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Down And Out In Las Vegas

Naaaa...Vegas will keep on keep'in On!

dancing.gif Dance image by kimcantela

As a realtor living & working full time in Las Vegas, It's always interesting to hear or read any outside views of Las Vegas. Today, I read an article online from a british publication, "The Independent", by Guy Adams titled, "Down & Out In Las Vegas." and was left scratching my head. It's easy for someone to pick apart Vegas when you don't live here. But what the author left out in his article, is the optimism and hope & the will power people have here in Las Vegas to survive & thrive.

untitled9.jpg picture by artmaniac

Las Vegas is currently undergoing a massive change, evolving into The Convention Showcase To The World. Steve Wynn has plans for a convention center that will feature 2 million square feet of space!

In the next 3 years an estimated 42,200 jobs will be created by the Palazzo, Encore, Fountain Bleu, City Center, Cosmopolitan, Etchelon Place and With projects such as the 100 Million dollar Fine Art Center, the Jewelry Mart and a diversification of other projects that are being built like the Lou Ruvo Brain Institute for Alzheimer's research.

There is expected to be as much as 15 Billion dollars invested in Las Vegas over the next several years.

The long term investing for Las Vegas real estate looks great, however on a down note, as many as 150 to 250 foreclosures a day could be hitting the market and we as a city could see as many as 30,000 - 40,000 homes on the MLS towards the end of the year. This may be true, but when you talk to any experienced real estate agent working in town, you will find a lot of homes will have as many as 10-15 offers on them. And for example many clients cannot find single story homes with a pool, and are actually on a waiting list to find these homes. Moral of the story? Don't believe everything you read and hear in the media

Down and Out In Las Vegas ? I don't think so....Just new beginnings and opportunities for people all over the world to come visit or live, and absorb everything this wonderful city has to offer. The people of Las Vegas have seen hard times before, but when the going gets tough, people dig in and keep on going. After everything is said and done, Las Vegas is truly our home and a great place to live.

the-long-wait-is-over.jpg picture by artmaniac

Posted by Steve Harless "Your Las Vegas Real Estate Connection" on 07/06/2008 09:10 AM

Comments (21)

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Originally posted at: Las Vegas Realtor Steve Harless - RE/MAX EXTREME 702.217.1680: Down And Out In Las Vegas

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21 Comments on Down And Out In Las Vegas

JUL

2008

Hi Steve, 15 Billion? That's a lot of dough. Sounds like Vegas is going to be booming!! Honestly, I always thought it was. Best of luck handling all those listings coming your way:o)

As always. Las Vegas seems to be in a Bust or Boom stage. I think Las Vegas is just like the rest of the country but magnified because of the intense population increase the past few years. With a lot of new construction and homes being built, they also fell victim to the mortgage industry problems. We will all recover but not until the banking industry finds some stability and the ability to finance transactions.

I am not having problems with financing...its going well, as I use indy mac bank

but for the rest of the states I see your point

Great post. There should be more optimisim out there instead of the same old doom and gloom ! Opportunity abounds in Philadelphia as well.

Steve thanks for the update, and upbeat perspective! It is just a pause in the growth spurt, and the best is yet to come! You can't stop progress!

I never blindly follow the media, I will write a blog about the media and how it hurts many many people

Dave Woodson

I want to read it Dave! sounds great

Steve this is a great look ahead at the positive. Viva Las Vegas! Cheers and Abundance to you!

thanks for stopping by teresa

JUL

2008

updated

I wanted to stop over to say "hello". Your animation is too funny!

Love to make it out to Les Vegas again .. very nive place to be!

Take care

You have had simular woes to residential RE as we have here in AZ. All part of the cycle. Thanks for the post...love the animation, can't wait to get a better look at City Center!

Hahn/Zach

Thanks for stopping by...

AND, the Realty World convention next April. I trust you're planning on being the host for all of us?????

greg: I 'll be sure to take YOU out! hehe

Steve, I'm not sure if you were being sarcastic about IndyMac or not, but sorry to be the bearer of bad news, but IndyMac has gotten out of the Home Lending industry.

Things are not as bad as the media wants to make out. They want the doom and gloom to sell papers.

JUL

2008

Pam: I already got the inside scoop...Indymac is going to be purchased by another bank. My lender at indy mac told me that they were still doing loans, and that they would just have a new sign of another company soon. thnaks for your post! Steve

I get a lot of information here: http://ml-implode.com check it out pam

Thanks Steve. Now, my WIFE will be with us, and judging from the figure above, please be nice?

Greg: I am a gentleman...and will respect your wife -dont be swayed by the image above, it is a computer generated!

JUL

2008

Steve -- LOL, I stumbled across this blog post and saw that you used IndyMac for financing. :) I think half of the nation did. Then, one of our fine Congressmen had to run them out of business with a letter he authored.

jesse: it happens....the real question is this going to be a common occurrence in the next 60-90 days in the states?

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