors are hedge funds, Chinese, or New Yorkers doesn't matter so much.

But I am happy to see Chinese buying here, regardless where they are from. Mainland Chinese laws which effectively funneled investment into specific areas like Richmond BC have reached the point of absurdity. Right in the tsunami washout, across town from anything Vancouver is famous for, Richmond is now filled with million dollar mcmansions, each one owned by multiple family networks back in mainland China. They needed a new place to invest and vacation, and Vegas needed investors and vacationers.

There are a lot of genuine, sad stories here, but more often than not the stories I personally know are ones of excess, living large, gaming the system, and getting caught up in a froth of living off equity and investing in multiple property schemes. If there is a cycle of people who cannot buy a home for a while, and it is more pronounced in Las Vegas, that might not be a bad thing and shouldn't be permanent.

[observer53]

Thank you, Kevin, for steering the thread back to the topic. Let's stay there, please.

[NLVgal]

Originally Posted by Kevin98103

There are a lot of genuine, sad stories here, but more often than not the stories I personally know are ones of excess, living large, gaming the system, and getting caught up in a froth of living off equity and investing in multiple property schemes. If there is a cycle of people who cannot buy a home for a while, and it is more pronounced in Las Vegas, that might not be a bad thing and shouldn't be permanent.

I may become a renter myself. I've been a homeowner for over a decade now, and I don't care for it. Something is always breaking or needing maintenance and I don't have the patience, time, or talent to fix everything myself.

Not all renters are bad. The old folks that have lived across the street from me for ten years are renters. That property seems to be in great shape.

We rented when I was growing up because we moved a lot ( Dad's job) and it was always a pride point for my Mom that we left a place in better shape than we found it.

[Swigchow]

Originally Posted by mattk92681

Does anyone know if this is accurate? I can't think of why someone would lie about it? If it is true, why would the Chinese company only target Vegas homes and not those in other markets?

Relative value, Las Vegas is the cheapest and had fallen the most. They compare real estate value in America to those of Hong Kong and elsewhere in the world and they see cheap. Then they compare prices within various US markets and they see Las Vegas as the cheapest.
An example, earlier this year our Realtor called us and stated that a Hong Kong investor was interested in buying one or more of our few properties. Note that this was without any initiation on our part. The investor was mostly interested in high rise or upscale condo's. She had allotted approximately 20 million of her "play money" to Las Vegas. Although our intention was to keep these for three to five year, we decided to sell one for a modest profit. This was her 23rd purchase in Las Vegas in about a three month span, with many more pending.

[gvc8]

I remember a couple decades ago everyone worrying about the Japanese buying up everything in sight. then their economy crashed.

[binionrat]

Most of our B.C. high-end real estate has now been sold to Hong Kong and the population of Asians are just spreading out, mostly southwest to Seattle and will continue to move into Washington, California, and Nevada. I heard both penthouse suites at the top of Soho Loft on Charleston were bought by an Asian doctor from Vancouver area and will be combined to make one big penthouse. It took us quite a bit to come up with the cash to buy our little East LV condo but somehow Asians readily are able to buy 2 and 3 millions dollar homes in Vancouver and Richmond. Where they get all that money I'd love to know.
Just a few stats from our area i pulled out of a local demographic blog.

More than one-third (36.1 percent) of immigrants to the City of Vancouver, BC between 2001 and 2006 came from the People's Republic of China. The city of Vancouver (distinct from the Metropolitan region) is roughly 50 per cent Asian, including Chinese, Filipino, Vietnamese and South Asian. The suburb of Richmond is more than 60 per cent ethnic Asian, mostly Chinese, according to the 2006 Canadian census.