The Center for Business and Economic Research at UNLV has just released their January Indices and - as you probably would guess - the numbers are not good.
Summarizing the Southern Nevada Index of Leading Economic Indicators:
"The Index of Leading Indicators continues to decline. Not since the aftermath of 9/11 has there been as sharp as this one-month decline. The fall out of the September failure of Lehman Brothers continues to show across the U.S., including Nevada, which some once thought was immune to such national economic events. It is highly likely that we may see a few more months of difficulty before things get better."
Regarding the CBER Clark County Business-Activity Index:
"The Business-Activity Index posted yet another month of decline for November 2008, dropping 5.74 percent on a seasonally adjusted basis. October and November have seen the largest declines over the past year. The fourth quarter of 2008 and the first quarter of 2009 are likely to be the weakest performing period in the current recession, which, if it expends to midyear 2009, will be the longest recession since the 1930s. It is fair to say that the severity of the current recession is likely to last longer and to match the loss of jobs of the most severe downturns in the post-WWII period. Moreover, the longer we get into 2009 the greater the likelihood of hearing more optimistic economic news"
For the CBER Clark County Tourism Index:
"The November 2008 Tourism Index stands 13.53 percent below the index value for the same month a year ago. Gaming revenue also fell to the lowest level since July 2004 and to the lowest revenues for November since 2003. Occupancy rates reached 79.2 percent, the lowest level since December of 2004. The poor performance of Clark County tourism is consistent with our knowledge of consumer spending in a recession. Consumers facing economic hardship and expecting further economic decline cut back on big-ticket items, such as cars and furniture, and discretionary spending, such as travel and holidays. Businesses also cut back spending on conferences, sales meetings, and other travel."
And lastly, the CBER Clark County Construction Index:
"The CBER Construction Index fell to 97.84 for November 2008, the lowest level since 1995. With a large surplus of empty housing units and falling job numbers, prospects for selling new homes remain dim, resulting in a marked decline in permitting. You have to go back to December 1981, however, to find one-month permitting numbers that are less than the recent numbers. Not surprisingly, weak prospects for all types of construction have brought few new projects, cutting construction jobs in Clark by near 11 thousand over the past year."
All of this translates into challenging times ahead for 2009. But remember this: great fortunes are made in down markets. That's a fact you don't see mentioned in this research report or reported ANYWHERE in the mainstream media. Believe it - it could be you!
High rise condo hotel developers are painfully finding out what the whole Las Vegas high rise market knows already: the condo hotel concept is dead in this town right now. Between what prices for these units began at and the tightening of the credit markets which make financing them almost an impossible task, high rise condo hotel developers need to start thinking out-of-the-box to avoid having their towers sit empty for a long, long time.
As such, some (such as Trump) are beginning to rent their unsellable units instead, which is a pretty smart move rather than have to admit the project's been a dog for quite some time now. Many others will follow this new trend - including (I predict), CityCenter. There's no other choice since anyone closing on any condo hotel contracted out during the "high rise frenzy years" will find themselves upside down as soon as they sign the closing papers. That's why you see so many would-be buyers just walking away from their 6-figure deposit monies.
Many real estate companies are noticing this trend as well and are re-creating themselves as rental companies as well - another smart move since that's where the business will be. The key here is being proactive. And many are taking strong bold moves to move forward in a positive light despite what has happened and what may be in store in the short-term future.
You try..., you fail..., you learn... you try again... It's the winners in lfe that move forward while other's wail in depression and think of what may have been. Perhaps in today's economonic climate, you need to think of alternative, recession-proof opportunities, that are out of the mainstream investing and aren't correlated to the volatililty of the stock market and real estate...
For those of you high rise condo buyers who've sat on the sidelines all this time, your ship has come in. We now have access to - approved directly by the developer - high rise condo bargains one block off the Las Vegas Strip available to you right now at over 50% OFF the original price.
These units have never been lived in before, are drop dead gorgeous, and are ready for immediate move-in and purchase. Here's the types of Vegas high rise condo bargains you can take advantage of right now (which are available at the crazy price of approximately $277 per square foot average):
WAS $395,000... NOW $176,000
WAS $700,000... NOW $354,000
WAS $570,000... NOW $289,000
WAS $300,000... NOW $152,000
WAS $250,000... NOW $126,500
WAS $900,000... NOW $460,000
And these are just examples of a few condo bargains. There are more than 200 more in inventory!!! We need to move these units quickly, so if you'd like to take advantage of this Las Vegas high rise condo fire sale, email us here (you MUST include your name and phone number) or call 702-499-0432 for more details. Serious condo bargain seekers only please - there's plenty more where this came from.
... You've found your high rise condo bargain source - and if you're a non-high rise foreclosure bargain hunter, don't forget to check out our Las Vegas foreclosure deals website as well.
I noticed that the Las Vegas Chamber of Commerce is once again presenting "Preview 2009" to be held Thursday, January 29th at the Thomas and Mack Center. Tickets start at $60 for Chamber members and $80 otherwise. But let me save you some money and just tell you what you'll hear at the event.
The economy is bad... really bad. Traffic counts at McCarren Airport are down to very low levels.... Construction startups are down.... Resort occupancy is a fraction of what is was 2 years ago.... Unless you're working real estate foreclosures, nothing's selling in the residential market and the commercial market's going to be hit hard this year as well... Office leasing space is a joke... The high rise market is completely dead (except for one project)... Developments have come to a standstill and many have been cancelled due to the economy... In other words: Nothing's going well right now.
Then, each presenter will talk about how "the future does look bright if we can just weather the storm for now." Ladies and gentlemen, start your networking!
Do you really need to pay to hear this? Aren't you depressed enough already? If you're into networking on an entirely superficial level, then by all means attend this event. I went last year and quite frankly, the 2 best contacts I made while I was there was in the parking lot before I even bought my ticket!
For me, there's only one solution right now - that's to work with those people who know how to invest like the top CPA's and attorneys invest. The group I've aligned myself with are providing their clients with recession proof investments that have stood the test of time during this entire down market. Their clients are happy and haven't been effected by the vagrancies of the real estate and stock markets - and they're getting returns on their investments that most investors could only dream of even when the market was peaking.
You don't need to go to a preview event to know what's in store for most people. The question is, will you separate yourself from the masses who are just sitting on the sidelines waiting for something good to happen before they get back into the game... If yes, then click here and register. If not, well... enjoy your depression.
Las Vegas foreclosures are on the rise - That's why we just updated our Las Vegas Foreclosure Bargain website with 17 new properties our office just received directly from a major bank. Here's a partial list of some of the Las Vegas foreclosures you'll find listed on the website:
LAS VEGAS REO PROPERTY UNDER $100K :
LAS VEGAS REO PROPERTY UNDER $200K :
LAS VEGAS REO PROPERTY OVER $200K :
As you can see, there's a bargain above for just about every Las Vegas foreclosure investor at just about every price-point you can imagine. These are some of the best deals - the "Real Steal Deals" as I call them - that you'll come across in the Las Vegas foreclosure market.
If you are one of the millions of investors concerned or struggling with the economic downturn over the past few years and are looking for new opportunities and possibilities, let's talk!
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