All in Las Vegas Market
This is a new segment of the industrial real estate market that is being created in front of our eyes,” George M. Stone, a longtime real estate executive now focused on the pot business told Gelles. “It’s a huge industry and only getting bigger.”
What Tina and Smith don’t mention Eli Segall does in the Las Vegas Review-Journal,”Some 2.17 percent of homes in the Las Vegas area, or a total of 14,334 properties, are vacant
Here in the west, sentiment is a smoking 77. In the South, 68, and in the Northeast sentiment rose one point to 50. In the midwest, 63 is the number.
Out west, Alaska and Wyoming spend a ton on k-12 (over $15,000/student/year) and only have scores of 19.8 and 20.2, respectively to show for it. Utah and Idaho spend less than half what Alaska and Wyoming spend and have higher scores.
Icahn didn’t put a lot of thought into the purchase back in 2010, “according to a former listing broker for the hotel, Icahn bought it sight unseen and didn’t know what he’d do with it,” writes Eli Segall of the Las Vegas Review Journal.
Wages aren’t going anywhere so, “For most Americans, whose median household income, adjusted for inflation, is lower than it was at its peak in 1999, borrowing has been the answer to maintaining their standard of living,” Golle writes.
Build them and they will rent, and then Blackstone will buy.
In 2017, the ongoing apartment building-boom in the US will set a new record: 346,000 new rental apartments in buildings with 50+ units are expected to hit the market,” three times the number of units that came on line in 2011.
Judging from the lines out the doors at dispensaries in just my neighborhood, I don’t doubt his projection. Even with it being a scorching 107 degrees this afternoon, Las Vegans were waiting patiently in the sun to go up in smoke.
The real story is in the resale market where inventory is down to 1.7 months. “May’s resale closings (4,962) are the highest one month total that we have documented since the summer of 2005, 12 years ago,” write Dennis and Andrew Smith.
"HowMuch.net on Wednesday put things into perspective and demonstrated that for all the buzz and excitement bitcoin has generated, it still has a long way to go to be even remotely relevant.
It would indeed be ironic if Donald Trump of all Presidents would get behind 86ing 1031s.
Eighth-grade graduate Bob Stupak had built the Stratosphere from nothing and $550 million from someone who couldn’t have been paying attention and opened in April 1996, at the time, the 3rd most expensive hotel-casino project in Las Vegas history. The self-proclaimed Polish Maverick was bankrupt three months later.
Of course there’s a good market for loans to folks who don’t fit in the Dodd-Frank box and lenders can earn 6% to 10% from borrowers sporting credit scores of 660 and below. But fresh-faced originators can’t figure out how to make the loans.
Las Vegas house flippers booked an average gross profit of $51,500 per deal in the first quarter. That’s up 29 percent from the same period last year and the biggest haul since at least early 2005
instead of leading the turn as they normally do, new home sales have lagged, both in time and quantity. A yawning gap has opened between the rate of growth in full time jobs, and the new home sales rate.”
“Construction labor costs are rising an average of 4% to 5% annually, outpacing inflation, according to Anirban Basu, chief economist of the Associated Builders and Contractors. ‘The situation is going to get worse,’” he told Grant.
The Vegas convention sweet spot on the calendar has come and gone and I figured that would be his explanation for the tepid market in rides. No, he said it's a supply problem. Too many drivers. He told me,
The shortage of supply, increases in costs, and millennials finally catching the home ownership bug has median prices jumping. Nationwide, “the median was $316,200 last year versus $240,900 in 2005.”
“Virtually all major builders are migrating away from the luxury homes that dominated the early years of the economic expansion and are focusing on lower price points to cater to this burgeoning clientele,”
