It starts in Las Vegas.....Red Alert.
You see the $55 rates. That is unheard of. Similiar happenings at another major big player in Vegas. Big booming economy and Vegas lowering rates. Something not adding up.
All i can conclude is dont buy Vegas now. Might be a good time to unload.
$55 is recession pricing.
Dont know why Aug isnt showing up. But there are some $55 rates next week. Purely alarming.
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Interesting perspective.
I'm not a "PRO" at real estate. I AM a pro at travel. Been an agent for 30some years. I currently book major incentive travel groups, corporate meetings, etc. I manage anywhere between 30-50 groups at a time. I know Vegas Hotels.
I booked the Palms for a group last week. Its NOT the Bellagio, or the Mandarin Oriental. When I book hundreds of rooms at a shot, they tend to give me the best pricing, since DUH, it's vegas, they aren't making their money off the rooms, but off the gambling, the liquor, etc. and Im putting several hundred corporate people in their property who are all going to spend money. I paid $93-118 per room per night. Room rates are considered a loss leader, ESPECIALLY Monday/Tuesdays and fall, which is a slower season.
There is absolutely NO corelation between the cost of a hotel room in Vegas (of all places!!!) and real estate. There is actually no corelation between the cost of a hotel room in vegas and anything other than their load factor. Pick a date. Any date. Price a room. Tell me the hotel and the date, and I guarantee you I can change that room rate. I call my contacts, tell them I have a major liquor company wants 150 rooms. I will get a better rate than you, and yours will vanish like smoke.