May 19, 2009

Vegas gambled. Vegas lost. Big time.


Too bad.

We tried to warn them.


8 comments:

Bukko_in_Australia said...

Buh buh buh I thought in Vegas, the house always wins...

eric in vegas said...

I told my brother he was a dumb ass for buying an 1800 sq. ft. box for $330,000 in 2006 but he was sure it was only going to go up in value.

Anonymous said...

BUT THE YEAR ROUND GOLF!!

Anonymous said...

I sold my house in Fairfield, CA in 2001. Just a little bit too soon; but, everything is on the plus side of the ledger now. (rented ever since).

casey said...

At least they have good casionos and hookers!!!!

Miss Goldbug said...

Contra Costa County should be included. American Canyon, Vallejo and Dublin are all overbuilt ready explode.

May is the month a lot of banks will release a torrent of forclosures onto the already market of stale inventory.

I'm seeing panic here in Alameda. Homes where people are hurrying painting, planting, prepping their homes to put on the market when school lets out.

We have layoffs in city of Alameda workers and after these propsitions crash and burn, more layoffs of teachers next month.

The RE crash is gaining steam here as well.

This is the beginning stages of the summer of discontent.

Stuck in So Pa said...

I found out that my one cousin bought a large two-unit high-end condo, 13th floor, back in 02 out in Vegas. The HOA rents it out for him by the week to visiting high rollers, and even with the HOA fees and the outrageous management fees the HOA charges him for managing his "rentals", in the last five years he put $23-26000/yr in the local Vegas bank after HOA, management fees, taxes, mortgage payment (10% down, 30 yr fixed rate, he’s no fool,) etc. He incorporated himself in Nevada and leaves his rental income in the bank out there because of the differences in tax law between Nevada and Maryland. He figures that in 5-6 years he can pay the principle off in one lump sum, if he wants to, or let it ride (sorry,) which ever way would be more beneficial, tax-wise. The fact that it’s underwater is meaningless to him. Cash flow positive is all that counts.

Smart people are always going to find a way to make money!

And Vegas will always be there! Sin always survives, even in a down economy!

Anonymous said...

What. A. Shithole.