After spending 5 days in Sin City attending the Mike Ferry Real Estate Superstar Retreat - I have the following thoughts about real estate in Las Vegas:
It's all about location - duh! - I got a great deal on a timeshare a half block off the strip - it was gorgeous, very comfortable and comparatively inexpensive - I'll never do that again! Why? because either I had to brave the 100+ degree heat to get anywhere or hop a taxi at $12 per ride. So did it make sense for me to save $20 per night and not stay in a mega casino? I think not.
Expanding on that thought - if you are going to buy in Vegas, buy on the strip itself or don't do it at all. The City Center development which will open in late 2009 will be the crown jewel (sorry Wynn) of the strip - now that is location, location, location.
Of course, the single family home market in Las Vegas is hurting badly - way too many homes bought for investment and too few available tenants. Also, sprawling developments in town and in the adjoining suburbs have flood the market with inventory. At some point, every glut of inventory will reap great deals - be patient though on this - it isn't time yet.
Last thought for today - stick with what you know - I know blackjack ( the book "21" was great - movie not so good - its in the video stores now ) I "learned" Pai Gow Poker this week - please kick me next time I want to expand my gambling horizons... Moral of the story - invest in what you know, many of us think we know Las Vegas (I'm talking to you Californians) and many of us really don't. It may be less exciting and more expensive to invest in your own towns and the results may be far more predictable and manageable.
Ok - final thought - the Red Piano concert by Elton John rocks!
