How tough has it become in Las Vegas ?

[Crossbow]

Disheartening report in tonight's evening news about the impact the global economic crisis has on the city

http://www.videoportal.sf.tv/video?id=ea9f6d50-7574-42c7-a88d-333706aee184

(sorry didn't figure out how to embed this link - it is a safe site from Swiss State TV)

The clip is in German, but you'll get the picture from the voiced over interviews. Looks like the middle class is getting pushed more and more into poverty and homelessness, especially if they used to work in the construction industry.

Has it become that bad ? The few times I have visited, there were very few signs of large scale poverty (or the city did a good job hiding them) - and I did get around the city and the suburbs, not just the strip...

[Irongrip400]

Did you see the article where they are going to tear down a 30 story building in City Center, before it's ever opened?  They are having a feud with the builder, but the builder is saying there is nothing structurally wrong, and that they just didn't sell enough of the condos and want to welch on paying for it.

[monopoly19]

Did you see the article where they are going to tear down a 30 story building in City Center, before it's ever opened?  They are having a feud with the builder, but the builder is saying there is nothing structurally wrong, and that they just didn't sell enough of the condos and want to welch on paying for it.

My buddy was just there for work. He said they were selling condos that when opened, were over a million dollars. Now, they were selling for $150,000. The catch was the HOA dues, $2,500 per month.....

Wonder if this is the same unit in question

[Nails]

[bike nut]

Things are bad in LV.

Dina Al Sabbah is offering 30% off coupons for her "escort services".

 

[Papper]

Schmoe squats are half off in all hotels. Two schmoes for the price of one

[Wiggs]

Its.fucked.here.

[JimmyJam1974]

I couldn't imagine living in that shit hole

[MAXX]

Things are bad in LV.

Dina Al Sabbah is offering 30% off coupons for her "escort services".

 

lol

how much is she? 

[Nails]

lol

how much is she? 

For all bookings, please contact FMG at
fitnessdivasproductions@verizon.net or (412) 257-4555

[bike nut]

If you book Room 7 at the Mirage for a week they throw in a Dina session for free - like a pillow mint.

(Note; for you older gents I do not mean Pillow the Alaskan bodybuilder chick)

[stuntmovie]

The econ problem here in LV is probably no different than most other major US cities  except for the fact that the construction industry is now non-existent after many tears of continuous growth. Neighborhoods are full of vacant homes and high rise apartments are entirely dark at night.

Add to that....  gas prices have encouraged gamers to visit Indian casinos closer to home
and discourage long drives to LV. Why drive 300 miles when you can walk around the corner?

Add to that ... the real estate industry's inability to foresee a low demand for high rise apartments when there are millions of square feet of vacant land for more affordable single family residences.

Plus the dissapearence of  big business conventions which used to fill up every hotel room in this desert town.

 Plus the fact that this is a single industry town. (I'm trying to convince Hollywood to move out  here one Starbuck's meeting at a time.)

Add to that ....  SHIT!!! ....... We're worst off than I originally thought .....

BUT there are some major advantages ....

You never have to stand in a line here (weekends exclued). No buffet line, no movie line,
etc.

And all the casinos give us locals free stuff to get us to visit so that the few tourists who do come here go home thinking that Las Vegas is booming.

 And that "free stuff" includes free meals, free booz, free hats, free T-shirts, free daily chances to win $12,000,000 or more, and a shitload of free ganing chips to fill up the tables and slot machine aisles.

I just tabulated this month's free "money" offers and it's over $400 which will most likely put a profit in mt pocket if I play it right.

So ...."YEA, this town is suffering, but that has a a bit of a good-side too!"

You just gotta roll with the punches and know how to take advantage of it.

NOTE: Weekends are still pretty busy though.

[Vince B]

How are the gyms doing in LV? Keith never did open that gym in the sky and good thing he didn't.

[stuntmovie]

VINCE, LV Athletic Club all over the valley seems to be doing very well at $25/month.

Planet Fitness offers $19 per month which I believe includs free tanning.

One Gold's location recently closed and I have yet to see any of the local locations filled to capacity. About #25/month.

The gym operation that took over the Gold's that closed advertises $10/month rates but there are additional up front and yearly renewal fees.

Keith's original plan was a new and unique concept that included all aspects of the weight-lifting game plus MMA which drew ample interest from major money investors until the economy took a deep dive in a southern direction.

[stuntmovie]

IRONGRIP, that 30 story high rise you mentioned above was intended to be a hotel/apartment building on the STRIP called the Harmon Towers

It was discovered during the consteuction process that it is structurally unsafe due to some rebar problem which I'M NOT familiar with. An attempt was made to make it structurally sound by reducing the number of floors that were originally intended.

It's a major lawsuit and they may simply demolish it.

It's adjacent to CityCenter but is  actually not a part of CityCenter which also is in financial difficulty.

And most LV fans know that The Sahara closed its operation a few months back ad most of the East Fremont Street motels have closed down or been demolished. These motels were final choices for weekend visitors who arrived in town without a reservation.

Those good old LV days might not return for a good long while.

My estimation is 20 years +. And even then it won't be as I remembered.

[The Abdominal Snoman]

The only reason Jay Cutler still lives there is because "someone" told him to hold on to his assets and ride it out. Jay is now finding out that he will not be alive when Vegas becomes profitable for people who "ride it out". Vegas is the last place in America that will come back. Jay Cutler would have been better off putting millions into real estate in Detroit. No joke. He literally is losing everything he has staying in Vegas. Conservative people don't belong in Vegas. Jay will never be poor, but make no mistake, he lost millions in Vegas.

[stuntmovie]

SNO, You may possibly be correct .... but there are many others who are in similar situations.

And not just here in Las Vegas.

I have a good number of friends in So Cal who rushed in to purchase real estate just before the market peaked.

One paid $700.000 for an older three bedroom home in Woodland Hills and now the somewhat identical next-door property is on the market for $350,000.

Another paid $1,200,000 and he says his home lost half its value.

But there are homes that continue to maintain there value in regions such as Marin County in No Cal and very much in demaid beachfront homes in the Laguna Beach area as well as other locatioons that I'm not familiar with.

I also think that LV will face a very slow recovery .... but if the San Andreas ever wakes and starts to tumble LV properties will once again be very much in demand.

Maybe Jay and a few others have inside information.

And .... Do people actually live in Detroit?

[The Abdominal Snoman]

SNO, You may possibly be correct .... but there are many others who are in similar situations.

And not just here in Las Vegas.

I have a good number of friends in So Cal who rushed in to purchase real estate just before the market peaked.

One paid $700.000 for an older three bedroom home in Woodland Hills and now the somewhat identical next-door property is on the market for $350,000.

Another paid $1,200,000 and he says his home lost half its value.

But there are homes that continue to maintain there value in regions such as Marin County in No Cal and very much in demaid beachfront homes in the Laguna Beach area as well as other locatioons that I'm not familiar with.

I also think that LV will face a very slow recovery .... but if the San Andreas ever wakes and starts to tumble LV properties will once again be very much in demand.

Maybe Jay and a few others have inside information.

And .... Do people actually live in Detroit?

I hear ya Stunt. I just think that Jay is way to young to still be living and investing in Vegas. Guys like Cutler should have left along time ago. He just isn't a big player. Even if he wants people to think he is. The man lost his shirt literally.  But you're right. Many people are in the same boat. I'm not picking on Cutler. I just think that his Ego got in the way and cost his family almost everything.

[bic_staedtler]

BWAHAHAHAH, you guys seriously think you can offer Cutler advice on real estate?...pfffft. 

Do you think he gives a rat's ass about losing money on Vegas real estate?...HE LIVES IN A FUCKING MANSION, and can obviously afford it.  And yes, real estate prices WILL increase...and in the meantime, he gets to live in a FUCKING MANSION...which he bought and paid for long ago.

So many haters....jealous haters, lol

[MAXX]

 

[JBGRAY]

I just bought a nice little home not too far from the strip for a little over $60k and will be renting it out.  Prices are just too damn low, which works out for a lot of people.

[Tom]

question: if things are so bad in vegas for the foreseeable next years, would it be possible that the mr.olympia will be moved elsewhere?

does the olympia the show and the expo bring in money to vegas?

will vegas and whoever do anything they can to keep the olympia and even in the smallest and shortest way ( weekend) bring in money for the hotel and convention (orleans) use and so on?

where should or would the olympia go to if not vegas?

[D.O.U.P]

SNO, You may possibly be correct .... but there are many others who are in similar situations.

And not just here in Las Vegas.

I have a good number of friends in So Cal who rushed in to purchase real estate just before the market peaked.

One paid $700.000 for an older three bedroom home in Woodland Hills and now the somewhat identical next-door property is on the market for $350,000.

Another paid $1,200,000 and he says his home lost half its value.

But there are homes that continue to maintain there value in regions such as Marin County in No Cal and very much in demaid beachfront homes in the Laguna Beach area as well as other locatioons that I'm not familiar with.

I also think that LV will face a very slow recovery .... but if the San Andreas ever wakes and starts to tumble LV properties will once again be very much in demand.

Maybe Jay and a few others have inside information.

And .... Do people actually live in Detroit?

Yes people do live in Detroit. The more intelligent MOVE.