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Old 06-07-2011, 06:21 AM
 
Location: Ft. Lauderdale, FL
228 posts, read 718,547 times
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Saw the story this morning on MSN, and felt I could start a new discussion about it. What are your guys thoughts on this story?

Is Las Vegas the new Detroit? - 1 - underwater homeowners - MSN Money
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Old 06-07-2011, 07:01 AM
 
Location: northern Vermont - previously NM, WA, & MA
10,744 posts, read 23,798,187 times
Reputation: 14645
What a depressing topic. And I seriously doubt regardless of crime or foreclosures that Las Vegas has any parallels with Detroit, that's a very poor analogy. The only thing I will say in relation to the article is Las Vegas will certainly need to diversify its economy if it ever wants to thrive again in the future, but I really don't see it falling into the abyss like Detroit.
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Old 06-07-2011, 07:12 AM
 
Location: Ft. Lauderdale, FL
228 posts, read 718,547 times
Reputation: 169
That's what I said too, it's silly to compare any city to any other city. We are all hurting in the end, for different reasons.
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Old 06-07-2011, 07:13 AM
 
Location: Las Vegas , Nevada
16 posts, read 28,490 times
Reputation: 50
Not sure if I am as qualified as the natives but from someone heading Las Vegas way. Detroit has high taxes bad weather decayed housing. Vegas has good weather , great views, good housing and low taxes. I am leaving Illinois cook county near Chicago because they never saw a tax they didnt love. ( ie Detroit ) Now to me the place I am leaving is going to be the next Detroit. I am banking that as Las Vegas rapidy fell it will rise up from the ashes bigger and better then ever. I will be proud to call it my home.
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Old 06-07-2011, 07:16 AM
 
72 posts, read 110,695 times
Reputation: 67
Quote:
Originally Posted by caphillsea77 View Post
What a depressing topic. And I seriously doubt regardless of crime or foreclosures that Las Vegas has any parallels with Detroit, that's a very poor analogy. The only thing I will say in relation to the article is Las Vegas will certainly need to diversify its economy if it ever wants to thrive again in the future, but I really don't see it falling into the abyss like Detroit.
What are you talking about? Las Vegas is directly related to Detroit. The only difference between Detroit and Vegas is that Detroit has 10 years on his belt while we have 2 years.
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Old 06-07-2011, 07:21 AM
 
Location: Kingman AZ
15,370 posts, read 39,098,836 times
Reputation: 9215
Quote:
Originally Posted by Tagalog View Post
What are you talking about? Las Vegas is directly related to Detroit. The only difference between Detroit and Vegas is that Detroit has 10 years on his belt while we have 2 years.
What are YOU talking about......you apparantly havent been around Las Vegas very long....there have beenn MANY times such as what we have now and we will pull out of it;.....you CAN'T hold a gambler back as evidenced by the fact that they're starting to pour back in.....we'll take em....and play em, and hook em.
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Old 06-07-2011, 07:47 AM
 
Location: Henderson
293 posts, read 641,438 times
Reputation: 314
Another big difference in the two is drive through many areas of Las Vegas and Detroit and you would be able to tell a HUGE difference in the two areas. Rundown, old, decayed, dirty, falling down and just unliveable compared to recently built, solid, still in great shape with pretty clean areas around them is no comparision at all. I know that Las Vegas has a few areas that are tattered looking, but have you been to Detroit lately? That is a common look most places! Unless Detroit gets back the manufactoring they lost they are in for many years of this and things getting worse. Las Vegas has cheap housing but it is a different cheap housing. The houses still are in great shape and you would not hesitate to buy one for fear of the neighborhood or how long it might be standing. The people in Las VEgas still have a pride in what thier area looks like and the HOA's, for as bad a rap as they get keep the area looking nice to attract buyers to the area
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Old 06-07-2011, 07:56 AM
 
72 posts, read 110,695 times
Reputation: 67
Quote:
Originally Posted by Nolan05 View Post
Another big difference in the two is drive through many areas of Las Vegas and Detroit and you would be able to tell a HUGE difference in the two areas. Rundown, old, decayed, dirty, falling down and just unliveable compared to recently built, solid, still in great shape with pretty clean areas around them is no comparision at all. I know that Las Vegas has a few areas that are tattered looking, but have you been to Detroit lately? That is a common look most places! Unless Detroit gets back the manufactoring they lost they are in for many years of this and things getting worse. Las Vegas has cheap housing but it is a different cheap housing. The houses still are in great shape and you would not hesitate to buy one for fear of the neighborhood or how long it might be standing. The people in Las VEgas still have a pride in what thier area looks like and the HOA's, for as bad a rap as they get keep the area looking nice to attract buyers to the area
Again, Detroit has many years ahead of Vegas. At one time, Detroit took pride in their community too.
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Old 06-07-2011, 08:00 AM
 
Location: Macao
16,257 posts, read 43,168,834 times
Reputation: 10257
Quote:
Originally Posted by Tagalog View Post
What are you talking about? Las Vegas is directly related to Detroit. The only difference between Detroit and Vegas is that Detroit has 10 years on his belt while we have 2 years.
Have you ever been to Detroit?

It's my home city and home state region. There are almost ZERO similarities whatsoever - except the very superficial loose connection that they are one major industry towns.

But, that doesn't make the two cities identical by any stretch.

Detroit is a seriously crime-affected urban monstrosity ravaged by crack cocaine and other epidemics. Empty streets and racial politics, and racial divisions. Serious long-term economic decline, etc. Almost irrepairable deteriation of much of it's housing, etc.

Additionally, while Vegas had housing going for a half million dollars and now going for much lower. Detroit DIDNT have that at all. They were continuously at very cheap housing prices of well under $50,000, and still no one was coming in. They didn't experience the housing bubble. It's popularity went away over a half century ago.

Additionally, Vegas is a popular place for retirees, Californians, New Yorkers, international people, etc. It also has a great climate in a very agreeable part of the United States, surrounding by national parks. It'll still continue to attract people for a long time to come.

Detroit, on the other hand, is in the middle of a very large region experiencing drastically large numbers of people leaving their part of the country....leaving behind dilipitation and failed economies, and everything else.

The future of Las Vegas seems incredibly optimistic and one of continued interesting change, and interesting speculation.

Detroit is reeling from a very long 'nightmare' of immense problems, with a slight hope for a slightly better future. But, the cards are heavily stacked against it.

Las Vegas seems to have all the cards in its favor, and unless someone with a 2-9 offsuit can beat J-J with heads up all-in pre-flop, this is only a small bump in the road due to excessive (popularity) growing pains, than anything else.

With Detroit, the best of Detroit is long gone, and would need to mightily improve it's 2-9 hand against a J-J to become the city it once was again. Meaning it probably wouldn't happen, unless some incredibly divine circumstances interjected somehow.
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Old 06-07-2011, 08:57 AM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,486,602 times
Reputation: 7615
Quote:
Originally Posted by dynimagelv View Post
What are YOU talking about......you apparantly havent been around Las Vegas very long....there have beenn MANY times such as what we have now and we will pull out of it;.....you CAN'T hold a gambler back as evidenced by the fact that they're starting to pour back in.....we'll take em....and play em, and hook em.
Only problem...today they can be hooked in so many other waters!
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