Hilarious lines from the article include:
"About 85 percent of condo buyers are non-Nevada residents or investors, Gordon said."
“It’s sort of like beach-front property. They’re not making any more of it. Everybody that’s within a stone’s throw thinks their property is worth $20 million an acre,” he said.
“It’s happening. It’s all going to keep going,” said Paul Miotke, Corchuelo’s agent. “The one thing we know is it’s not going down in value.”
Lessons from this:
1. The run-up in prices in Las Vegas is largely speculative.
2. Everyone's now a real estate tycoon.
2. Vegas is beachfront property.
3. Paul Miotke has no idea what he's talking about.
4. I have several options on condos on the Strip for sale if any of you are interested.
Full disclosure: It must be said that a certain part of my personal fortune is heavily dependent on the real estate bubble, so I'm not exactly standing on the sidelines as a spectator. I'm intimately involved in the process in California and I spend a lot of time working with land developers. There's an obscene building and selling frenzy -- let's put it that way.