Where to buy in Las Vegas?

NEW -> Contingent Buyer Assistance Program
[quote author="acpme" date=1228446944]they're a bit too far along to mothball at this point. not sure of the latest news but few months ago there were rumors mgm mirage wanted to step in and integrate the project with the city center. cosmopolitan sits on a lot between city ctr and bellagio. starwood would have JV'd or operate some of the properties.



all of this is before the mkts crashed and stock prices of hotel and gaming companies are down 50-75%, far worse than the overall mkt. they probably don't have the balance sheets to take this on now.



<img src="http://www.cosmolv.com/images/splash.jpg" alt="" /></blockquote>


That has got to be the biggest paperweight or doorstop I have ever seen.
 
What about purchasing a condo/hotel unit at the Fontainebleau resort?

Place looks wicked!



<a href="http://www.fontainebleau.com/gcm/nar/en-us/lasvegas/index.htm">Fontainebleau LV</a>
 
Looks like the lifeblood of Las Vegas is leaking.



Gambling off 26% in October vs. Last Year. Thats going to leave a mark.



<a href="http://www.reuters.com/article/marketsNews/idUSN1032927320081210">http://www.reuters.com/article/marketsNews/idUSN1032927320081210</a>
 
[quote author="tenmagnet" date=1228966114]What about purchasing a condo/hotel unit at the Fontainebleau resort?

Place looks wicked!



<a href="http://www.fontainebleau.com/gcm/nar/en-us/lasvegas/index.htm">Fontainebleau LV</a></blockquote>
You'll have the same problem getting financed as with other condotels like Palms Place. If you are looking to pick up a high-rise condo in LV, then you have several options...Sky, Allure, Panaroma, Turnberry, etc and you won't have $1,000+ HOA dues to deal with. haha
 
[quote author="usctrojanman29" date=1228970530][quote author="tenmagnet" date=1228966114]What about purchasing a condo/hotel unit at the Fontainebleau resort?

Place looks wicked!



<a href="http://www.fontainebleau.com/gcm/nar/en-us/lasvegas/index.htm">Fontainebleau LV</a></blockquote>
You'll have the same problem getting financed as with other condotels like Palms Place. If you are looking to pick up a high-rise condo in LV, then you have several options...Sky, Allure, Panaroma, Turnberry, etc and you won't have $1,000+ HOA dues to deal with. haha</blockquote>


It?s not the HOA that I have a problem with.

$12K a year is paltry and worth every penny if the place delivers.

The lack of traditional financing remains a problem.

Trying to decide if this place is worth it.

It?s trendy and hot right now with tons of celebrity buzz.

That may not be the case a few years from now which means a good exit plan.
 
Nothing in Vegas is worth it in 5 years. After 10 years the place is a slum compared to the new mega palace they built across the street.



There is no successful exit stragety in that town.



On another note: I played 2/3 no limit at the Wynn one time for six hours. They are sending me letters encouraging me to come over, including comping me rooms for free. They don't make any money of a shlub like me (I don't bet sports and don't play pit games at all). When they start offering me comps, they got trouble.
 
[quote author="no_vaseline" date=1228975052]Nothing in Vegas is worth it in 5 years. After 10 years the place is a slum compared to the new mega palace they built across the street.



There is no successful exit stragety in that town.



On another note: I played 2/3 no limit at the Wynn one time for six hours. They are sending me letters encouraging me to come over, including comping me rooms for free. They don't make any money of a shlub like me (I don't bet sports and don't play pit games at all). When they start offering me comps, they got trouble.</blockquote>


I play Pai Gow and Craps. Normally $ 100.00 a hand Pai Gow. Usually I am gutter slime

to the Casino Host`s. These days I am getting E-mail, Phone Calls, Love Letters.

Every place I happen to have a Players card is in HEAT for some business.

You know its bad when the Ventian is offering me "A Zero Slot Player" free nights.
 
[quote author="bltserv" date=1228979038][quote author="no_vaseline" date=1228975052]Nothing in Vegas is worth it in 5 years. After 10 years the place is a slum compared to the new mega palace they built across the street.



There is no successful exit stragety in that town.



On another note: I played 2/3 no limit at the Wynn one time for six hours. They are sending me letters encouraging me to come over, including comping me rooms for free. They don't make any money of a shlub like me (I don't bet sports and don't play pit games at all). When they start offering me comps, they got trouble.</blockquote>


I play Pai Gow and Craps. Normally $ 100.00 a hand Pai Gow. Usually I am gutter slime

to the Casino Host`s. These days I am getting E-mail, Phone Calls, Love Letters.

Every place I happen to have a Players card is in HEAT for some business.

You know its bad when the Ventian is offering me "A Zero Slot Player" free nights.</blockquote>


I'm worse than you. I'm mostly a (poker) tournament donkey. They make a whopping $30 fee if I play a $500 tourney from me. Once a day.



They can't possiblly make any money off of me. Ever. Which is why it's comical to see them jonesing for my business.
 
[quote author="no_vaseline" date=1228994469][quote author="bltserv" date=1228979038][quote author="no_vaseline" date=1228975052]Nothing in Vegas is worth it in 5 years. After 10 years the place is a slum compared to the new mega palace they built across the street.



There is no successful exit stragety in that town.



On another note: I played 2/3 no limit at the Wynn one time for six hours. They are sending me letters encouraging me to come over, including comping me rooms for free. They don't make any money of a shlub like me (I don't bet sports and don't play pit games at all). When they start offering me comps, they got trouble.</blockquote>


I play Pai Gow and Craps. Normally $ 100.00 a hand Pai Gow. Usually I am gutter slime

to the Casino Host`s. These days I am getting E-mail, Phone Calls, Love Letters.

Every place I happen to have a Players card is in HEAT for some business.

You know its bad when the Ventian is offering me "A Zero Slot Player" free nights.</blockquote>


I'm worse than you. I'm mostly a (poker) tournament donkey. They make a whopping $30 fee if I play a $500 tourney from me. Once a day.



They can't possiblly make any money off of me. Ever. Which is why it's comical to see them jonesing for my business.</blockquote>
They don't even make that much. Typically 60-70% of the fee for the tournies gets split between the dealers with the rest going to the house.
 
Las Vegas? Ick. I do not see the attraction. Never have. It seems to be the epitome of tacky, gaudy, tasteless, all look at me, and no humanity or kindness.
 
[quote author="awgee" date=1229005495]Las Vegas? Ick. I do not see the attraction. Never have. It seems to be the epitome of tacky, gaudy, tasteless, all look at me, and no humanity or kindness.</blockquote>
Sounds a lot like the Jones in Orange County. haha
 
Years ago I went to a RE investment presentation in LV. The location was actually far out in Henderson, and when I asked to see the model homes, I was driven to an empty lot with a tree stump.



They gave me some drawings and told me to "imagine" the home being built there. $165k each, deposit up front, take it or leave it.



I thought they were nuts and left, the place was giving me weird vibes. The people who did put a deposit down made out like bandits when they sold later. I opted to buy in Placentia instead and would like to think that I didn't do worse. O_O



It wasn't until later that I realized the Vegas/Henderson RE project had something appealing to investors, there was no HOA and you're free to rent/lease them to tenants. Many newer communities in Henderson at the time had HOA's that required owner occupancy and did not allow you to rent/lease the home to others.



Vegas RE investment has its own unique flow, and its very different from other places. I have several friends who invested there and they all decided that it wasn't a "long term holding" like Orange County. The changing demographics in Henderson is also pushing the old libertarian lifestyle & attitude out. I had a friend who used to own a big house there and ran clothing optional parties on the weekend. New neighbors moved in and freaked out, called the police, fire department, city, etc. to harass them until they were forced to sell and move.
 
[quote author="momopi" date=1232181541]Vegas RE investment has its own unique flow, and its very different from other places. I have several friends who invested there and they all decided that it wasn't a "long term holding" like Orange County. The changing demographics in Henderson is also pushing the old libertarian lifestyle & attitude out. <strong><em> I had a friend who used to own a big house there and ran clothing optional parties on the weekend.</em></strong> New neighbors moved in and freaked out, called the police, fire department, city, etc. to harass them until they were forced to sell and move.</blockquote>


WIN.
 
[quote author="no_vaseline" date=1232183187][quote author="momopi" date=1232181541]Vegas RE investment has its own unique flow, and its very different from other places. I have several friends who invested there and they all decided that it wasn't a "long term holding" like Orange County. The changing demographics in Henderson is also pushing the old libertarian lifestyle & attitude out. <strong><em> I had a friend who used to own a big house there and ran clothing optional parties on the weekend.</em></strong> New neighbors moved in and freaked out, called the police, fire department, city, etc. to harass them until they were forced to sell and move.</blockquote>


WIN.</blockquote>


Momo has some crazy friends, I don't think those friends would be welcome in Irvine either :lol:
 
<img src="http://img.photobucket.com/albums/v120/mdiederi/buildings/CosCenter.jpg" alt="" />





<a href="http://www.citycenter.com/">http://www.citycenter.com/</a>
 
<a href="http://www.latimes.com/news/columnists/la-oe-stein16-2009jan16,0,4958973.column">Relics of the Good Old Days</a>



"The entire city of Las Vegas: Was the plan to base an economy on nothing but eating, gambling and strip clubs? What kind of insane utopian thought that would work?"
 
[quote author="jriosdds" date=1232173768]usctrojanman -



Do you think Vegas is near the bottom? Can an investor cash flow in some of these nicer areas like summerlin?</blockquote>
I'm sure there's still some downside left as long as the local economy is sucking wind, but many homes in Summerlin are getting down to $100/sf which make them begin to pencil out for investors. Rents typically run about .70-.80/sf for homes in Summerlin. So a 2,000sf house probably sells for $200k and will rent out for $1,400-$1,600. The other nice thing is that Summerlin has a Mello Roos called SID but the cost of it run probably about $600-$700/yr for a 2,000sf house. The Summerlin main HOA runs about $45/month. If you want to check out some listings off MLS, PM me your e-mail address and name.
 
[quote author="usctrojanman29" date=1232206863][quote author="jriosdds" date=1232173768]usctrojanman -



Do you think Vegas is near the bottom? Can an investor cash flow in some of these nicer areas like summerlin?</blockquote>
I'm sure there's still some downside left as long as the local economy is sucking wind, but many homes in Summerlin are getting down to $100/sf which make them begin to pencil out for investors. Rents typically run about .70-.80/sf for homes in Summerlin. So a 2,000sf house probably sells for $200k and will rent out for $1,400-$1,600. The other nice thing is that Summerlin has a Mello Roos called SID but the cost of it run probably about $600-$700/yr for a 2,000sf house. The Summerlin main HOA runs about $45/month. If you want to check out some listings off MLS, PM me your e-mail address and name.</blockquote>
It a wasteland. Despite the county's best efforts to induce employers to move there for tax reasons, Vegas still has very high turnover in it's residency rates. With the hotels cutting back, and layoffs in the off-strip corporate sector, Clark County is ridiculously overbuilt. Anyone who lived there prior to the 90's boom, when Summerlin was still powerline roads and mesquite bushes, knows there are just too many homes that were built for people who won't end up staying there. Unless you plan to live there and make regular inspections of your rentals, I'd find another place to invest.
 
[quote author="Woodbridge" date=1228436967]I was also thinking of purchasing in LV for a 2nd home/investment for tax reasons. Does anyone one have any information on the requirements for declaring Nevada as your filing state. The tax savings alone would make the investment worthwhile.



The extra 8-9% I'm paying in CA state tax is especially obscene considering that the money is wasted on paying for $85k/year salaries for correctional officers.</blockquote>


If you want to have all the good things that come with CA, then pay your taxes. You live here, not NV. If you don't like the tax system, run for state congress and change it, but don't go evading your tax liability leaving the rest of us to shoulder the problem.
 
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