[inveritatemonstra]

Originally Posted by olecapt

You misunderstand the intent. They were never aimed at locals. There are some high rises that were..One Queensridge being the primary example..and they to have troubles though not on the level of the strip places.

The initial vehicles did well. Then it took off and it appears to be that the actulal market is a lot smaller than was thought. Greed is its own reward.

I would think though that, for the very well heeled visitor, City Center is about as convenient a Vegas place as one could have.

There are also some indications that the MGM Signature places will actually sell for $300 psf. I find that amazing but it appears true.

So never say never....

I don't think I misunderstood any intent. Are you trying to tell me that no marketing was done with phrases such as "casino workers" / "locals" moving to the strip / downtown was never used?

The initial vehicles did well. Then it took off and it appears to be that the actulal market is a lot smaller than was thought.

As I said...

all of the hype from reps / agents with no clue about real high rise living... and developers who had no clue about Las Vegas.

when you've lived in a city such as Chicago with real high rise living... you understand high rise living. If you read the article, you have high rise developers that are successful in other cities that failed miserably in Las Vegas and are pointing their fingers at the blowhard local real estate "experts" that pumped the "Manhatanization" of Las Vegas making it sound like everybody wanted to move to the strip/downtown.

I'm not sure what you mean about the "initial" projects.

Turnberry and Park Towers did well because those are real condominium towers as is One QueensRidge Place... as for the other "initial" vehicles that came out afterwards... they only did well at first because of speculators buying who never had any intention of keeping the units.... Units that are glorified hotel rooms. Most of these other places are ghost towers with little signs of life.

City Center does have appeal... not sure why somebody would want to pay $500K+ for a glorified hotel room when you can stay at a number of Casinos (including City Center) for less then $200 a night.. But I'm sure there are a number of people being pitched that it's a great "investment"...

Like there is any shortage of hotel rooms in Las Vegas... LOL!!

[Tiger Beer]

I thought the high-rise condos did make sense - in the PREVIOUS market.

Today's market is totally different...and the outlandish spending of buy and re-sell, buy and re-sell doesn't work anymore. So makes sense to scrap the idea.

Condo fees are the other problem, I think most people are reading Miami's problems with nearly deserted condos and the problems from that. Most likely, the same kind of people interested in Vegas are equally interested in Miami.

Well, in short, times are drastically different than the building frenzy. In the building frenzy era, they were spreading out everywhere, so makes sense to build up in and around the Strip...in that market. Not now though. Building then, and stopping now, it all makes perfect sense to me.

[Swigchow]

The pendulum swings both ways. Previously there was hype and hysteria, now there is doom and gloom. Which of those two is the best time to buy?

[inveritatemonstra]

Originally Posted by Swigchow

The pendulum swings both ways. Previously there was hype and hysteria, now there is doom and gloom. Which of those two is the best time to buy?

Neither one should be based on a time to buy. Buying real estate should be based on a buyers financial and/or housing needs and comparing it to comparable rents for the same style of property.

Who cares what everybody else is doing if you follow sound financial rules for buying/investing in real estate since the days of Babylon?

[Swigchow]

Originally Posted by inveritatemonstra

Neither one should be based on a time to buy. Buying real estate should be based on a buyers financial and/or housing needs and comparing it to comparable rents for the same style of property.

Who cares what everybody else is doing if you follow sound financial rules for buying/investing in real estate since the days of Babylon?

Gosh, I should use other criteria to buying real estate? lol

Fwiw, I always care what other people are doing.

[zenaforever]

Originally Posted by inveritatemonstra

I don't think I misunderstood any intent. Are you trying to tell me that no marketing was done with phrases such as "casino workers" / "locals" moving to the strip / downtown was never used?



As I said...



when you've lived in a city such as Chicago with real high rise living... you understand high rise living. If you read the article, you have high rise developers that are successful in other cities that failed miserably in Las Vegas and are pointing their fingers at the blowhard local real estate "experts" that pumped the "Manhatanization" of Las Vegas making it sound like everybody wanted to move to the strip/downtown.

I'm not sure what you mean about the "initial" projects.

Turnberry and Park Towers did well because those are real condominium towers as is One QueensRidge Place... as for the other "initial" vehicles that came out afterwards... they only did well at first because of speculators buying who never had any intention of keeping the units.... Units that are glorified hotel rooms. Most of these other places are ghost towers with little signs of life.

City Center does have appeal... not sure why somebody would want to pay $500K+ for a glorified hotel room when you can stay at a number of Casinos (including City Center) for less then $200 a night.. But I'm sure there are a number of people being pitched that it's a great "investment"...

Like there is any shortage of hotel rooms in Las Vegas... LOL!!

I wouldn't live in Chicago....you cannot wander downtown at night unless you are armed..Chicago is not Manhattan so stop comparing it I lived in NY over 10 years and streets are always busy any time of day and night Chicago is a desert past 8pm+all shops are closed at night. I live at Sky and love it.

[inveritatemonstra]

Originally Posted by zenaforever

I wouldn't live in Chicago....you cannot wander downtown at night unless you are armed..Chicago is not Manhattan so stop comparing it I lived in NY over 10 years and streets are always busy any time of day and night Chicago is a desert past 8pm+all shops are closed at night. I live at Sky and love it.

Ummmm... when did I compare Chicago to Manhattan? My reference was to promoters comparing the future of Las Vegas to Manhattan which you should obviously recognize as completely ridiculous if you lived in Manhattan. Personally... I don't leave Manhattan when I go to New York... except for one time when I went to take in a Yankees game and that was quite an experience. Are you trying to tell us that that area of NYC is better then Wrigleyville?? LOL!!!

Maybe you should spend more then $35 a night for a hotel room in Chicago before you make ridiculous comments like you did...

Regardless... I never made a reference comparing Chicago to Manhattan so lay off of the juice until your vision clears.

Glad to hear that you love living at Sky...