All in Las Vegas Market
The Las Vegas land numbers (price and volume) pale compared to the boom years of the post 9/11 Fed induced bubble. However, interest rates are still low, and as Clark County Commissioner Tom Collins once said, "God ain't makin' no more dirt, but he is still makin' babies. Stay tuned.
Las Vegas has turned into a big party with more low-rollers thinking its BYOB. They don't have the money to gamble, so they club it a bit, then trash their cheap hotel room for kicks.
Most home sales in Las Vegas are made during the warm month window (March to October) making this February sales spurt unusual.
There was a time Nevada was thought to be libertarian, with no income taxes, bars that never close, and good gamble always available. The government was relatively small and the government handouts for business few. When the recently passed Perry Thomas began making bank loans to gambling halls, replacing union slush funds and mob money, legitimate capital sources couldn’t wait to throw money at Sin City and the Silver State.
But the Silver State is not what it used to be. Its freedom ranking has fallen from 5th to 11th. With a ranking of 33rd, the state is among the worst run in the country and its lawmakers cannot help saying ‘yes’ to billionaires, smooth-talking or otherwise, seeking taxpayer largesse.
