| To: Jim McMannis who wrote (26312) | 3/25/2005 12:23:53 PM | | From: John Vosilla | | | | | Jim, I think the population boom is being driven more by immigrants from Latin America and construction workers and many other less educated working in the tourism industry coming from other states for work. No doubt the multiplier effect from folks coming here that cashed in their chips from up north and choose to invest here from around the world with the weak dollar have been primary drivers to keeping our economy very strong while other areas suffer. When that changes look out. |
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| To: MoneyPenny who wrote (26301) | 3/25/2005 12:23:54 PM | | From: mishedlo | | | | I have never seen anything like it in my long career (37 years).
Isn't that to be expected?
After all....
"It's a whole new paradigm" ggg
Mish |
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| To: John Vosilla who wrote (26324) | 3/25/2005 1:02:56 PM | | From: Jim McMannis | | | | Well, Florida passed 17 million and about 500k-600k a year are moving to Florida. Yes they are immigrants but from all directions.
Florida...sandwiched.
I think the thing now is to buy property out of state in nice areas in Georgia, Tennessee and Carolina.
It won't be long until the Florida newbies will figure it out and want to get out of Dodge. |
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| To: shades who wrote (26323) | 3/25/2005 1:05:27 PM | | From: redfish | | | | Nothing like S. Florida, though. I'm over in the Feathersound area and you can still get one heck of a house under $400k.
The fever is not at full pitch yet here. |
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| To: seventh_son who wrote (26271) | 3/25/2005 1:17:38 PM | | From: seventh_son | | | | Given that there is such a massive pool of savings coming from Japan propping up crappy Japanese government bonds bearing no interest and US bonds that are not a lot better, one has to ask why more of this money is not going into gold? With hundreds of billions of dollars in play, just a small percentage of these savings would make a big difference for the gold market. Part of my quest for that answer was realized when I read about Japan's own version of BRE-X, which had as great or even greater psychological impact on the investing public.
In the first half of the 1980's, a financial company went around in Japan selling investments in gold certificates to senior citizens. As it turned out, there was no gold backing any of the certificates and the savings of 29,000 people disappeared -- what even without adjusting for inflation is $2 billion today. The government did very little to help the people who were victims (and apparently closed their eyes on the fraud initially). So, many ordinary Japanese investors now equate gold investment with fraud. Ironically, Japanese government bonds may some day turn into something not very different from the gold scam.
japantimes.co.jp |
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| To: RodgerRafter who wrote (26326) | 3/25/2005 2:35:31 PM | | From: regli | | | | I see the same thing in Las Vegas. I just got the "new homes guide" that came with the local paper and it is simply amazing to observe the amount of development going on. Still!
I should know better but it still floors me to see how big some of these houses are, many bigger than 3,000 sq. ft. but essentially no land.
The cost to keep these mansions cool during late spring to early fall is going to be huge with continually higher energy prices.
How Las Vegas will be able to sustain housing prices in excess of $500,000 is simply beyond me. Having observed the Houston boom and crash, I cannot help but expect the same thing to happen here. However, as Vegas doesn't have the broader economic support of Houston, I would not be surprised to see the “90% off” deal you describe. |
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| To: regli who wrote (26331) | 3/25/2005 4:43:17 PM | | From: Haim R. Branisteanu | | | | Could you please verify if this project started - a condominium and mixed-use project located on a 19.5-Acre plot at the corner of Las Vegas Boulevard and Shelbourne Avenue, Las Vegas, NV.
It is 3 miles south of Mandalay Bay Hotel and McArthur International Airport and 1.5 mile south of a major Outlet Mall.
First phase is on a 5 acre plot.
The development is planned as a gated community consisting of 1,080 condominium units in 2 groups of 8-10 mid-rise buildings. The buildings will be built over 2 levels of parking garage and will encompass a landscaped park where the amenities will be located.
The amenities will include a private country club, swimming pool, tennis courts, spa, gym and a clubhouse.
The unit mix will include one, two and three bedroom units as well as penthouses. The average unit size is anticipated to be 1,250 living sq.ft. |
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| To: regli who wrote (26331) | 3/25/2005 5:31:55 PM | | From: XBrit | | | | Also in the Bay Area, the amazing McMansion-ette developments go to new extremes every day.
As I look out of my home office window right now, I see a 200-foot long, 40-foot high hanging sheet, 20 feet from the window. Behind it, stucco is being sprayed on.
The development involved teardown of an old single-family on 1/4 acres, and replacing it with 6 duplexes. Each approx 2800 square feet. There is literally not a square inch of the lot which is not used. The non-built space is a legal setback of 10 feet, a driveway with no room for any landscaping, and about 6 feet between the units. It is seriously oppressive.
Our 1600 sq ft townhouse is valued at $630k right now, so I assume the 6 McMansion-ettes will go for around $900k. Property taxes $900/month (I'm paying $250/mo, bought 12 years ago).
And I bet they'll sell out in 2 weeks. |
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