Vegas Real Estate

Discussion in 'Money & Investing' started by Mirage, Sep 23, 2005.

  1. Mirage

    Mirage Administrator Staff Member V.I.P.

    Wow.. according to Forbes magazine, Vegas Real Estate was $600,000 per acre in 1999. Now, at the end of 2005 it is about $16,000,000!!!

    This is something that would have been an insanely good investment a few years ago..

    Looking at how it's been going, and how fast it's growing, technically it could still double in the next few years...

    A little harder to come by the asking price now though. :(

  2. Nanner

    Nanner Registered Member

    We could all pool our pennys together and buy a 1/2 acre and open a cheesy gift shop?

    So many "shoulda" out there as far as investments!
  3. yooperchick

    yooperchick Registered Member

    WOW!! That is an insane increase for just 6 years!!
  4. lzamora

    lzamora Registered Member

    I have an uncle investing in brand new houses in Vegas, such as Pulte or so. He is saying that buying new is better than Foreclosures or HUD!.. I don't know where he got that from, but I want to see how is he doing in a couple of years...
  5. Mirage

    Mirage Administrator Staff Member V.I.P.

    Wow, yeah he should be doing pretty well in a few years. I have a hunch he is doing well right now to be able to even THINK about investing down there.. :)
  6. IslandGuy

    IslandGuy Registered Member

    Wow, that's really interesting. I thought Vegas was not exactly in a down cycle, but that they were concerned about the failure of the expansion of the casinos on the Strip to realize their full potential. Initially, they had hoped to lure whole families to Vegas rather than just mom and dad, by offering a bevy of things for the kids to do either while parents gambled or to do in addition to gambling. However, as I heard it (maybe things have changed since I last looked into it), the strategy wasn't working as well as planned - it was still gamblers coming in and not booming as a family vacation spot.

    Never really thought it would be a good place to take the kids anyway, even if they can go off and go on 15 different roller coasters and other rides and shop in all these cool stores while I'm off gambling and if I'm in Vegas, I'd want to gamble ... you can do the other stuff with the family lots of different places where I'd personally feel more comfy leaving the kids to their own devices than Vegas.

    Of course, poker, especially Texas Hold 'Em has become such a huge hit that I bet the upturn in poker has benefitted Vegas and maybe made up for not quite hitting the nail on the head as a family vacation spot?

    Have to admit I don't know anything about real estate in Vegas ... just wondered if those events had any tie in with the boom that seems to be the case, because otherwise it kind of surprises me (and makes me wish I did buy a time share condo there a few years back LOL).
  7. Mirage

    Mirage Administrator Staff Member V.I.P.

    Well Vegas is certainly no place for kids. Kids belong in Disney World or something. Leave Vegas for the adults. :)

    I think that's the draw now. Leave the kids with a sitter and take off for a weekend in Vegas. I've been there and I have to say it's one of the coolest cities I have been to. Definitely an exciting place, and everyone knows it. That's why it's really becoming the "in" place to go when you have a spare weekend or two.

    The land has gone up in price because of all the hype centered around Vegas. It seems that everybody who has the big bucks wants a piece of the action.

    It's almost comparable to the .com boom. Vegas really is booming right now, but it's primarily gambling based. I wouldn't guess we will see office buildings going up with non-gaming corporations setting up headquarters anytime soon.

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