Las Vegas is Depressed & so is the Ferrari Dealership

[HHGT]

I've spent the week at the Palazzo here in Vegas and happened to walk over to the Wynn. Stopped at Penske Ferrari as I always do, and boy-oh-boy.. Their top saleman is now at the Lambo showroom/restaurant. Their used inventory is 1/2 what it used to be and their 430 prices has been slashed - REDICULOUSLY! Half of the cars upstairs are Maseratis if not more.

I was plesently surprised to see the Gran Turismo parked side by side with the 599. Got pass the ropes and did a close up inspection. Amazingly they are almost the same size, but the presence of the MGT is far more superior. The MGT is a far sexier car of the two. The 599 is amazing on the inside.

After talking with the sales guy - a great personable younger man - he expressed how sad the state of affairs real are. They are getting calls from individuals trying to either sell their 430s or just get-out-of-their lease. Their new 599 has been reduced by $150K and they are really worried about moving the upcoming California inventory. He claimed that this may be the first time that they will privately take below MSRP, who knows, he could be just down. BTW, he told me of a 10K miles 2003 360 that can be had in the $90s - wow - I told him even the salvaged FGTs sell for more, he laughed.

The highlite of the walkthough was when the photographers (down stairs) asked my kids if they would like a picture with an F car (they have a green screen set up) and they answered; "May be if it was a Ford GT"... I almost had tears in my eyes..

Adios for now..

 

[RALPHIE]

You have some very wise and discerning children! :thumbsup

:cheers

 

[Empty Pockets]

" He claimed that this may be the first time that they will privately take below MSRP..."


If so it'd be a great opportunity for anyone who's contemplating buying one.:eek

(Hey, Sam... what's you opinion of The Palazzo vs. The Wynn? Which 'you likey more gooder? 'Just curious. :wink)

 

[HHGT]

" He claimed that this may be the first time that they will privately take below MSRP..."


If so it'd be a great opportunity for anyone who's contemplating buying one.:eek

(Hey, Sam... what's you opinion of The Palazzo vs. The Wynn? Which 'you likey more gooder? 'Just curious. :wink)

If you are taking Gay friends with you, The Wynn is for you..It's too Honk Kong for my taste. I personally like the Venetian best of the three, even though, the Palazzo is owned by the Venetian. Regardless, if you come to the Venetian or the Palazzo, the concierge level is the place to stay. The Venezzia is more Old Italy grandeur and the Palazzo is more Bevery Hills nouveau. If you ever need some reservations here, let me know, I have some influential contacts.

BTW, the Venetian have strated PhaseII where the rumor has it they will be selling condos at a price of .............Drum Roll..................$1,000 per Sq. Foot...eekeek:eek Supposedly luxury beyond imagination.

Lastly, if you drove in with a Wht/Orange GT to the Wynn, you would get unprecedented VIP treatment and they would give you free Passifier Key Ring as a momento.

 

[BlackICE]

" He claimed that this may be the first time that they will privately take below MSRP..."


If so it'd be a great opportunity for anyone who's contemplating buying one.:eek

(Hey, Sam... what's you opinion of The Palazzo vs. The Wynn? Which 'you likey more gooder? 'Just curious. :wink)

Pockets is there a F car in your future?

 

[Empty Pockets]

Pockets is there a F car in your future?

HECK no. If there wuz I'da had one loooooong b4 now!:lol

Besides, all but ONE of the reasons I let go of my GT would apply to an F (or "L") -car as well. So, what would be the point. :frown

 

[Empty Pockets]

If you are taking Gay friends with you, The Wynn is for you..It's too Honk Kong for my taste. I personally like the Venetian best of the three, even though, the Palazzo is owned by the Venetian. Regardless, if you come to the Venetian or the Palazzo, the concierge level is the place to stay. The Venezzia is more Old Italy grandeur and the Palazzo is more Bevery Hills nouveau. If you ever need some reservations here, let me know, I have some influential contacts.

BTW, the Venetian have strated PhaseII where the rumor has it they will be selling condos at a price of .............Drum Roll..................$1,000 per Sq. Foot...eekeek:eek Supposedly luxury beyond imagination.

Lastly, if you drove in with a Wht/Orange GT to the Wynn, you would get unprecedented VIP treatment and they would give you free Passifier Key Ring as a momento.

:rofl:rofl:rofl:rofl:rofl

Well, I guess YOU just told ME, didn't ya!

I don't 'get' the "gay"/Wynn angle...? (Mebbe I oughta PM ya! Forget I asked anything here! :secret: :lol)

 

[BlackICE]

HECK no. If there wuz I'da had one loooooong b4 now!:lol

Besides, all but ONE of the reasons I let go of my GT would apply to an F (or "L") -car as well. So, what would be the point. :frown

Easier to park and get into and out of.
More storage space.
More trained tech, questionable depending on where you live.

 

[STUNTS]

well wow!!!!! I mean...... well wow!!!!!!!

 

[Empty Pockets]

Easier to park and get into and out of.
More storage space.
More trained tech, questionable depending on where you live.

Mebbe so. But where exotics are concerned, I've been spoiled. The FGT MAINTAINS it's value, and, as Leonard will attest (as well as other F-car owners on this board), all Ferraris have a factory installed CVVMDV ( 'continuous variable volume money drain valve') that SELF ACTIVATES the instant the car is purchased and drains significant amounts of money from it's owner's wallet continuously, 24/7/365, at set rates which vary in volume depending on whether the car is moving or stationary.

The ONLY real "plus" for the F-car (compared to the FGT) is the fact that windshield replacement is a relative SNAP.

Penny Pincher Pockets

 

[S592R]

Mebbe so. But where exotics are concerned, I've been spoiled. The FGT MAINTAINS it's value, and, as Leonard will attest (as well as other F-car owners on this board), all Ferraris have a factory installed CVVMDV ( 'continuous variable volume money drain valve') that SELF ACTIVATES the instant the car is purchased and drains significant amounts of money from it's owner's wallet continuously, 24/7/365, at set rates which vary in volume depending on whether the car is moving or stationary.

The ONLY real "plus" for the F-car (compared to the FGT) is the fact that windshield replacement is a relative SNAP.

Penny Pincher Pockets

I agree with you. Have heard many F-car owners say "a fine tuned machine needs to be "serviced"". Sorry never bought into that idea ... I have a Rolex that I received as a gift 23 years ago that has never needed to be serviced and that watch took a beating that no F-car could ever withstand. :willy

I do like the looks of the F-cars but I think for me at least I would only buy a "vintage" F-car as I expect to have to spend money on a older car to keep it running.

Maybe Ford should open an exotics shop since they sold Aston and Jag. I would buy some more Ford Exotics .... FGT appreciates in value, runs all day long and for an "exotic supercar" its about as reliable as a Honda. :thumbsup:thumbsup

More :biggrin's with the miles. EP you need to buy another one .... and never look a back. If it gets wrecked, damaged or whatever ... at least you enjoyed mile X to mile whenever it happened. :biggrin:biggrin:biggrin:biggrin:biggrin And if Mark couldn't kill himself in his ... you surely won't in yours. He drives like a mad man! I know he was following me at Rally 2. :lol:lol

 

[skyrex]

CVVMDV ( 'continuous variable volume money drain valve') by EP

:rofl:rofl Very Nice EP!!!

I met with my real estate guy on Wednesday to discuss the extremely depressing state :frown of my condo and to look at selling/taking the loss and getting into something else. He is/was one of the top three volume agents in Vegas and said he has never seen it this bad in 25 years there. Prices in some of the high rent areas have literally been cut in half in the last year. He went from selling 80-100 properties a year down to 6 year to date. :ack

I joked with him that I bought a FGT recently and thought of getting a FGT three years ago but wanted to make the "smart" decision back then. Buy the real estate because that would be a better use for the money/investment for the future. Three years later I am looking at a six figure loss on the condo and the GT in hind sight was a much better spot for my money. You have to :lol to keep your sanity about it. And the funny thing is that some of the stories he was telling me made me feel good about my situation. Ah well, the price of a learning experience.

 

[S592R]

CVVMDV ( 'continuous variable volume money drain valve') by EP

:rofl:rofl Very Nice EP!!!

I met with my real estate guy on Wednesday to discuss the extremely depressing state :frown of my condo and to look at selling/taking the loss and getting into something else. He is/was one of the top three volume agents in Vegas and said he has never seen it this bad in 25 years there. Prices in some of the high rent areas have literally been cut in half in the last year. He went from selling 80-100 properties a year down to 6 year to date. :ack

I joked with him that I bought a FGT recently and thought of getting a FGT three years ago but wanted to make the "smart" decision back then. Buy the real estate because that would be a better use for the money/investment for the future. Three years later I am looking at a six figure loss on the condo and the GT in hind sight was a much better spot for my money. You have to :lol to keep your sanity about it. And the funny thing is that some of the stories he was telling me made me feel good about my situation. Ah well, the price of a learning experience.

Well it would seem that if you where wanting a condo in Vegas now might be the time to acquire one..... Sorry Rex!!!

 

[HHGT]

CVVMDV ( 'continuous variable volume money drain valve') by EP

:rofl:rofl Very Nice EP!!!

I met with my real estate guy on Wednesday to discuss the extremely depressing state :frown of my condo and to look at selling/taking the loss and getting into something else. He is/was one of the top three volume agents in Vegas and said he has never seen it this bad in 25 years there. Prices in some of the high rent areas have literally been cut in half in the last year. He went from selling 80-100 properties a year down to 6 year to date. :ack

I joked with him that I bought a FGT recently and thought of getting a FGT three years ago but wanted to make the "smart" decision back then. Buy the real estate because that would be a better use for the money/investment for the future. Three years later I am looking at a six figure loss on the condo and the GT in hind sight was a much better spot for my money. You have to :lol to keep your sanity about it. And the funny thing is that some of the stories he was telling me made me feel good about my situation. Ah well, the price of a learning experience.

I spent hours on Wednesday looking at Bank Owned Properties in Lake Las Vegas, all I can say is Wow and Sad. If you could PM me your perspective on Lake Las Vegas, I would appreciate it.. Specifically with respect to the recent Developer's BK and the rumors about the "Water Pipe Line" repairs..

 

[Empty Pockets]

CVVMDV ( 'continuous variable volume money drain valve') by EP

:rofl:rofl Very Nice EP!!!

I met with my real estate guy on Wednesday to discuss the extremely depressing state :frown of my condo and to look at selling/taking the loss and getting into something else. He is/was one of the top three volume agents in Vegas and said he has never seen it this bad in 25 years there. Prices in some of the high rent areas have literally been cut in half in the last year. He went from selling 80-100 properties a year down to 6 year to date. :ack

I joked with him that I bought a FGT recently and thought of getting a FGT three years ago but wanted to make the "smart" decision back then. Buy the real estate because that would be a better use for the money/investment for the future. Three years later I am looking at a six figure loss on the condo and the GT in hind sight was a much better spot for my money. You have to :lol to keep your sanity about it. And the funny thing is that some of the stories he was telling me made me feel good about my situation. Ah well, the price of a learning experience.

About 3 years ago when R/E was really starting to go into the toilet, my wife & I were seriously looking at properties in ARIDzona. Every R/E agent we spoke to down there was CONVINCED - CONVINCED - that the 'Zona 'market was sooooooooo unique (for various reasons) that it just COULD NOT "go south." It just COULDN'T! (And I'm sure the R/E people in 'Vegas thought the same thing). They literally SCOFFED at me when I told 'em the bottom of THEIR "market bucket" can & will fall out too in due time...it'd pbly just take a little longer. Well, guess 'whut'...............

Wifey and I will be in 'Vegas at the end of Sept (God willin'). Just for ha-ha's we're going to look at condos down there 2C what's available and what the "freight" is on 'em right now. As often as we're down there these days it might just pay to buy wunna THOSE at this time rather than continue to fund Steve Wynn's yacht for him the way we're doing now.:biggrin

But, take heart, 'rex. What goes UP must come down - and vice-versa. R/E values WILL go back up. And in one sense you haven't LOST anything on that unit yet 'cause you 'ain't' SOLD it. So, there you go!:thumbsup

 

[HHGT]

About 3 years ago when R/E was really starting to go into the toilet, my wife & I were seriously looking at properties in ARIDzona. Every R/E agent we spoke to down there was CONVINCED - CONVINCED - that the 'Zona 'market was sooooooooo unique (for various reasons) that it just COULD NOT "go south." It just COULDN'T! (And I'm sure the R/E people in 'Vegas thought the same thing). They literally SCOFFED at me when I told 'em the bottom of THEIR "market bucket" can & will fall out too in due time...it'd pbly just take a little longer. Well, guess 'whut'...............

Wifey and I will be in 'Vegas at the end of Sept (God willin'). Just for ha-ha's we're going to look at condos down there 2C what's available and what the "freight" is on 'em right now. As often as we're down there these days it might just pay to buy wunna THOSE at this time rather than continue to fund Steve Wynn's yacht for him the way we're doing now.:biggrin

But, take heart, 'rex. What goes UP must come down - and vice-versa. R/E values WILL go back up. And in one sense you haven't LOST anything on that unit yet 'cause you 'ain't' SOLD it. So, there you go!:thumbsup

Larry, I can hook you up with a Wht/Orng car for a rental...The Wynn will surely provide "Velly Thhhpecial Tleatment"..:ack

BTW, call for a tour of the Trump Towers, they are negotiating and I am thinking... They are off the strip and next to the mall.. Let me know if you need a realtor reccomendation

 

[skyrex]

Well it would seem that if you where wanting a condo in Vegas now might be the time to acquire one..... Sorry Rex!!!

It is a great time to buy. If this is not the bottom it is darn close to it.

With every bad news there is always some good. I wanted to sell mine a couple years ago and get a bigger place there. My place is a "hotel condo" that most people who own rent out (I don't because I like to keep my stuff my way) when they are not using it, so the values on mine have not dropped like some of the other types of real estate. Mine is probably off 20-25% compared to 40-50% for vacation/residential homes in the past year. So actually if mine sells in a reasonable amount of time I could come out ahead on the type of property I actually wanted to have. We will see what happens. I am a glass is half full kind of guy :biggrin.

I feel bad for the people who took the big hits though. Some people got real overextended.

HHGT, I will PM you later when I have more time. I have some real good reliable info on the BK and I know the different LLV developments real well.

 

[Empty Pockets]

BTW, call for a tour of the Trump Towers, they are negotiating and I am thinking... They are off the strip and next to the mall.. Let me know if you need a realtor reccomendation

Yup, I know where 'tis. Actually, Sam (as you know!), the darn thing is pretty much directly ACROSS THE STRIP from The Wynn:lol! We look directly out at it from our "Corner Panarama 'Room" when we're there.

If, as you say, they're "negotiating" - things MUST really be s-l-o-w in 'Vegas!:eek As I understand it, there's a lotta "blue sky" involved in the pricing of Mr. Trump's projects anyway, so one should THINK there'd be plenty of room for "negotiations" in times like these. In any event, we're not looking for anything that grandiose 'cause a property like THAT has it's own version of the infamous CVVMDV. And since we'll only use it 3-4 times a year it'd hardly be worth it - unless the "investment" factor is considered. But, I don't particularly like investments one has to FEED.

That said, we still might just DO the "tour" thing as you suggest! :thumbsup

 

[B O N Y]

rex,
I am interested in getting your views on LLV as well, am in the market in that area for a property. thanks,
daniel

 

[BlackICE]

rex,
I am interested in getting your views on LLV as well, am in the market in that area for a property. thanks,
daniel

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