Las Vegas High Rise Condo Hotels and 1031 Investment Opportunities

Las Vegas Project CityCenter Making News With Grand Opening This Week - But Many Questions Remain

Ron Costa (ALL Vegas Valley Realty) — Mon, 30 Nov 2009 17:58:19 -0600

Bet you're wondering why I don't update this blog very often any more, right? Well, the truth is there really isn't any good news arising from the Las Vegas high rise condo market these days. That's about to come to an end however now that MGM Grand's Project CityCenter will be opening its doors this week to a long awaited and skeptical crowd.

In fact, there's a very interesting article in yesterday's Las Vegas Review Journal that goes over City Center in great detail which anyone interested in the high rise market should read. For the most part, the article portrays a rosy future for this mega-project. However, myself (and a whole bunch of other readers - read the comments section at the end of the article for some REAL insights into this project) think there are big hurdles to scale before anyone can think CityCenter will be a success. Questions such as the following:

1) How's it going to pay for itself? How can they possibly get the ROI needed to keep this city within a city thriving? 8 BILLION dollars is a lot of money!

2) Who's going to play there? Certainly not the locals. Are there enough rich sultans in the world willing to visit, gamble, spend, eat, drink, etc. at CityCenter at the expense of Wynn and his casinos? I can see CityCenter packing them in for the first few months or so - and I myself can't wait to go and see it (and maybe even play a little $5 blackjack? - doubtful) - but after that when the luster's worn off, then what's going to happen? Ask the people over at the M Resort about that. That project was amazingly "successful" for the first few months. Now people leave that place faster than Tiger Woods drives his car out of his garage.

3) How will the condo portion of the project effect the market? Even while CityCenter slashed condo prices supposedly 30%, when you consider what's going on in the market, who'll buy them? Add the HOA fees and you probably have to be a partner in MGM somehow just to afford the payment plus mortgage. That is, if you can even get a mortgage! Since banks aren't lending on condos, pretty much any deal has to be all cash. Are there enough rich people overseas that will plunk down that kind of money for something they'll maybe visit twice a year?

4) Has anyone given any thought of the traffic nightmares this development presents on an already crowded intersection? Who's going to put themselves through all that on a consistent basis? Traffic and parking issues believe it or not are the single biggest predictor of whether or not a retail business survives. This is a serious point that everyone in the media seems to be overlooking.

5) Can bankruptcy be far behind? And if so, will MGM CEO Jim Murren still be considered the forward thinking poster child genious he's portrayed to be in another article regarding CityCenter published in the Las Vegas Sun? (read the comments on that story too!). Here's one of my pet peeves regarding the media: mixing news with promotion. According to the article, "Murren never doubted the success of CityCenter. It was right for the company, right for Las Vegas", spoken as if the project was already successful. It's not successful - yet. I'm from Vegas and plan on being here for years. I want this project to work, but let's hold judgment on whether it's a success or not until after it opens, okay?

And speaking of which, you may want to brave the traffic for just one night tomorrow (Tuesday, December 1st) when the Vdara opens its doors. Then go again on Thursday when the Crystals retail district opens within the development. The Mandarin Oriental is scheduled to open on Saturday. Shortly after that, the Aria hotel casino opens on December 16th, followed by the Veer Towers opening in January 2010.

I can't wait to see the development myself. I love the way it looks - CityCenter in my opinion is absolutely gorgeous! But like a traffic accident, it's more like it's drawing my interest and curiosity more than being a destination I'll consistently go to. Perhaps I'll be wrong about that, but I am looking forward to the openings. I have a feeling I'm a lot like the average person in that respect. You'll go to CityCenter once, check it all out, maybe play a few hands of blackjack or craps (with a $25 minimum), walk through the shopping areas (while not buying anything), order a $18 martini (just to say you had one), wait forever to get your car, and drive back home.

Then like Kaiser Soze, my guess is CityCenter will never see you again.

Text Message Marketing is the Future in Real Estate and Beyond

Ron Costa (ALL Vegas Valley Realty) — Wed, 09 Sep 2009 13:18:43 -0500

The ability to spot trends has always been a valuable asset in any real estate agent's arsenal. In fact, trendspotting serves most people well in just about any industry. Sometimes, you get that "ah ha!" moment when it finally hits you and you say to yourself "this could be big!".

That is exactly what happened to me when I first discovered the power of text message marketing months back. I saw it as a way to communicate instantly with potential clients in an environment with a 95% read rate. Think about it... who doesn't read their text messages? I've been successfully text message advertising since then.

But I wanted to create a brand that I could bring to the forefront of the market to allow others to easily use this technology as well. I've literally spent the last 5 months developing a text message platform for retail use, and this morning (9/9/09) at 9:09am, we launched the product at http://www.GottaGoText.com.

Hence, we're very proud to bring you the most sophisticated text message marketing system available today - AND making it affordable for small business use. (especially for real estate agents!)

No more empty "Take One" sheets at houses that are for sale. Instead, have a sign asking the potential buyer to text a certain keyword (HOUSE) to our shortcode (69302) for instant information on the house they're looking at. (Plus you help save the planet without the use of tradition paper that ends up somewhere on the street most of the time).

Now you've captured that prospect's contact info where you can alert them to your new listings, open houses, special deals, foreclosure opportunities, or just about anything you can imagine at a simple click of the button for immediate feedback. Gotta Go Text is browser based, so you can create, send, and manage your contacts and text messages from anywhere in the world at any time. I'm sure you can see how you can develop a strong contact database in a very short period of time by text message marketing with G2G.

In short, texting facilitates sales. And if you think it's all overwhelming, I'm here to help you out every step of the way regarding how to use the system, create keywords, manage your database, and send out messages.

For the time being, I'm offering a FREE trial of this product at our website at http://www.GottaGoText.com. I'm also looking for affiliates to help me bring this brand to the forefront of the industry. Signup for the trial, create an account and give it a test drive. Then, if you like it, the basic cost is $50/month along with 7 cents charge per outgoing text message. There are no contracts to sign and you can cancel without penalty at any time.

This is not just for real estate agents - bars, restaurants, promoters, churches, schools, musicians, etc... all can find a unique use for text message marketing.

Download the promotional flyer here - and remember: When you want to skyrocket your response rates and grow your business, ya Gotta Go Text!

Using G2G will show you EXACTLY how powerful mobile marketing really is!!!

GO Zone Webinar Almost a Sell-Out! Still Time to Reserve in Exclusive Tara Brooke Gulfport, Mississippi GO Zone Deal

Ron Costa (ALL Vegas Valley Realty) — Thu, 20 Aug 2009 14:00:30 -0500

UPDATE: 8/20/09: Our August 18th, 2009 Mississippi GO-Zone Call was incredible! Many of the buyers on the call will now Legally be Paying NO Federal Income Tax in 2009!

If you missed it, you can listen to a recording of the conference call by clicking here. You can also reserve a unit on that webpage using the Discount Code: "COSTA"

Time is absolutely of the essence here, because in order to have the home completed by the end of the year to qualify for the GO-Zone tax benefits, you need to reserve right away. There is only a fleeing moment of time while this tax benefit still exist and then it will be gone forever.

We still have a few units left, so listen to the archived conference call and reserve your unit today

GO Zone Exclusive Buying Opportunity - August 18th at 6:00pm (PST)

Ron Costa (ALL Vegas Valley Realty) — Fri, 14 Aug 2009 12:35:31 -0500

VIEW VIDEO INFO HERE

Four years ago Congress passed the most extraordinary tax incentive in the history of the United States that offered a 50% first year bonus depreciation for buying new rental properties in Gulfport, Mississippi-part of the "GO-Zone". But it all expires this year. Properties must have construction finished in 2009 in order to qualify so reservations have to be in by the end of August.

Amazingly, Gulfport just broke ground last month on a multi-billion dollar project to expand the Port of Gulfport to be the largest container port in the country! This will create 6,500 direct jobs plus 10,000 indirect jobs. Through your GOZoneProjects affiliation, you can now get exclusive access to a private buying opportunity featuring a premium subdivision in Gulfport with PRICES AND TERMS NOT AVAILABLE TO THE GENERAL PUBLIC! (discount code "COSTA")

I'm talking about buying in the tail end of a subdivision that is already about 80% filled-up with primary homeowners. The preferred property management company will guarantee you a tenant the day you close or they will pay you rent for up to 60 days until a tenant is found. And you can get over $70,000 in depreciation per property as part of the GO-Zone benefits.

Access to this exclusive buying event is by invitation only. Please click on this link to view the deal overview and to RSVP for the August 18th event. at 6pm PST (9:00pm Eastern). YOUR TICKET IN IS REGISTERING BY USING THE DISCOUNT CODE: "COSTA"

Remember, you must RSVP by using the discount code: "COSTA" to get the exclusive pricing and terms not available to the public.

Article on Las Vegas High Rise Condos Says It Best - Maybe

Ron Costa (ALL Vegas Valley Realty) — Tue, 04 Aug 2009 13:24:51 -0500

The Las Vegas Review Journal recently published an article regarding the status of the high rise condo market here in Las Vegas. You can read the article here.

I've heard all the jokes: What does the Las Vegas high rise market and Michael Jackson have in common? - they're both dead. And other jokes along those lines. What are your feelings regarding Las Vegas real estate today on August 4th, 2009? Is there any hope?

I was wondering if you could take time out of your day, read the article, then "Tweet" any comments you may have on my newly created Twitter account. (or post your comments here) What do you think is the future of this market? I'd be interested in your responses. Thanks!

Latest Economic Indices Not Painting a Rosy Picture

Ron Costa (ALL Vegas Valley Realty) — Thu, 02 Jul 2009 20:14:59 -0500

Here's the most recent data according to R. Keith Schwer of the The Center for Business and Economic Research regarding the Southern Nevada Index of Leading Economic Indicators:

The Index rose a modest 0.6 percent for June, essentially standing still on a month-to-month basis. The sharp decline of the past year or so has at least hit a pause, however. Visitor volume, down a modest 2.89 percent for the same month a year ago, contributed the most to the strength of the index. All in all, we may be starting to get around the corner. We remain cautiously optimistic that a turn up in the index is forming -- giving us some hope that a recovery may start in the next six months or so.

CBER Clark County Business-Activity Index:

The Business-Activity Index continues its downward trajectory, reversing last month's one-time rise -- a one-month change that was only a desert mirage. The index offers a perspective of the stage of the business cycle we are in. In short, a recession is from peak to trough and a recovery from trough to peak. Taken as a whole, we have strong evidence that the recession we are in continues.

CBER Clark County Tourism Index:

The Tourism Index improved for the third month in a row, though up a modest 0.79 percent over last month. The rise in visitor volume explains this strength. Aggressive advertising of value opportunities seems to be working. To be sure, this improvement is modest and has yet to gain enough momentum to curtail the recession, but clearly this is a glimmer of hope for better things to come.

CBER Clark County Construction Index:

The roller-coaster decline in construction that started from 2006 has pushed the
index below the values when the index starts in 1995. The index shows a one-month rise of 2.17 percent. Still, the index is near and all-time low. Moreover, the prospects for improvement remain weak. We lost about 15,000 construction jobs over the past year. With excess residential, commercial, and industrial space, further contraction seems inevitable at this time.

Are you on Twitter? Follow Me!

Ron Costa (ALL Vegas Valley Realty) — Tue, 16 Jun 2009 18:39:59 -0500

I finally gave in - after months (and literally MONTHS) of everyone I know trying to get me to put a presence on Twitter, I finally caved in and did it. Here's my Twitter page:

http://www.twitter.com/highriser

In the short time I've been online with this, I have to admit I am totally addicted to it. It's great - and it's skyrocketed my video and text business to the point where I'm so mad at myself for not doing this sooner.

Granted, you have to work at it. You have to post valuable info (called "tweets") so people will be more inclined to "follow you". The viral marketing concept that you can create with this platform is mind-boggling.

So take it from me. Get on Twitter today and start Tweeting. If Shaquille O'Neal can do it, so can you. And it's actually kind of fun as well.

Learn to Build Your Real Estate Business Sending Video Emails

Ron Costa (ALL Vegas Valley Realty) — Thu, 04 Jun 2009 15:37:00 -0500

You know what the most effective form of internet marketing is? it's email. Email works - and that's why you get so much spam in your inbox each day. As real estate agents, we're all looking for the next best thing so I need you to read the next line carefully:

Adding campaign video to your marketing arsenal has the potential to skyrocket response rates and in turn, result in more income for your real estate business.

I use video email almost exclusively now and I love it. In fact, I created a website to showcase the Attain Response platform at the following link:

http://www.videoemailresults.com

We are having an informational meeting tomorrow morning (Friday, June 4thth at 11:30am) to explain how this platform can help you with your real estate career. This is NOT a webinar, seminar, or anythingelse-ar. This is a live meeting which you can attend in person.

The event is by invitation only. Sorry for the short notice, but if you'd like an invite (and will DEFINITELY attend), please respond by email or call me direct at 702-336-5554. If you're serious about succeeding in your career in a down market, 1 hour out of your day is a small price to pay.

A New Spin on GO Zone Investing

Ron Costa (ALL Vegas Valley Realty) — Tue, 19 May 2009 19:14:13 -0500

Sorry for the short notice, but you'll want to mark your calendar down for TOMORROW, Wednesday, May 20th at 6:00pm (Pacific) for a special GO Zone informational webinar.

Bret Miller from the Hanover Companies will be going over a really interesting GO Zone investment program that will solve the number 1 problem investors face: FINDING SOLID CASH FLOWING PROPERTY

The GO Zone tax incentives are great for those who qualify, but what good is it if the property's not a sound investment in its own right? At this webinar, you'll learn how to find these properties so please register now at the following link:

https://www2.gotomeeting.com:443/register/933791019

Please contact me if you have any questions or comments. See you on the webinar Wednesday night!

When you see "Short Sale", Move On ...

Ron Costa (ALL Vegas Valley Realty) — Thu, 07 May 2009 15:08:31 -0500

Whether you're looking to purchase a Las Vegas high rise condo, or just any type of Las Vegas property, save yourself some time and pass on the "Short Sale" deal. Short Sales are sexy... they're alluring.. and they're a total waste of time.

Most buyers will see "short sale" and put in a low-ball offer to see what happens. Well, what happens is the bank sees tons of these offers, and they don't like any of them. So they counter with "highest and best". Then they'll take what they consider the best offer and wait under the guise of determining whether or not to allow the sale.

What they're doing in real life is waiting for an even better offer to come to the table. Short sale buyers may wait months for their deal to move forward, and even then the bank can kill the deal anywhere in the process. Meanwhile, real deals and real bargains out there are taken by other investors and home buyers.

It happens with houses, it happens with condos, it happens with high rises. Here's my advice: foreclosures, YES... short sales, PASS.

Good News and/or Bad News Regarding the Las Vegas Real Estate Market

Ron Costa (ALL Vegas Valley Realty) — Fri, 24 Apr 2009 12:41:54 -0500

According to an article published in yesterday's Las Vegas Review Journal, real estate prices in the Las Vegas Valley are now at 2001 levels. That's the good news AND the bad news in one sentence depending on how you look at it.

But wait: there's even MORE good news and bad news in the same sentence because the Review Journal today just published another article saying it's possible the median value of homes in Las Vegas could now drop to $100,000.

I guess it would depend on whether you were a buyer or a seller to determine if this is good news or bad. You don't need a Crystal Ball to know we're in a very challenging economy and real estate market.

Is this the bottom? Who knows? ... but can you sit there complaining and hoping your life will change for the better? I don't think so. The truth of the matter is not everyone is struggling. You can either find out what they're doing, or continue to wait for good news in print.

Allure Las Vegas High Rise Are Taking Their Units To Auction - Beware of HOAs

Ron Costa (ALL Vegas Valley Realty) — Thu, 16 Apr 2009 13:19:36 -0500

The Allure high rise condo project is putting 10 of their units up for auction at 1:00pm on Saturday, hoping that a successful auction will set an industry standard for similar high rise condo dogs such as Trump, Streamline Tower, Turnberry Towers, and Palms Place.

The units being auctioned are from original buyers who chose to walk away from their deposits rather than close, hence allowing for the "bargain basement" type price environment an auction usually promises, but many times does not deliver since "bid-frenzy" usually causes an eventual over-bidding of value - whatever that "value" actually is, as no one can tell what the value of an Allure unit should be.

Alan Schactman, senior vice president for Chicago-based developer Fifield Cos. (the developers of Allure) said the 427-unit Allure is about 50 percent sold. I don't believe it. I also don't believe his statement that "This (auction) is a one-time deal. I do not anticipate another auction. The market is picking up. I think after this auction, we're probably going to raise prices."

With statements like that, you know you're being taken to the cleaners. (remember those famous lines: "I'm from the government - I'm here to help you" and "The check's in the mail"... or "Of course I'll respect you in the morning")

The sad fact is the high rise market is not picking up. And you'll probably be able to pick up an Allure unit in the future at way less than you'll get at an auction. What really scares me about so many failed high rise condo projects that are trying to close unit sales is the total ommission of those 3 hated letters: HOA.

Does anyone consider what their Home Owners Association fees will be when they purchase a high rise condo? If all the units are sold and people are living in the building and all is fine in wonderland, HOA fees are stable and affordable. But what if that's not the case? Your HOA fees can skyrocket and I'll guarantee you that you'll wish you skipped the auction and invested in recession resistant opportunities instead.

Marketing Company Inks Sweetheart Deal from LVCVA - Especially Without Any Competition

Ron Costa (ALL Vegas Valley Realty) — Wed, 15 Apr 2009 14:42:22 -0500

The Las Vegas Convention and Visitors Authority just approved a new three-year advertising and marketing deal with R&R Partners, creators of the "What happens here, stays here" advertising slogan.

Now I will give you that "What happens here, stays here" is probably one of the most successful marketing campaigns in the history of advertising, but I'm a little confused that R&R Partners won the contract without an open bidding process. We're talking $400 million dollars in spending by the authority over the past 5 years. Shouldn't other agencies at least have a shot at that kind of prize, especially since every other advertising campaign they've utilized since their homerun slogan have been total failures?

According to Rossi Ralenkotter, president and CEO of the Convention Authority, "We don't have the time to do on-the-job training for another agency"... Sounds suspicious. (kickback perhaps?).

We're in a very crucial period of time for Las Vegas and the nation in general. There's outrage all around with how large companies are being bailed out only to see the funds (that we pay for in taxes) get used for bonuses, vacations, and junkets for the very executives who got us into this problem to begin with. Meanwhile, many Las Vegas high rise condo buyers are stuck with horrible purchases, debt that will never go away, and thinking that walking away from substantial deposits is their best option in this market. Where's the Las Vegas high rise condo bailout?!?!

This competition-free, inner circle friendly, "nobody will notice" type deal with the LVCVA is just another story that makes me sick on how companies spend money and award contracts. Let's hope R&R lives up to their end of the bargain and comes up with something that'll get people to visit, spend, invest, and maybe even relocate to the Vegas area again - otherwise there's no hope that the Las Vegas real estate market will recover in a timeframe that will make the CityCenters of the world happy.

Turnberry Tower hands off Ownership Key to Prudential Financial

Ron Costa (ALL Vegas Valley Realty) — Tue, 07 Apr 2009 16:37:44 -0500

In a move that may signify an emerging trend in the Las Vegas high rise condo marketplace, Prudential Financial now controls the Turnberry Towers high rise project after buying its outstanding debt from their lenders. While Turnberry Associates is still in the picture, Prudential has bought the undisclosed amount of debt from Bank of America and as such, Prudential is now the partner that'll make all the decisions.

This move effects mainly the west tower, recently completed last year, yet struggling mightily to sell units, as almost 50% remain unsold while a significant number that have closed remain vacant. In this recessionary economy, prices sought by Turnberry for their units are still extravagant and apparently more pain is necessary before they realize their overpriced nature.

Now that Turnberry has been "bailed out" so to speak, will we see similar projects take this route as well? Only if they're lucky. Industry "experts" - and you know how we feel about experts, especially in this environment - say Prudential got a good deal and basically picked up real estate at a highly discounted price. Said attorney David LeGrand:

"In this economic environment, it makes sense to improve your financial portfolio at a discount if you have the money."

If you have the money... oh, that's a good one! Does he think everyone is an accredited investor?

Main Stages of a Real Estate Bubble

Ron Costa (ALL Vegas Valley Realty) — Sat, 21 Mar 2009 18:14:19 -0500

I'd like to summarize an interesting article someone just emailed to me. Here's a timeline for the anatomy of the real estate mess we find ourselves in as a nation:

Take Off: 1998-1999
First Sell Off: 2000
Media Attention: 2001-2002
Enthusiasm: 2003
Greed: 2004-2005
Delusion: 2006
Denial: 2007
Fear: 2008
Capitulation: 2009-2010
Despair: 2011-2013
Return to the Mean: 2014

Sounds about right. Backed up by 500 years of economic history, the timeline applies pretty well to the current real estate bubble. In fact, 4 main stages can then be identified:

1) The Stealth Phase: With better access to information and a higher capacity to understand it, this is where the "smart money" gets in, often quietly and cautiously. As prices gradually increase, larger positions are established as the "smart money" insiders realize that the fundamentals are sound and they have a winner on their hands. The general population has no idea what's happening at this point.

2) The Awareness Phase: This is when investors start to figure it out and bring additional money that push prices higher and higher. You also see short-lived selling off periods as the "smart money" people cash in on their first profits and during each of these "sell offs", the smart money people take these opportunities to fortify their portfolios. They do this until the media gets involved and brainwashes the general public that they're just as sophisticated as the "smart money" group - which they're not and never will be.

3) The Mania Phase: Thanks to the lack of an unbiased opinions in the media, everyone seems to be making money in an "investment deal of a lifetime". Getting into the deal is a "no brainer" and future price increases are "guaranteed", which of course goes against all the laws of supply and demand. Money from all avenues gets pumped into the deal, often from those who can't afford to do so, as the "smart money" people are gradually pulling out and selling to these nouveau "sophisticated" investors. People see enormous paper profits and greed sets in, so everyone starts to use debt and leverage to bid up prices and jump into the deal, despite their lack of knowledge of market dynamics and fundamentals. The bubble is at its breaking point.

4) The Blow Off Stage: This happens when someone finally "gets it" and convinces everyone else at the same time that the situation has changed, often resulting in the classic "reality check". Many will try to reassure the public that it's just a temporary set back and that the naysayers don't know what they're talking about. The house of cards collapses and the late comers to the party (a.k.a. - the general public) are left with the bag while the original "smart money" has pulled out a long time ago. Prices plummet, over leveraged investors go bankrupt, people are afraid of making any types of investments, eventually resulting in a totally depressed market which many then consider "a significant buying opportunity". The problem now is that thanks to the media and the constant biased opinions they face each day, the general public now thinks of this opportunity as "the worst possible investment" which allows the "smart money" to once again acquire assets at bargain bottom prices.

The bottom line is if you've arrived late to the dance with the hope of getting something for nothing, bubbles can be very damaging. It helps to be in the "smart money" class. If you're not - and you know who you are - visit this website and register today

ATTN Seasoned Real Estate Developers and Texas Real Estate Land Investors

Ron Costa (ALL Vegas Valley Realty) — Fri, 20 Mar 2009 16:15:31 -0500

This just came into my office from one of our contacts down in the Dallas Forth Worth area of Texas. It's a 200 acre parcel of land in an amazing location just waiting for the right developer. And it's priced right as well.

View the details at www.dfwtexasland.com

Brokers are welcome on this project, so if you are looking for a Land Development Opportunity in the Dallas Forth-Worth area of Texas, then you need to look at this 200 acre parcel situated in close proximity to the Dallas Forth Worth Airport and adjacent to major highways -- A Texas land developer's dream!

Call Frank toll free at 866-363-4657 for info or send an email here.

Everyone's To Blame for Failure of Las Vegas ManhattanWest Condo Project

Ron Costa (ALL Vegas Valley Realty) — Tue, 10 Mar 2009 15:15:09 -0500

What happens when you let a software engineer develop a high profile Las Vegas condo project? You end up with a non-completed mid-rise eyesore where the developer faces more than $30 million dollars in liens attached to his Las Vegas condo development.

Now developer and former computer dot-commer Alex Edelstein says he's looking for investors to help him finish the job. His lien holders, however, say he's no where to be found and won't return phone calls. There's nothing worse than a developer who doesn't know how to develop and that seems to be the case with the ManhattanWest project.

But Edelstein surely isn't the only one to blame for this yet another Las Vegas condo fiasco. It seems construction issues had become quite severe during the entire build - and no one caught them until ManhattanWest's project manager finally started to investigate, finding some 58 building code violations that hadn't been resolved in over 18 months!

With faulty structural concrete and an inadequate fire safety system that was installed by unlicensed subcontractors that did not meet code requirements, Manhattan West turned to E&E Fire Protection who then saw an easy score and (rather than make some modifications) decided to replace the entire system and is now owed about $3 million.

Then there's Hydro Pressure Cleaning, a company that charged the project $500,000 for seismic repair on concrete columns. $500,000 for a third party construction service!!!

And by the way, where were the Clark County building inspectors during all these violations? How could the project have come this far to begin with?

Now I don't blame Edelstein for not paying for sub-standard work or excessive bills, but it seems to me he should have performed a complete audit on what was going on with his development - a process that all the big timers do all the time.

With this kind of followup, I'm afraid it's going to be difficult for him to find the "bona fide" investors he's looking for to bring real offers to the table and get the money needed for project completion. I'm reminded of OJ looking for the "real killers"...

If you're one of those high rise condo or mid rise condo investors who bought into this ManhattanWest project (or the original Manhattan Project on the South Strip for that matter), please contact me for a special investment update. (name and phone number please)

Competition Non-Existant at the 2009 REMAX Convention for Las Vegas Real Estate and High Rise Condos

Ron Costa (ALL Vegas Valley Realty) — Thu, 05 Mar 2009 15:05:01 -0600

To put it mildly, I'm simply amazed! I know times are tough and all - and many real estate companies are struggling just to stay in business. But how amazing is it that our office is the ONLY Las Vegas real estate brokerage exhibiting at this year's REMAX Internation Convention?

And for those of you who aren't aware, the conference is actually being held... IN LAS VEGAS!!! It's not like other offices had to even travel to get here. Like I said, I'm just amazed. Not disappointed, mind you, because although attendance at this year's event is noticeably down, the people who've stopped by our booth to talk to us and the connections our office has already made at this event has been outstanding.

People have actually stopped by asking about referring clients to us who are interested in buying Las Vegas real estate. We've gotten inquiries on Las Vegas foreclosure bargains, Las Vegas investment properties, and - believe it or not - Las Vegas high rise condos. It's nice to be the only game in town (or at least at the MGM Convention Center for 4 days!!!)

In fact, an agent in our office just set an appointment this afternoon to tour Turnberry with a perspective high rise condo client who just visited our booth this morning. Yesterday alone, we added about 50 people to our investor database and one agent got a lead on a institutional buyer for a 12 million dollar land deal.

I wonder how many of these potential clients we would have received if we had any competition at the show. Viva la recessionne!

Latest Batch of Bank Owned Las Vegas Foreclosure Properties Contains 16 REO Vegas Foreclosure Bargains Starting Below $100K

Ron Costa (ALL Vegas Valley Realty) — Fri, 27 Feb 2009 16:32:42 -0600

Click here to view our latest batch of Las Vegas foreclosure bargains. There are 16 Vegas foreclosure deals featured at this link. The prices on these Las Vegas condo foreclosures range from $71,500 to a high of just over $300K and are priced to move immediately.

In fact, you'll find 5 Las Vegas foreclosure bargains under $100K as well as another 6 under $200K. Browse the list, find the foreclosure deal (or deals) you're interested in, and contact us right away (name and phone number for a response) or call 702-499-0432 so we can get you started with more information regarding these foreclosure opportunities.

REMAX Convention Is Next Week at the MGM Grand - And We're Exhibiting at the Show!

Ron Costa (ALL Vegas Valley Realty) — Mon, 23 Feb 2009 16:21:41 -0600

The 2009 RE/MAX International Convention will be held next week at the MGM Grand Convention Center from Monday, March 2nd through Thursday, March 5th. Our office will be exhibiting at the event to talk to agents and customers about Las Vegas high rise condos, foreclosure investing, cash flowing commercial investment opportunities and the Las Vegas real estate marketplace in general.

In addition, we'll be doing interviews at the show for inclusion on the Vegas Convention Videos website, which showcases videos taken at various conventions and tradeshows to a targeted audience based on a variety of specific keywords. Visit www.vegasconventionvideos.com for more information on a very useful (and free) resource.

If you're attending the show, contact me and let me know - and perhaps we can get you on video to talk about your company, products, and services.

Video Showcases Las Vegas Luxury High Rise Living in Park Towers and More

Ron Costa (ALL Vegas Valley Realty) — Fri, 13 Feb 2009 14:58:41 -0600

We just created a video last night with a very strong agent in my office, Robert Sibulkin, which was shot at Park Towers, an extremely exclusive high rise located at the Howard Hughes Business Center.

The unit is on the market for just over $3 million dollars. Just watch the video with the great Las Vegas Strip views in the background and you'll get an idea what Las Vegas high rise living is all about!

View the video here

Are you ready to reap the benefits of all your hard work and start living the Las Vegas high rise lifestyle in complete and total luxury? Perhaps this unit is for you. If you're a high net worth individual, we'll show you a whole new world if you contact us today.

January Indices Illustrate Tough Times Still Ahead for Las Vegas High Rise Condo Market and Las Vegas Real Estate in General

Ron Costa (ALL Vegas Valley Realty) — Tue, 03 Feb 2009 21:18:39 -0600

The Center for Business and Economic Research at UNLV has just released their January Indices and - as you probably would guess - the numbers are not good.

Summarizing the Southern Nevada Index of Leading Economic Indicators:

"The Index of Leading Indicators continues to decline. Not since the aftermath of 9/11 has there been as sharp as this one-month decline. The fall out of the September failure of Lehman Brothers continues to show across the U.S., including Nevada, which some once thought was immune to such national economic events. It is highly likely that we may see a few more months of difficulty before things get better."

Regarding the CBER Clark County Business-Activity Index:

"The Business-Activity Index posted yet another month of decline for November 2008, dropping 5.74 percent on a seasonally adjusted basis. October and November have seen the largest declines over the past year. The fourth quarter of 2008 and the first quarter of 2009 are likely to be the weakest performing period in the current recession, which, if it expends to midyear 2009, will be the longest recession since the 1930s. It is fair to say that the severity of the current recession is likely to last longer and to match the loss of jobs of the most severe downturns in the post-WWII period. Moreover, the longer we get into 2009 the greater the likelihood of hearing more optimistic economic news"

For the CBER Clark County Tourism Index:

"The November 2008 Tourism Index stands 13.53 percent below the index value for the same month a year ago. Gaming revenue also fell to the lowest level since July 2004 and to the lowest revenues for November since 2003. Occupancy rates reached 79.2 percent, the lowest level since December of 2004. The poor performance of Clark County tourism is consistent with our knowledge of consumer spending in a recession. Consumers facing economic hardship and expecting further economic decline cut back on big-ticket items, such as cars and furniture, and discretionary spending, such as travel and holidays. Businesses also cut back spending on conferences, sales meetings, and other travel."

And lastly, the CBER Clark County Construction Index:

"The CBER Construction Index fell to 97.84 for November 2008, the lowest level since 1995. With a large surplus of empty housing units and falling job numbers, prospects for selling new homes remain dim, resulting in a marked decline in permitting. You have to go back to December 1981, however, to find one-month permitting numbers that are less than the recent numbers. Not surprisingly, weak prospects for all types of construction have brought few new projects, cutting construction jobs in Clark by near 11 thousand over the past year."

All of this translates into challenging times ahead for 2009. But remember this: great fortunes are made in down markets. That's a fact you don't see mentioned in this research report or reported ANYWHERE in the mainstream media. Believe it - it could be you!

Elvis, Liberace, and the Condo Hotel Concept are all Dead in Las Vegas as High Rise Rentals Quickly Becoming New Trend

Ron Costa (ALL Vegas Valley Realty) — Thu, 29 Jan 2009 14:03:02 -0600

High rise condo hotel developers are painfully finding out what the whole Las Vegas high rise market knows already: the condo hotel concept is dead in this town right now. Between what prices for these units began at and the tightening of the credit markets which make financing them almost an impossible task, high rise condo hotel developers need to start thinking out-of-the-box to avoid having their towers sit empty for a long, long time.

As such, some (such as Trump) are beginning to rent their unsellable units instead, which is a pretty smart move rather than have to admit the project's been a dog for quite some time now. Many others will follow this new trend - including (I predict), CityCenter. There's no other choice since anyone closing on any condo hotel contracted out during the "high rise frenzy years" will find themselves upside down as soon as they sign the closing papers. That's why you see so many would-be buyers just walking away from their 6-figure deposit monies.

Many real estate companies are noticing this trend as well and are re-creating themselves as rental companies as well - another smart move since that's where the business will be. The key here is being proactive. And many are taking strong bold moves to move forward in a positive light despite what has happened and what may be in store in the short-term future.

You try..., you fail..., you learn... you try again... It's the winners in lfe that move forward while other's wail in depression and think of what may have been. Perhaps in today's economonic climate, you need to think of alternative, recession-proof opportunities, that are out of the mainstream investing and aren't correlated to the volatililty of the stock market and real estate...

Las Vegas High Rise Condo Fire Sale - Must Sell. Gorgeous Units Right Off the Strip

Ron Costa (ALL Vegas Valley Realty) — Tue, 27 Jan 2009 21:54:44 -0600

For those of you high rise condo buyers who've sat on the sidelines all this time, your ship has come in. We now have access to - approved directly by the developer - high rise condo bargains one block off the Las Vegas Strip available to you right now at over 50% OFF the original price.

These units have never been lived in before, are drop dead gorgeous, and are ready for immediate move-in and purchase. Here's the types of Vegas high rise condo bargains you can take advantage of right now (which are available at the crazy price of approximately $277 per square foot average):

WAS $395,000... NOW $176,000
WAS $700,000... NOW $354,000
WAS $570,000... NOW $289,000
WAS $300,000... NOW $152,000
WAS $250,000... NOW $126,500
WAS $900,000... NOW $460,000

And these are just examples of a few condo bargains. There are more than 200 more in inventory!!! We need to move these units quickly, so if you'd like to take advantage of this Las Vegas high rise condo fire sale, email us here (you MUST include your name and phone number) or call 702-499-0432 for more details. Serious condo bargain seekers only please - there's plenty more where this came from.

... You've found your high rise condo bargain source - and if you're a non-high rise foreclosure bargain hunter, don't forget to check out our Las Vegas foreclosure deals website as well.

Las Vegas Real Estate Market Preview: January 29th is Depression Day - Unless...

Ron Costa (ALL Vegas Valley Realty) — Wed, 21 Jan 2009 13:07:29 -0600

I noticed that the Las Vegas Chamber of Commerce is once again presenting "Preview 2009" to be held Thursday, January 29th at the Thomas and Mack Center. Tickets start at $60 for Chamber members and $80 otherwise. But let me save you some money and just tell you what you'll hear at the event.

The economy is bad... really bad. Traffic counts at McCarren Airport are down to very low levels.... Construction startups are down.... Resort occupancy is a fraction of what is was 2 years ago.... Unless you're working real estate foreclosures, nothing's selling in the residential market and the commercial market's going to be hit hard this year as well... Office leasing space is a joke... The high rise market is completely dead (except for one project)... Developments have come to a standstill and many have been cancelled due to the economy... In other words: Nothing's going well right now.

Then, each presenter will talk about how "the future does look bright if we can just weather the storm for now." Ladies and gentlemen, start your networking!

Do you really need to pay to hear this? Aren't you depressed enough already? If you're into networking on an entirely superficial level, then by all means attend this event. I went last year and quite frankly, the 2 best contacts I made while I was there was in the parking lot before I even bought my ticket!

For me, there's only one solution right now - that's to work with those people who know how to invest like the top CPA's and attorneys invest. The group I've aligned myself with are providing their clients with recession proof investments that have stood the test of time during this entire down market. Their clients are happy and haven't been effected by the vagrancies of the real estate and stock markets - and they're getting returns on their investments that most investors could only dream of even when the market was peaking.

You don't need to go to a preview event to know what's in store for most people. The question is, will you separate yourself from the masses who are just sitting on the sidelines waiting for something good to happen before they get back into the game... If yes, then click here and register. If not, well... enjoy your depression.