Why not Las Vegas?

[gfranco]

I`ve researched the western sunbelt locations and have decided on Las Vegas for a number of reasons, not the least of which is basic real estate fundamentals: entertainment, outdoor activities, golf, 30 thousand listings for residential properties (the perfect storm when coupled with our relatively high $), accessibility from virtually every city in North America, gambling if you are so inclined, no estate or personal income taxes, the city is surrounded by Federal land and has nowhere else to grow, and the list goes on.

In Calgary I`m finding that most people tend to look at Arizona but if you stop to think about it, Vegas has more going for it than any other alternative. It`s the last one into the sub-prime crisis, is the third-worst affected after Detroit and Stockton, and will be the first one out.

What do others think?

 

[UTCVenturesLtd]

QUOTE (gfranco @ Jun 12 2008, 08:56 AM) I`ve researched the western sunbelt locations and have decided on Las Vegas for a number of reasons, not the least of which is basic real estate fundamentals: entertainment, outdoor activities, golf, 30 thousand listings for residential properties (the perfect storm when coupled with our relatively high $), accessibility from virtually every city in North America, gambling if you are so inclined, no estate or personal income taxes, the city is surrounded by Federal land and has nowhere else to grow, and the list goes on.

In Calgary I`m finding that most people tend to look at Arizona but if you stop to think about it, Vegas has more going for it than any other alternative. It`s the last one into the sub-prime crisis, is the third-worst affected after Detroit and Stockton, and will be the first one out.

What do others think?

I like. It is on my shopping list for a home south of the border. I was seeing big ads of what Las Vegas was doing in the Calgary Herald a few months ago. Heard that 5000 people per month were moving there. On the downside, i read that their water supply will be dried up in 13 years at the present rate of consumption.

 

[DonCampbell]

Make sure you do your homework. Prices are down 22% ytd, there are over 2,000 condos being built right now, with population growth shrinking, layoffs and major projects (casinos and shopping) being canceled.

You will see that the expected drop is another 20+% (most economists), and rental rates have also dropped with owners having to give major incentives (as much as 3 months FREE rent) to get people to move in.

Take your Goldmine Scorecard and run the city through that thorough filter before you jump in. That should help you decide whether it is just speculation or it is a true investment.

 

[gfranco]

QUOTE (DonCampbell @ Jun 12 2008, 06:38 PM) Make sure you do your homework. Prices are down 22% ytd, there are over 2,000 condos being built right now, with population growth shrinking, layoffs and major projects (casinos and shopping) being canceled.

You will see that the expected drop is another 20+% (most economists), and rental rates have also dropped with owners having to give major incentives (as much as 3 months FREE rent) to get people to move in.

Take your Goldmine Scorecard and run the city through that thorough filter before you jump in. That should help you decide whether it is just speculation or it is a true investment.

Thanks for the input Don. We`re looking at this as a second home and any offers we put in and are already discounting the anticipated 20% drop. Until retirement time (3-5 years) we will either rent the property out seasonally to Calgarians or longer term to a local if the opportunity is there. It`s just that the perfect storm for buying cheap there will only likely last another 12 months.

My real issue is that most people don`t think of Vegas as a viable retirement location and Albertans in general default to Arizone. I think Vegas has more going for it than most people give it credit for.

 

[DonCampbell]

Of course one issue with any of these sun-belt areas is the 3.5 - 4 months where the temperature hovers around 110. I guess most will comeback to Canada at that time.

Friends who live in those areas plan their lives around NOT being there during these months.

 

[wealthyboomer]

QUOTE (gfranco @ Jun 13 2008, 08:31 AM) I think Vegas has more going for it than most people give it credit for.
Until they run out of Water!

There are other issues as well, if you consider it being a `tourist` area, and the fact that the U.S.A., is making it more difficult for foreign travellers to enter their country.

The place was built on `other peoples money`, and their government is making that more difficult on a daily basis.