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Las Vegas RE is going gangbusters

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  • #1

    Las Vegas RE is going gangbusters

    I just came back from Vegas and the housing starts there are going crazy with model homes everywhere and billboards advertising new housing tracks. I Played poker in 2 different poker rooms and there was conversation about housing at both tables. guys buying for investment and buying to live. One dealer said he bought 6 months ago for $225 and now it's around $240, growth isn't as fast as my Bay Area market but it's creating a frenzy non the less.

    I bought a triplex there in 1998 for $145 and sold in 2003 for $154, looked it up and today it's $190
    retired in 2009 at the age of 39 with less than 300K total net worth
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  • #2
    I am noticing the same thing in Gatlinburg, TN, where I have several vacation homes.

    I just bought a property for my dad that I'm pretty sure I can make $30K on by fall.

    If things get really crazy I am going to be tempted to liquidate my holdings there and find a new toy box.

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    • #3
      $250 gets you a super nice place in Vegas, brand new luxury 4/2, I did look up casino wages and they are like $7-$9/hr with a GM around $12-$14. The job market there defiantly contributes to the slower growth
      retired in 2009 at the age of 39 with less than 300K total net worth

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      • #4
        Originally posted by 97guns View Post
        $250 gets you a super nice place in Vegas, brand new luxury 4/2, I did look up casino wages and they are like $7-$9/hr with a GM around $12-$14. The job market there defiantly contributes to the slower growth
        So a hotel GM is making 25-30 a year ? Sheesh

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        • #5
          Originally posted by TexasHusker View Post
          So a hotel GM is making 25-30 a year ? Sheesh
          I had to go back and look at my search, I posted those figures off the top of my head, GM 13-$17, still really low but correlates to the home prices. You can work in Las Vegas and live in a nice $250k mansion or earn triple figures in the SF Bay Area and live in a million dollar shack



          Casino Job Salaries – How Much Do Jobs at Casinos Pay?
          Position Average Starting Wage Entry-Level
          Bartender $8.00 – $9.00 per hour (plus tips) Yes
          Cashier $9.00 – $12.00 per hour Yes
          Dealer $7.25 – $9.00 per hour (plus tips) No
          General Manager $13.00 – $17.00 per hour
          retired in 2009 at the age of 39 with less than 300K total net worth

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          • #6
            I think salaries in las vegas tourism industry tends to be pretty bad, but cost of living can be very cheap. back during the recession, housing was extremely cheap. With $100k, you could pretty much buy a decent house outright.

            dealers at the non-luxury casinos probably make 30k-40k per year. At high end casinos, probably looking at closer to 80k.

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            • #7
              Originally posted by ~bs View Post
              I think salaries in las vegas tourism industry tends to be pretty bad, but cost of living can be very cheap. back during the recession, housing was extremely cheap. With $100k, you could pretty much buy a decent house outright.

              dealers at the non-luxury casinos probably make 30k-40k per year. At high end casinos, probably looking at closer to 80k.

              The poker dealers pull in a dollar or two tip every hand/every 2 or 3 minutes
              retired in 2009 at the age of 39 with less than 300K total net worth

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              • #8
                Originally posted by 97guns View Post
                The poker dealers pull in a dollar or two tip every hand/every 2 or 3 minutes
                don't they have to split the tips with the pit boss and other people? I talked with many a non-strip dealer. I don't think they make that much.

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                • #9
                  Originally posted by ~bs View Post
                  don't they have to split the tips with the pit boss and other people? I talked with many a non-strip dealer. I don't think they make that much.


                  I'm 99.9% sure the poker dealers don't split tips, I'm pretty sure the pit game dealers don't split either
                  retired in 2009 at the age of 39 with less than 300K total net worth

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                  • #10
                    Originally posted by 97guns View Post
                    I'm 99.9% sure the poker dealers don't split tips, I'm pretty sure the pit game dealers don't split either
                    ah, you're probably right. they split the tips among themselves. At least they do in the non-fancy casinos I've been in. The dealers I met seem to like complaining about their job to gamblers. lol

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                    • #11
                      Sounds about right. Remember, however, that Vegas was also one of the worst and fastest hit when the last bubble burst in the late 2000s.

                      I have no idea where the housing market is going but the prices are already back up to pre-bubble era in a lot of places.

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                      • #12
                        Man, vegas. It went very high.. and then very low. The recent gains still pale in comparison with the last peak.

                        FastBridge Learning | Research to Results
                        http://www.jparsons.net/housingbubble/las_vegas.html


                        Still, the peak shows the potential for next high.. good luck!

                        LVS stock was at single dollars during the last crisis. I think that would've been a great buy also

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