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Old 03-29-2020, 05:03 PM
 
1,927 posts, read 1,050,807 times
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Quote:
Originally Posted by Teacher Terry View Post
I seriously doubt that the state will reopen magically on 4/16. That is when the virus is expected to peak here.
I'm with you there. I heard 5/1 is target date for Boyd Gaming. If they have any employees left at that point.
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Old 03-29-2020, 05:24 PM
 
2,928 posts, read 3,539,634 times
Reputation: 1882
Quote:
Originally Posted by equid0x View Post
As long as the flood of Californians doesn't stop, rents aren't going anywhere but up.

I've lived in a region that is going through a growth phase similar to Vegas and in another 10-15 years we're going to be at SF pricing if people don't stop pouring in.

Same stuff happened in the DC area in late 90s... condos that sold for $55K in 2000 were selling for $300K by '08. They took a 25% haircut until about 2012 and then continued right back on the same track as before.

Apartments that were renting for $700/mth in 2000 were renting for $1700-$1800/mth by 2015. Rents never stopped increasing, even during the downturn.

Stuff that was actually in or near the city? Forget it. Row houses that used to go for $250K in '00 were selling for $1.25M in '15.
D.C. is different. That's one place where federal government functioning will never cease. I don't see 250k houses in Vegas becoming 1.25 million ever.

I do think Vegas will be fine in the long run. The casinos are taking this downtime to do deep cleaning of all their rooms, something that probably hasn't been done in years. Hopefully the local governments here will use this as a lesson to continue to move their economies away from tourism like Reno has been doing for the last 2 decades.

But it seems the federal and state government are giving free rents on the backs of landlords. In the short term that will cause the market to drop and wise landlords will not give breaks anymore since none are given to them as the situation is demonstrating.
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Old 03-29-2020, 05:26 PM
 
2,928 posts, read 3,539,634 times
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Quote:
Originally Posted by equid0x View Post
You hit it dead on. These property managers could care less about the tenants. Personally, I wouldn't either. If they can't pay, then GTFO. They don't run a charity.

Its the government who has called for this ridiculous shutdown, and its the government that should have already had an emergency plan in place to deal with this contingency.
Maybe the government can use this dip in the market to buy houses on fire sale and build up their public housing portfolios. Then they can rent them out to families in need at cost or near cost as they see fit.

Never understood why they never did that and scrapped the section 8 housing voucher program.
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Old 03-29-2020, 06:01 PM
 
Location: Sierra Nevada
779 posts, read 824,710 times
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The government sort of did that during the last real estate free fall. The only problem is the tenants just trashed these properties and lived without care for neighbors quality of life or property values.

Still see some of these properties in nice neighborhoods with cars in the dirt yards and weeds. It is really sad and so not so keen on this solution.
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Old 03-29-2020, 06:11 PM
 
2,928 posts, read 3,539,634 times
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Quote:
Originally Posted by ChrisMT View Post
The government sort of did that during the last real estate free fall. The only problem is the tenants just trashed these properties and lived without care for neighbors quality of life or property values.

Still see some of these properties in nice neighborhoods with cars in the dirt yards and weeds. It is really sad and so not so keen on this solution.
If what you say is true, then I'm out of ideas to placate the Maoists, haha.
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Old 03-29-2020, 06:41 PM
 
Location: Aliante
3,475 posts, read 3,266,864 times
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Quote:
Originally Posted by Teacher Terry View Post
I seriously doubt that the state will reopen magically on 4/16. That is when the virus is expected to peak here.
Agreed. Nevada is projected to peak April 15th one day before the 30 days is up. It also projects 800 deaths here by August. https://covid19.healthdata.org/projections--
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Old 03-29-2020, 07:05 PM
 
Location: Las Vegas
2,880 posts, read 2,794,868 times
Reputation: 2464
Quote:
Originally Posted by Teacher Terry View Post
I seriously doubt that the state will reopen magically on 4/16. That is when the virus is expected to peak here.
It won't, nothing will, the country will remain in lockdown. Even Trump isn't that stupid..... Surely???
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Old 03-29-2020, 08:23 PM
 
743 posts, read 966,735 times
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won't be until May at the very minimum...
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Old 03-29-2020, 08:33 PM
 
1,927 posts, read 1,050,807 times
Reputation: 879
Quote:
Originally Posted by ddrhazy View Post
D.C. is different. That's one place where federal government functioning will never cease. I don't see 250k houses in Vegas becoming 1.25 million ever.

I do think Vegas will be fine in the long run. The casinos are taking this downtime to do deep cleaning of all their rooms, something that probably hasn't been done in years. Hopefully the local governments here will use this as a lesson to continue to move their economies away from tourism like Reno has been doing for the last 2 decades.

But it seems the federal and state government are giving free rents on the backs of landlords. In the short term that will cause the market to drop and wise landlords will not give breaks anymore since none are given to them as the situation is demonstrating.
I fail to see the difference. Had there been no shutdown, the casinos weren't going anywhere. The 2 primary employers in this area are Casinos and government. In fact, many of the same "beltway bandits" that operate in DC also operate here.

Also, the $1.25M houses in DC used to be in the ghetto. HUGE swaths of NE & SE DC were gentrified when prices went up. If you don't think it can happen, ask the residents of Oakland.

As far as free rents go... I don't seem most of these landlords staying in business. Say you own a 500 unit apt complex and half your tenants don't make the rent this month... how are you going to stay in business?

I find this whole "moratorium on mortgage and evictions" to be a ****ing joke because those bills will still be due in 90 days and where will all the people who don't have it, get that money? Answer: they won't. So whether they are actually evicted now or in 90 days is irrelevant - they're going to be evicted. Meanwhile, the landlord will file bankruptcy and the bank will foreclose on the complex and then EVERYONE will be put out, even the ones who paid their rent. Its brilliance, I tell you. Absolute brilliance.

I'm sorry, but there needs to be a much more comprehensive plan than that. Again, I'm not in any way a socialist, but if you're going to have a government mandate that people CANNOT work then the government needs to mandate an income for those people to cover the losses.

I see the writing on the wall... this is the backslide into socialism all the demo-commies have been waiting for the last 10 years. The progressives are putting this entire country into a position we're not going to be able to get out of.
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Old 03-29-2020, 08:35 PM
 
Location: Aliante
3,475 posts, read 3,266,864 times
Reputation: 2967
We have a big fashion show scheduled for mid May on the Strip. Hopefully things are open by then. Had to move the fashion show from March when everything started going down. Doctors really want us to stay home until some time in June. Trump just extended the social distancing guidelines till April 30th. I'm getting stir crazy at home. Picked four trash bags of weeds the other day and still have weeds to go but at least we get outside. Allergies are killing me though.
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