Re: Credit Suisse OT


"SWG" <swisswatchguy@xxxxxxxxxxx> wrote in message news:6b6a9f51-9b83-4fd0-bd62-fac5ca85b276@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
On Sep 4, 1:11 am, "Nonny" <someb...@xxxxxxx> wrote:
SWG, this appeared in our local newspaper and I thought you might
enjoy it. I come from "the industry," so to speak and can read
multiple levels of what happened and what folks fear into the
article. The development itself is between Las Vegas (actually
Henderson) and Lake Mead. It was intended to be a very upscale
"new city," and along the lake itself, there are some very
expensive homes, including the one of Celine Dion.

The problem was that it was literally in the middle of nowhere and
had no infrastructure or support retail around it. Prices were as
high as the most exclusive places in Las Vegas, but no significant
supply of buyers showed up. IMHO, it was doomed from the start
due to a crappy location. There were a couple hotel/resorts,
including the Ritz Carlton. However, it's difficult to sell rooms
when there's little to do when you're not sleeping or playing
golf. . . particularly when you're a good 30 minutes from the main
parts of the Strip.

Enjoy!

http://www.lasvegassun.com/news/2009/sep/03/lender-sued-over-lake-las...

--
Nonny

Our nation should be more like Illinois
and limit all politicians to just TWO terms:
One in office and the second in prison.

Thank you for the communication. It would not be the first time the
Crédit Suisse would become involved in a luxury development scandal.
Already in the 70s Crédit Suisse was the first bank ever to have to
wipe off a net loss of 1 billion CHF on an island development in the
Adriatica, not far away from Venice.

For my part, I would not mind living in the Henderson / Lake Mead
area, although nowadays Lake Mead has been so much depleted of water
that its shores are a shame, but not at LV's inflated prices.

In any case I have put all my little money in the custody of one of
our States' bank with a triple AAA rating and full State guaranty on
the totality.I just left the remnant of a mortgage at CS. I had
already pulled out all my beans of UBS 7 years ago, as I never trusted
Ospel.

You would be surprised at how the Las Vegas real estate prices have fallen. Homes that were selling in the $250/sf range are now <$100/sf. Highrise condominiums have dropped from >$800/sf to approximately $200-$300/sf. Now, our real estate is much more rationally priced.

Ob watch comment: there are many high end watch stores here in Las Vegas.

--
Nonny

Our nation should be more like Illinois
and limit all politicians to just TWO terms:
One in office and the second in prison.


.

Relevant Pages

  • Re: Home Buyers - Open Season For Bargain Hunters
    ... waiting for prices to soften and serial investors determined not to ... A beach house in Hatteras, N.C., that sold for $1.1 million ... California, Phoenix and Las Vegas. ... Many home shoppers say that's why they are taking their time. ...
    (soc.retirement)
  • Re: Strevel strikes again.
    ... prices might go down a little more. ... off travel costs for vacations to Las Vegas. ... Life here is good. ... Las Vegas has no corporate income tax. ...
    (alt.vacation.las-vegas)
  • Re: Is Vegas Still Recession-Proof?
    ... I'm working on a piece about the impact of the economic slowdown on ... Las Vegas for a national publication and I'm curious whether the ... airplane ticket prices, high food/lodging/show prices in Vegas, credit ... rollers see business their business steady if not increasing during this ...
    (alt.vacation.las-vegas)
  • Credit Suisse
    ... I come from "the industry," so to speak and can read multiple levels of what happened and what folks fear into the article. ... The development itself is between Las Vegas and Lake Mead. ... Prices were as high as the most exclusive places in Las Vegas, but no significant supply of buyers showed up. ...
    (alt.horology)
  • Re: My Vegas gripes
    ... I don't like Reno. ... cheaper prices and lower limits than Las Vegas. ... The two casinos, Stockman's and Commercial Casino offer low limit ...
    (alt.vacation.las-vegas)