Come on guys, LOL. I've lived either full or part time in Vegas for 47 years (Junior High in 1962, LOL). Wild ride, that's for sure. My oldest brother, Larry, started at Binion's Horseshoe in 1959. We own Bugsy Siegel's 1933 Packard Limosine (leased it out for an upcoming "mob exhibition" starting in October I think), so let me pass along some observations. Good, Bad, and Ugly.
For decades, extremely low housing costs. Example, one of our houses bought in the 1980's, valued the same in 2000. I bought another house in 2001 for $206K (4bd, 3 ba, pook, spa, 100 trees, big lot, average neighborhood)...in 2005 it was "worth" about $550K (shoulda sold, LOL)...now "worth" about $325K or so.
The 1970's were "good" - the 1980's were crazy good, and the 1990's were extreme excess (except for that "Vegas if a family town now" which lasted about 1 year, LOL), too friggin good. It "had to go on forever, right?" - well, actually, no it doesn't. When we saw 1000 sq. ft. condo's pre-selling for $2million, we just shook our heads, and said "just wait, this is nuts."
Stupid (or just greedy) speculators started to notice all these cheap houses (especially those coming from Ca., talk about crazy house prices) (quick side note: "Grandma's" house (90 year old lady), home bought in 1950 in Long Beach for $10K. 900 sq feet, 2 bd, one bath, she was offered $500,000 in 2005, we kept it for "sentimental' reasons, talk about stupid, LOL). Back to topic. These "speculators" were getting interest only loans, leveraged to the max, expecting a "quick flip" (when they started to have TV shows about house-flipping, geez, gotta be the end)... well, just like other investors, they bought at the top, got killed with downturn, so we turned into the bigest foreclosure state in the Union.
Investors started to ask for their deposit money back on the stupid condo's on the Strip, they stopped building, finished a few, but still many undone. Fact of life, we deal with it.
My son, Union electrician (IBEW), gainfully employed on the City Center Project (fingers crossed as I type, LOL).
Prices were too damn high on hotel rooms, people started to think this was NYC or something (talk about high, talk about high food prices and waiter tips...geez, I can only afford to go out while there if Goldman Sachs pays, LOL..... room rates are much cheaper now, whoda thought? )
We attracted all those guru type chefs, heck even our Civic Center restaurant is either Emeril or Wolfgang Puck (not sure).
The IPO's, and LVS, WYNN, Kerkorian, all "outsmarted themselves" in my opinion. But, don't count Vegas out just yet. These same type people are alive and well, getting some bargains on land and buildings. And, for whatever reason, we have the top Headliners here for cheap, really cheap... Vegas will survive, it may have re-invent itself again.
Believe it or not, my brother Bob (who, you may not know, is 10 years older, but about 10 years healthier and smarter too), has stewarded a pretty grounded family overall. Still living in that 1980's (very modest) house, 3 of 4 kids trading for a living..with their own money, no big daddy cash upfront, really.
My wife is and has been for 25 years, an inner city 2nd grade school teacher. Our schools have been cut back, so she plows a bunch of her own money back into supplies "just for the kids."
So, to sum up. Not at 100%, not at 20%, I say about 50%, flattened out, cautious optimisim... and more opporunities than many places around the Country. And no State Income Taxes.
(sorry to ramble on, when I see "Vegas" here on ET, I tend to just babble on....much like you New Yorkers tend to at times, LOL). I have to tell my NY friends that there actually is "life West of the Mississippi, LOL.
All the best,
Don
For decades, extremely low housing costs. Example, one of our houses bought in the 1980's, valued the same in 2000. I bought another house in 2001 for $206K (4bd, 3 ba, pook, spa, 100 trees, big lot, average neighborhood)...in 2005 it was "worth" about $550K (shoulda sold, LOL)...now "worth" about $325K or so.
The 1970's were "good" - the 1980's were crazy good, and the 1990's were extreme excess (except for that "Vegas if a family town now" which lasted about 1 year, LOL), too friggin good. It "had to go on forever, right?" - well, actually, no it doesn't. When we saw 1000 sq. ft. condo's pre-selling for $2million, we just shook our heads, and said "just wait, this is nuts."
Stupid (or just greedy) speculators started to notice all these cheap houses (especially those coming from Ca., talk about crazy house prices) (quick side note: "Grandma's" house (90 year old lady), home bought in 1950 in Long Beach for $10K. 900 sq feet, 2 bd, one bath, she was offered $500,000 in 2005, we kept it for "sentimental' reasons, talk about stupid, LOL). Back to topic. These "speculators" were getting interest only loans, leveraged to the max, expecting a "quick flip" (when they started to have TV shows about house-flipping, geez, gotta be the end)... well, just like other investors, they bought at the top, got killed with downturn, so we turned into the bigest foreclosure state in the Union.
Investors started to ask for their deposit money back on the stupid condo's on the Strip, they stopped building, finished a few, but still many undone. Fact of life, we deal with it.
My son, Union electrician (IBEW), gainfully employed on the City Center Project (fingers crossed as I type, LOL).
Prices were too damn high on hotel rooms, people started to think this was NYC or something (talk about high, talk about high food prices and waiter tips...geez, I can only afford to go out while there if Goldman Sachs pays, LOL..... room rates are much cheaper now, whoda thought? )
We attracted all those guru type chefs, heck even our Civic Center restaurant is either Emeril or Wolfgang Puck (not sure).
The IPO's, and LVS, WYNN, Kerkorian, all "outsmarted themselves" in my opinion. But, don't count Vegas out just yet. These same type people are alive and well, getting some bargains on land and buildings. And, for whatever reason, we have the top Headliners here for cheap, really cheap... Vegas will survive, it may have re-invent itself again.
Believe it or not, my brother Bob (who, you may not know, is 10 years older, but about 10 years healthier and smarter too), has stewarded a pretty grounded family overall. Still living in that 1980's (very modest) house, 3 of 4 kids trading for a living..with their own money, no big daddy cash upfront, really.
My wife is and has been for 25 years, an inner city 2nd grade school teacher. Our schools have been cut back, so she plows a bunch of her own money back into supplies "just for the kids."
So, to sum up. Not at 100%, not at 20%, I say about 50%, flattened out, cautious optimisim... and more opporunities than many places around the Country. And no State Income Taxes.
(sorry to ramble on, when I see "Vegas" here on ET, I tend to just babble on....much like you New Yorkers tend to at times, LOL). I have to tell my NY friends that there actually is "life West of the Mississippi, LOL.
All the best,
Don
