Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Fri Aug 15, 2008 9:28 am Post subject: Las Vegas: "It is not going to turn into Detroit"
That's what one comm. real estate analyst thinks:
Quote:
Recovery could take two years and development won't be rapid, but the city's economy will improve, Restrepo asserts. “It is not going to turn into Detroit.”
Las Vegas Rolls Snake Eyes Aug 1, 2008 by Buck Wargo
Like a craps player who tosses a winner with every roll of the dice, the Las Vegas economy had been on a long hot streak. But the gaming capital now faces one of its worst economic slumps in two decades. For a city built on neon and the mantra of good times, the slowdown is a rude awakening.
Already saddled with one of the highest residential foreclosure rates in the nation — one foreclosure filing for every 99 households, more than five times the national average, according to research firm RealtyTrac — the city's malaise has spread to commercial development. A number of office, condo and hotel projects have reverted to lenders or stalled in mid-construction.
“This is the worst I have seen it here in 20 years,” says John Restrepo, an economist and owner of Las Vegas-based Restrepo Consulting, which tracks the commercial real estate market. “People are in shock because they are used to the economy bouncing right back, but I don't think we are going to have that quick of a recovery.”
One illustration of the problem: On the famed Las Vegas Strip, the $3 billion Cosmopolitan casino resort and high-rise development lies half-built next to the elegant Bellagio hotel. Deutsche Bank, the project's lender, started foreclosure proceedings in January after developer Ian Bruce Eichner failed to secure new financing. The bank hasn't found a buyer. ...
_________________ "It's called the American Dream because you'd have to be asleep to believe it."
Posted: Fri Aug 15, 2008 9:42 am Post subject: Re: Las Vegas: "It is not going to turn into Detroit&qu
resorting in general, and casinos specifically, are like the airlines, the suburbs, and starbucks- One of the first casualties of a constricting economy....a canary in the coalmine . _________________ "The future power is manpower"
Posted: Fri Aug 15, 2008 9:47 am Post subject: Re: Las Vegas: "It is not going to turn into Detroit&am
And, for another... (emphasis mine)
Quote:
Aug 10, 2008 Arizona Developers Welcome Spillover From Las Vegas By STEVE FRIESS
KINGMAN, Ariz. — It seems fitting that the most prominent resident to emerge from this dusty desert outpost is Andy Devine, a Western actor who was best known for playing helpmates to the likes of John Wayne and Roy Rogers.
Fitting because Kingman, an area of just 40,000 people, is poised to become the freshest face in the Sun Belt’s growth spurt. But even as Kingman rises, the question remains whether it will become a star in its own right or, like its famous son, is destined to be a sidekick to the region’s flashier metropolises, particularly Las Vegas.
Two major developers based in Nevada — Rhodes Homes and the Mardian Group — have won approval to build communities in the Kingman area that, by 2040, could have a combined 80,000 new homes.
The mayor of Kingman, John Salem, predicts that would mean an additional 150,000 residents, a conservative estimate by other accounts. ...
A $240 million, four-lane bridge across the Colorado River is due to replace the two-lane road that now crosses the Hoover Dam between Arizona and Nevada in 2010, making travel between the areas much easier. ...
Preliminary studies by hydrologists for the Mardian Group and for Rhodes Homes have convinced the Arizona Department of Water Resources that there is a 100-year water supply for the developments.
Leonard Mardian is particularly bullish on the idea that many of his residents will make what he says will be a one-hour drive to work in central Las Vegas from the Ranch at White Hills, the first of his three planned communities about 30 miles southeast of the Hoover Dam and 40 miles north of Kingman.
Mr. Mardian, the owner of 47,000 acres in northwest Arizona, is not concerned about fuel prices; he said he believed that people would soon switch to cars powered by alternative fuel anyway.
Mr. Mardian said he planned to sell homes at one-third the cost of those in southern Nevada.
Both Mr. Mardian and Mr. Stevens say their companies are undeterred by the weak housing market, even as Las Vegas and Phoenix suffer some of the nation’s highest foreclosure rates and steepest home-value declines. Las Vegas in particular, they note, is on the cusp of yet another boom, with 50,000 hotel rooms expected to be added to the resort corridor by 2012. ...
The anticipated Vegas boom translates into an additional 113,500 new resort-related jobs alone, according to calculations by Bill Lerner, a Deutsche Bank gaming stock analyst.
“There’s going to be another million people here in the next 10 years,” Mr. Mardian predicted. “Where are they going to live?” ...
“I don’t think it’s going be anything on the scale of Phoenix or Las Vegas, and we don’t want that,” Mr. Salem said. “But Kingman has unlimited marketing potential for whatever different people want to do within the city. People will want to come here.”
Hope springs eternal! NYT _________________ "It's called the American Dream because you'd have to be asleep to believe it."
Joined: Sep 25, 2004 Posts: 4723 Location: Boston, MA
Posted: Fri Aug 15, 2008 10:46 am Post subject: Re: Las Vegas: "It is not going to turn into Detroit&qu
This is absurd. Las Vegas is not going to turn into Detroit.
Detroit has ample water supplies, is surrounded by rich agricultural land, contains many important industrial sites, and is on an important transportation hub.
Vegas has none of that.
Vegas could turn into something much worse than Detroit. _________________ "www.peakoil.com is the Myspace of the Apocalypse."
Posted: Fri Aug 15, 2008 11:21 am Post subject: Re: Las Vegas: "It is not going to turn into Detroit&qu
Of course Las Vegas is not going to turn into Detroit - Las Vegas has substantially better looking Hookers than Detroit, and, right there, there's just no comparison. _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Posted: Fri Aug 15, 2008 11:22 am Post subject: Re: Las Vegas: "It is not going to turn into Detroit&qu
I pray to god this project does not come to fruition. It is the devil's work, if anything is.
It's always the same. Abandon city to entropy, mow down a wilderness, steal some water, build new homes, sprawl, watch it run down, abandon to entropy. _________________ ree rah rip ram. sunofabitch godamn. hidey didey christ almighty. rah rah crap
Posted: Fri Aug 15, 2008 1:40 pm Post subject: Re: Las Vegas: "It is not going to turn into Detroit&am
Tyler_JC wrote:
This is absurd. Las Vegas is not going to turn into Detroit. Detroit has ample water supplies, is surrounded by rich agricultural land, contains many important industrial sites, and is on an important transportation hub. Vegas has none of that. Vegas could turn into something much worse than Detroit.
Joined: Nov 09, 2004 Posts: 1257 Location: Big Rock Candy Mountain
Posted: Fri Aug 15, 2008 3:06 pm Post subject: Re: Las Vegas: "It is not going to turn into Detroit&qu
LV will become the Leptis Magna (built by Septimius Severus at the height of Ancient Roman hubris) of Cartoon America, but the cheesy plaster and plastic architecture won't make for very classy ruins.
Of course, the very concept of "tourism" will vanish completely.
Joined: May 06, 2006 Posts: 873 Location: Tustin, CA
Posted: Fri Aug 15, 2008 7:25 pm Post subject: Re: Las Vegas: "It is not going to turn into Detroit&qu
Vegas was better when the Mob ran it. Rooms and food were cheap, left you with more money to have fun with. _________________ Skeptical scrutiny in both Science and Religion is the means by which deep thoughts are winnowed from deep nonsense-Carl Sagan
Posted: Sat Aug 16, 2008 3:20 pm Post subject: Re: Las Vegas: "It is not going to turn into Detroit&am
SILENTTODD wrote:
Casino movie photo Vegas was better when the Mob ran it. Rooms and food were cheap, left you with more money to have fun with.
I was in Vegas until yesterday for 1 week. Yes tourism is down. So, its a great time to go. If corporate America slides, then yes Vegas will slide too. But we all know, Corporate America is booming and so is Vegas. No shortage of conventions. I sat in the terminal and counted the t shirts. There was a Firemans Convention, a huge computer industry convention, several military conventions, pharmacy conventions etc etc. There were more people with lanyards and company logos around their necks than not. And dont get me started on all the people from foreign lands coming to see the great Vegas strip. I heard French and German languages all week. The food is great the nightlife unlike any other and much of it sponsered by Corporate America. Elvis' Hilton and Paris' Pussycat Dolls club are alive and kicking.....and did I mention our soldiers on leave????? They are everywhere
Posted: Sun Aug 17, 2008 2:31 pm Post subject: Re: Las Vegas: "It is not going to turn into Detroit&qu
I have to agree to emeraldg40.
Friend just come back to the UK from Vegas. "Its booming" he reckons. Didn't see any downsides or recession.
He actually went round the world with Air New Zealand - He says Hong Kong, Auckland, Los Angeles all doing OK in his eyes. Car hire & petrol MUCH cheaper in US than New Zealand. In fact he hired a big SUV, drove LA to Vegas. America seems busy as usual, can't see any recession. He says.
Of course this is a view "passing through", but I tend to think things get over reported. Its different visiting & living in a place. Fuel up & food up, everywhere, but most folks surviving up to now. Of course things can go arse up big style soon, but then again, they might improve also. Who really knows ??.
Gasmon _________________ Been there, Done that, Bought the tee-shirt
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ree rah rip ram. sunofabitch godamn. hidey didey christ almighty. rah rah crap 
