Wednesday, June 01, 2005

Money money money

Driving in to work this morning I looked at a billboard advertising new condos – it seems that some people want to live right on the strip, have a view of the casino lights, and be able to walk right over to the activity. Sounds like fun to me, instead of having to drive in to it. But somehow the traffic getting home daily would be a little much. There are several condo projects open, some under construction, and quite a few planned. Donald Trumph is even in the approval process for two condo towers right across from the new Wynn resort at Las Vegas Boulevard and Desert Inn. Nice location – right next to the big Fashion Show Mall shopping center.

Anyway, the prices on this billboard said ‘starting in the high 200’s, up to the millions’. The prices are typical, but the starting price is a little lower than most of the other projects.
One of the fanciest, Turnberry Place (‘’), currently is building it’s third tower. Their condos are from 1,550 to 8,000 square feet, from $530,000 to more than $5.9 million. – the master bedroom closet on one of the penthouses is 22’ x 11’ – bigger than the bedrooms in my house. That’s four bedrooms, six and a half baths – with a ‘staff room’ and private elevators. And that’s not the top suite. (only 5,000 sq ft for a four bedroom unit).

The Hard Rock is building a new section, with several condo towers, private buildings and a shopping area. They announced that before they even had a permit there were already reservations (with money down) for 2,000 units priced from $2 to $7 MILLION. Go ahead, skip the whole hundreds of thousands range.

Most of the new housing developments advertise prices starting in the mid $400,000’s. There are a few that come down near $250,000, but not many. Many apartments are being turned into condos, and few new apartments are being built. It seems that Vegas is turning into a place of those with money. I don’t understand how all of those hotel workers making under $10/hour can afford to live here. Wynn just hired several thousand workers for his new place; the ‘maids’ that clean the 2,700 rooms were being paid $15/hour with pretty good benefits. But that still doesn’t make a $3,000+ monthly mortgage payment. Current rent for a two bedroom apartment is around $500 a month.

I won't even get into what the San Diego and other California prices are.

I thought I was making a reasonable salary. But when I drive past billboards advertising condos in the millions, signs for new homes in the same price range, dozens of private Lear Jets at the airport, the world’s largest Mercedes dealership a few blocks from my house, Wynn’s Ferrari and Maserati dealership selling like crazy, and all of those new Hummers and limos on the road, I wonder what profession I should have picked. Is it too late to change jobs? Would I really want the headaches and taxes that come with the income range that could afford that stuff? (I think I could probably suffer through it, or at least would like to try).

1 comment:

houston Kenna said...

Well it gives a lots of knowledge about Real Estate........
I like tit & it gives directions before going to choose any Real Estate.....
las vegas