"We have decided to delay construction of our project on the Las Vegas Strip due to the difficult environment surrounding today's capital markets and the challenging economic conditions that currently exist. We expect to resume construction when credit market conditions and the overall outlook for the economy improve."
This statement, heard today from Boyd Gaming regarding their much anticipated $4.8 billion dollar Echelon project, seems to be the mantra of the times regarding high end high rise condo/resort properties on the Strip. Take just about any development right now and it seems they've all released a statement similar to the above. (except of course, Project CityCenter which is amazing). The key part of that sentence, however, is "when credit market conditions and the economy improve" - and when will that be? No one knows.
But one thing's for sure, it'll NEVER happen in Vegas again, right? That's what all the mainstream media is telling you - the Las Vegas real estate market is done, over, finished, kaput, history, old-news, 86ed... Well this is Las Vegas: Wanna bet?
Now I don't have a crystal ball, and I can't tell you with any certainty when this whole mess will "officially" turnaround, but I do know this is a problem not just centered on the Las Vegas market. Things WILL get better. I really believe Vegas will be one of the first cities to recover - I just don't know when. But sit tight folks: it's going to happen (maybe even sooner than we think)
And believe it or not, despite the down market and our current recessionary times, there are certain investment vehicles you can put your money in right now that'll provide you with low risk double digit returns which make perfect alternatives to Las Vegas high rise condo investments or investing in the real estate - safer than banks, safer than bonds, and safer than ANY government-backed instrument! (thank goodness!).
Would you like to know what they are? (name and phone number please). Perhaps an excellent investment vehicle for you to ride out the next 18 months of recovery? And I promise you this isn't a scam, get rich quick, multi-level, or any other investment scheme nonsense...
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1 comment:
I'm still hanging in there. Your blog is one of the things that is keeping me optimistic.
A big problem now is banks need more 'reassurance'. They want so much more down that prospective buyers have walked away from their deposits.
With my current property, I'll eventually have to refi in about 2 years. As as I know, a lot of banks have either ended ALL condo-tel loans or want as much as 40% down. Coupled by the fact that my property value has plummeted. I'll be in trouble if that doesn't change in a year or two.
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