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Have you seen the bathtub ring on Lake Mead? Next year, it will be worse. Party over, ghost town soon. I doubt Vegas is doomed. To many interests at play.
Water issue will be expensive to solve, but it will be. Watch Detroit gentrify once it becomes a water distribution hub for the south west.
The bigger issue is Vegas has and will continue to be a money laundering hot spot. To many Chinese, the gaudiness is familiar and exciting and being part of that is rather enticing.
Regarding the water situation; ironically, I think Las Vegas will face the least problems regarding water. Las Vegas has had a long con in the works for decades now, to lock down water rights and sources from far flung places.
Las Vegas will soon be revealed as having the rights to water that is taken out of ecosystems that will then, against all logic, face water shortages.
Why should they, when they have Macau among other southeast Asian gambling spots? Macau makes Vegas look like Atlantic City or Reno…while Vegas makes them look like stateline or some shitty Indian casino or riverfront operation.
Been there enough times to take notice. Not doomed, always will be loved by criminals and people loving intellectual waste lands.
Bill and I love paying high taxes. Las Vegas is an international city full of foreigners coming in with buckets of money! Where have we heard that before?
Bottom line — rents in Vegas are low i. So, it IS different here. For the last couple of months we are getting a smattering of phone calls and if we are lucky 1 applicant.
Good feedback ernst, as a fellow landlord I know that we have a much better idea of where rents are at any given time compared to surveys of asking rents.
Everytime I see or hear rent price index numbers tossed around, I just want to shake my head. It just could be that word is getting out , finally , that Las Vegas lies in the middle of a vast desert.
The water waste there is phenomenal …. It is not Las Vegas that will be the one that runs dry, as it drains water from all kinds of places around the country and even Canada.
If they try to do proactive cost control by keeping the Desal plant in CA or AZ, the deal will fall through.
Las Vegas for real estate is in a word — flaky. Most of them were either unoccupied for one reason or another or were turned into section 8 units.
In many cases both were happening within the same development. I think 60 Minutes did a story on this as well.
Plus we are in a recovery. To make things worse, I keep reading how Las Vegas has almost tapped out its drinking water sources.
It feels like we hit a market top a few months ago. It will be interesting to see what happens going forward. Will prices hold steady or slowly start to leak down?
Drinking water is not threatened, because the state can always cut back on water for farming. Almonds are said to require much water.
Plant something instead of almonds, and much water is saved. I see much water wasted here in Santa Monica. Lots of people watering their lawns — and the sidewalk along with it.
Even when it rains. Cost of living in Austin now is higher than L. I was just talking to an artist type this weekend who visiting Austin from L.
Rents are cheaper in Los Angeles now. One of the top zoom cities, interesting. They have a few great lakes,and mountains for skiing. The audiobook is read by Cynthia Holloway.
As for the spreading of gambling in various states is concerned, the NYT ran a story that posed the question — are these states becoming overly dependent on casinos to fund state opperations?
Look to see these devices going into mass production — for Third World hotels worldwide. The plants are privately owned and operated, under a contract with the government, which buys the water from the plants.
The budget for water purchases comes from water charges to consumers. The plants are not subsidized. They are causing epic snowfalls in Alaska and the Yukon.
You would call it premature precipitation. The soot has changed the darkness of the snow and ice. So each side of the Al Gore religious debate has supporting evidences — growing and shrinking with the seasons.
That the melting glaciers are absolutely filthy with soot particles goes unremarked by the Greens. Famously, 60 Minutes did an expose about a melting glacier in Patagonia.
Right in the background the footage captured a fuming volcano emitting mega tons of ash. The glacier was visibly brown.
The connection went un-noted. Until Red China cuts down on her air pollution, the rest of the northern hemisphere is going to have truly weird weather.
This is the problem with getting your science from non-scientists… from clerics of the neo-pagan faith.
I live in a low-income neighborhood in East Las Vegas. I walked through all the model homes except the ones by Beazer.
The big advantage of the used homes is that they come with an assessed value that is half of the new homes. The property taxes are half of that of the new homes.
This is not California, so the property taxes are not based on purchase price, but the assessed value. Anyone buying a new house is practically guaranteed to lose.
With foreclosures and short sales dragging out forever I waited over a year and a half to close on a short sale little progress is being made getting the vacant properties sold.
Why buy in Vegas when you could buy 2 two bedroom condo rentals in Orange Country for the same price with cash for a month in rent that is easily achieved.
I wasted time looking at cheaper markets before I realized because of jobs and incomes, the cheaper places to buy like Arizona and Nevada did not work out.
January here in Aliso Viejo you could easily buy 1 and 2 bedroom condos for ,, These places rent a month and are now worth , more now.
Price, timing and location are all important. Now is not the time to buy anything and the market is showing that now. When investors start rejecting current housing prices look out below.
Who in their right mind, knowing that, would eva consider a condo not to mention the politics in the association, etc.
LA condos, fugget about it, lol. The shops were all abandoned, but maybe one. Sand traps on the golf course paralleling the road in were choked with weeds; no players.
Where do you predict rents are headed for LV? The prosecution rests your honor. Christie Simpleton has been sentenced to life in ignorance without parole….
My wife and I have been laughing at your posts for months. Keep it up man. Sone new advice from Karl Case of Case-Shiller: The advice Case gives to first-time homebuyers is familiar to most.
You gave a nice summary of Karl Case — here is the entire Karl Case article from yesterday. I was taught that this is impossible but I believe there was a time when it was impossible to have inflation and sagging growth….
Is there anyplace on the planet where that is happening to the same person at the same time? But when I do find that guy, I will let you know.
Oh wait, I found him.. It is actually about 14 people so far. They all purchased hard back editions of books form Hillary, Geithner and the Economist de jur.
Why Housing will Crash Again… http: Hedge Fund Owned Rentals: Anyone see this news about Atlantic City? Most of them cash buyers. And how do people make that money?
Some own limousine companies. There are so many supporting industries in Las Vegas, beyond gambling. But Las Vegas still draws in gamblers and now, we draw in Millenials who want to pay to party.
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