THE BABY BOOMER BUYING BINGE for LAS VEGAS HIGH RISE CONDOS
It's Saturday night, 3/15, and my whole family is heading over to the Rio Hotel for my husband's 60th birthday celebration, to dine at one of the most delicious seafood restaurants in Las Vegas, Busios. Lo & behold - it's a mob scene at the Rio and on the Strip. Can't even valet our car at 6:00 P.M. - valet is full. You would never know we're heading into a recession, that Bear Stearns went bankrupt and was bailed out by the Federal Reserve via JP Morgan (big mistake in my opinion), that real estate prices were falling all over the country, that the dollar was sinking to new lows, gold passed $1000/ounce, oil traded over $110/barrel and that the Las Vegas Strip was mobbed, crowded, the gaming tables were full, and getting reservations at the restaurants was difficult. And on top of it all, the Stark Team was busy every day for the last 2 months with multiple appointments every day showing luxury high rises to prospective buyers and actually writing up offers - many of them low-ball ones, and selling quite a few units.
But the luxury condo units in which we were representing buyers are bargain units where the original owners were bailing out taking $50k - $200K losses and the buyers were stepping up to the plate snapping up those bargain deals. So we sat down to have a fabulous dinner and discussed what the heck was going on. And it dawned on us that the new buyers were generally the baby boomer generation - 50 years and older - retired or semi-retired, empty nesters. People who still retained their wealth, were not that much affected by the deep declines in the general real estate market in the U.S., people who were not that affected by the big drop in the stock market, but baby boomers who saved, and were not affected by the real estate market foreclosure and credit crunch mess the U.S. is currently going through.
We were selling to people from Bakersfield & San Diego, California, Tucson & Phoenix, Arizona, people from the Midwest, to foreign nationals from Korea, Qatar, London, etc. What was going on? And why was Vegas on Saturday night on fire? Well Vegas had a NASCAR event in town, March Madness was starting for the NCAA basketball championship - bettors were in town, the super strip nightclubs at the major hotels were hopping where you had to make reservations 1 week in advance just to get in, and the crowds and excitement were still happening in Vegas.
And we concluded during dinner that there was a steady theme to why the Stark Team was so busy showing and selling Las Vegas high rise condos in this difficult, bargain-laced market. It was because our clients, most of them baby boomers and empty nesters were looking for a change of pace, away from the mundane life. It was recurring theme, echoing again and again. "I want a place in Vegas, the prices are way down now, and my wife and I are looking to have some fun," they would tell us.
Well in Vegas, the nightclubs open up at 10:00 PM and really get going at 2:00 in the morning. You can shop until you drop at the Forum shopping center until 12:00 midnight, most of the shops in the major hotels also close down very late at night, the 4 & 5 star restaurants don't close until midnight, many hotel restaruants stay open 24 hours/day, the 24-hour gaming never stops but it's not an important factor anymore, there are shows in every hotel, with some shows starting at 10:00 PM, letting out at midnight. For example, Bette Midler is in town for a 2-year engagement at Caesar's, alternating with Elton John.
The Strip has several first-class Broadway shows every evening (Phantom of the Opera at the Venetian every night) comes to mind. The shopping is first-class, better and more concentrated than anywhere in the world, the new Barney's Store of New York at the newly opened Palazzo is a multi-leveled 90,000 sq. ft. store of such magnificience, it has to be seen to be believed. All of the world's greatest chefs are here, even Mario Batali opened up his new Italian restaurant at the Pallazo Hotel to rave reviews, Trader Vics from New York just opened its restaurant at Planet Hollywood, and we can go on and on. And the people watching & lounge acts are a great pastime. From the hundreds of gourmet restaurants to the hundreds of the finest shops in the world, all located on this one huge street called the Las Vegas Strip - a place that essentially never closes, with a myriad of shows, nightclubs, entertainment, the finest shops from Paris, New York, Beverly Hills, all located on this one boulevard - and it's no wonder why a baby boomer or anyone else looking for fun and excitement could ever get bored in Las Vegas.
For the outdoorsy folks, we have Red Rock Canyon Park & the Valley of Fire, for hiking, Lake Mead for boating, Mt. Charleston & Lee Canyon for skiing and we are a golfer's paradise. Las Vegas is a great hub, with good connecting flights to the beaches of San Diego, beauty of Zion Park in Utah, and 4.5 hours away from Glacier Park in Montana, and the pristine beauty of the northwest. Now The Stark Team knows why is has been busier than ever in this most challenging of real estate times. It's because the baby boomer generation knows how to enjoy life. Every high rise condo, whether it's a residential tower or a hotel-condo has many bargains available for sale. It's because people overextended themselves, speculated unwisely thinking that the flipping game was going to go on forever. Bargains and deals are available now. Original owners are taking it on the chin - some are walking away with significant losses. But the baby boomers are recognizing that there are great deals out there, that some of these units that are priced well below cost in these buildings cannot be built or duplicated ever again at the prices they are now selling for. That new buildings are NOT being built in Las Vegas due to the credit crunch, that there are a limited number of units available to the general public and that in time, and the Stark Team doesn't have a crystal ball of when that time is, these units will be absorbed and there will be few units available.
And finally at the end of that great dinner, we all concluded that for many baby boomers whose lives in cities that shut down at 8:00 PM, that we were lucky to be here in Las Vegas, enjoying ourselves, living life to the fullest. Because that is what it is all about in the end. When you come to think about it, you only have one go-around on this planet. Enjoy life and what it has to offer you - you don't get a second chance. And that for the clients who are constantly calling us each day about how can I get a great deal in a Las Vegas High Rise Condo on or near the Strip - it is all about a lifestyle change and a lifestyle decision - although they the buyers still want excellent deals and know that the time is right to shop. It is the constant theme that we hear from our clients, that they can't wait to have fun. It is about living life to the fullest. So call the Stark Team, the #1 Las Vegas Selling High Rise team in Las Vegas. Let us show you how we can help you find your Las Vegas High Rise Condo dream at bargain prices. Give us a call, or email us at one of our numerous websites. Let us show you that at 8:00 at night, you won't be putting on your pajamas, but you'll be casually dressing up and going out on the town, hopping a plane for a flight to Sonoma, La Jolla, or Hawaii, living life to its fullest!
CONTACT THE STARK TEAM FOR ALL YOUR LAS VEGAS HIGH RSE CONDO NEEDS
702 376-5220
702 236-8364
702 232-6376
Hi Kent -Good Question. I think there are several niches that are hot right now. The close to the strip condo or townhoem, the foreclosure sector, and the affordable entry level home sector. My home inspection company told me they were booked solid a week out & one of the inspectors called to tell me he was getting up at 4:30 AM in an effort to accomodate his realtor clients. My title company girl said that by March 10th, she had met her monthly quota. Wonder when the press will get wind of the briskness of our market these days.
Vegas still has 5000 plus folks relocating each month. They need to live somewhere & the investors are buying again. But not to flip - to HOLD!!
June,
Vegas real estate is fast becoming a bargain hunter's paradise and why not? As soon as we burn off the excess inventory the market can return to a normal, sustainable pace. If mortgage rates stay low, this could be the year of the big recovery.