[mooven]

Originally Posted by Spock

Not sure how relevant these are to this topic. You guys can decide.

A European finance company foreclosing on a Vegas casino:

Free Preview - WSJ.com


Some large Vegas developers are in trouble, and seeking to renegotiate their loan terms:

Bloomberg.com: U.S.

My apologies if this is old news for you guys.

Don't worry, LV's ability to draw international gamblers will overcome these problems.

[airics]

as i stated before, let it go, another megacompany will buy it and continue...

[Daddys///M3]

Originally Posted by vegas_4u

Whew, fortunately, I am a professional. I guess I should have posted my resume before even typing anything. I have been investing in real estate since 2000, and I also have a broker, in the business for over 30 years in Nevada, who has educated me on every loan I have done. You are right, there are tons of stats out there. You do realize much of that info above is available on the MLS, such as inventory, units sold, etc. and my broker pulls that information up for me whenever I need it, anytime.......

Im going to end with my catch phrases that I have used in multiple posts:

No economy is 100% immune to a recession or downturn, but some economies, like Vegas, will do better than others. A residential slump and a commercial Strip boom market can co-exist, as it is now. Eventually, once the large mega projects start opening in late 2009, the massive labor influx will filter over into the residential market via demand for purchases and/or rentals. Vegas is a unique market, especially with booming tourism numbers and foreign investments, thanks in part to the cheap US dollar. It is very interesting. fyi, just had to post one detail to add to this - 3.4 million people visited Las Vegas in February, an increase from January., source, LV Review Journal.. there's a stat for you. Las Vegas is by far the most unique city in the USA, it is an international player in a new world economy..... it will all be ok, patience my friends............

The thing is, I agree with you about the fundamentals of growth and the overall state of the market as well as the future of the market. I am very optimistic on the future of LV real estate, residential and commercial. I am actually of the school of thought that we will see another minor housing shortage within a few years (5 maybe?).I just think that it is a little presumptious to say that you are the only one that really knows LV real estate, that's all.

[Chest Rockwell]

anyone notice the conspicuous absence of olecapt. from this thread. Maybe he doesn't want to be included in this club.....

[dude66]

Vegas_4U -- you're as blind as a bat if you don't see the coming storm. This goes way way beyond Vegas and way beyond a mere "economic downturn." I suggest you tune in fast...

Headlines from this week:

**London Times Warns that Emergency Bank Shutdowns May be Imminent

**Reuters: Bush, Plunge Protection to Hold Emergency Meeting Monday

**Wall Street Journal: Judgement Day Has Arrived

**London Times: Force Five Financial Hurricane Coming Our Way

**SF Chronicle: We're Perilously Close to a Total "Financial Lockdown"

**Wall Street Journal: Fed Aims to Prevent Panic with Direct Borrowing

**Financial Times: Wall Street Braces for Cascading Failure Wave

**UK Independent: Wall Street Fears a Second Great Depression is at Hand

**Financial Times: IMF Says Now is the Time to "Think the unthinkable . . ."

**L.A. Times: Several Major Financial Institutions Are Going to Fail

**NY Times: Run on Big Wall St. Bank Spurs Rescue Backed by Government

**NY Times: Consequences of Fed Bailout Will Not be Pretty

**Wall Street Journal: Deepening Worry Spreads Across Wall Street

**Wall Street Journal: Bear Stearns' Fortune Has Gone Up in Smoke

**NY Times: Great Depression Era Safety Net Reaching the Breaking Point

**UK Telegraph: World Addicted to Cheap Credit About to go Cold Turkey

**San Francisco Chronicle: More Homeowners Just Walking Away


Now last time I checked, Las Vegas was but an oasis in a much bigger world -- a world upon which we are dependent for EVERYTHING in order to survive. When that world starts to get desperate, so we will we. We are not immune. Go peddle that nonsense elsewhere. It's real estate folks like you who were trying to peddle the bullsh*t a few years back about "home prices never fall!" or "Now's a great time to buy!" That crap wound up making this particular bust the worst we've seen in our lifetime and the bill is only now coming due. You think this is a world without consequences? That trillions of dollars in bad loans can somehow just get swept under the rug? Please.

[2PAK]

Frankly, any visit to a local casino and you can quickly see folks who shouldn't be there and I'm not talking about the blue haired old ladies. It's the folks that can least afford it-the kind you see doing all their shopping at Walmart. That type of person will alway flock to LV, along with increasing internation patrons and, regular folks from all over the US. In other words, more of the same in increasing numbers with a couple of minor speed bumps along the way if something bad happens to us again (read: 9/11).

LV isnt going to dry up and wither away.

[ackackack]

Originally Posted by vegas_4u

OK I had to post this, because of all of the doom and gloomers out there. Except me and Olecapt, it seems most do not understand the dynamics of real estate and local economies. Just some brief info - much of the money flowing into Vegas for these high-rises is international money, and with the cheap dollar, is it a great incentive for them. If things did get worse, international investors will invest more. Investors will ride the storm, things will progress. Smart investors are investing now. Dubai owns a 50% share in City Center. Cosmopolitan was bailed out from default. Go look at the dozens and dozens of cranes now in Vegas!!!! Those of you who think these billion dollar projects, already under construction, will just stop, are wrong.

First, no economy is fully immune, but some will do better than others, such as Las Vegas. The building boom continues. Tourism from China and other Asian countries is expected to rise atronomically through 2020 as China's economy continues to open up. If any of you lived here, you might realize your statements are false. The residential slump and the commercial boom on the Strip can co-exist. What happens is, the Strip creates all the new jobs, fueled by international tourism (US dollar is also cheap, with helps them), and then just the 150,000 new jobs created through 2012, will help elminate residential housing supply as those people need to live somewhere... etc.. Oh btw, over 3.4 million visitors came to Las Vegas in February, an increase from January. It is the #1 travel destination in the USA. Source for above paragraph - LV Review Journal.

I just ask the non-resident doom and gloomers to stop posting this erroneous information. You comments are just based on your own insecurities and imaginations. Thing are not that bad - the media should not be your source of information.

I just love how the doom and gloomers, based on some article in the newspaper or other form of media they happened to see, start posting garbage, most of who do not understand business cycles, who do not understand how to invest in anything. Did you know there is a bull market somewhere, in every recession? Another quick point - we are transitioning into a world economy, that is inevitable. And it has some pains. But the cities that will do well, are those that are international game players....

If you have questions about what is going on with Las Vegas real estate, please ask Olecapt, jpk or myself. Don't assume anything. We live here and we know real estate and what is going on.

We can provide you with un-biased accurate information. Do your research, everything I have said here is true and accurate.

Is that NAR-flavored Kool-Aid you're drinking? I want some!

For the record, that's "doom jerk" (as olecapt once referred to some of us). I prefer it to "doom and gloomers." Please don't tease us...if you know of a bull market out there, share with the rest of the country.

I'm going to assume that you're in your late 20s or early 30s and you used to sell cars prior to your move to Las Vegas in 2001. Much like you are an expert in all things economic, I'm an expert in realtor's former careers.

In any case, you're a good soldier, and you make the NAR very proud, but you forgot the part about the "5000 a month that are moving here and will need a place to live," and the "fact that Las Vegas can't build houses fast enough." Overall though, good job and keep up the "unbiased accurate information."

[ackackack]

Originally Posted by 2PAK

Frankly, any visit to a local casino and you can quickly see folks who shouldn't be there and I'm not talking about the blue haired old ladies. It's the folks that can least afford it-the kind you see doing all their shopping at Walmart. That type of person will alway flock to LV, along with increasing internation patrons and, regular folks from all over the US. In other words, more of the same in increasing numbers with a couple of minor speed bumps along the way if something bad happens to us again (read: 9/11).

LV isnt going to dry up and wither away.

Uh, something bad is happening to us again (read: the news).

As for your assessment of the "Wal Mart shopping folks" and "internation patrons," what's your point? It sounds like another unfunny Jeff Foxworthy bit. Since you are so good at explaining what a casino patron shouldn't look like, I'd love to read your explanation of what one should look like.

[WOHR]

Cosmopolitan was bailed out from default

Las Vegas Now | Cosmopolitan Resort Could Face Foreclosure Proceedings

[MomMom]

The Cosmo, Kyle Canyon Gateway and Inspirada are the three projects that Focus Group is heavily involved in...the underlying point of this story linked above is that Focus Group is heavily into debt and defaulting on their loans...

Focus Group is the common denominator in all of these projects listed above that are not doing well.