Mesquite, Nevada real estate crash and economic collapse #52.

[mylissa1212]

I live in Las Vegas and i have seen all your videos, why don't you show us where you live??? show us what's wrong with your state and city. Las Vegas isn't the only city that is having problems. GET A LIFE...... I agree with you PatrickMesquite.

[EconCat88]

@mylissa1212

If you go into my archives, you will see that I've put my own city under the microscope. I don't know why it bothers you so much that I've made these videos. You are telling me a life, while you are getting so upset about my videos, you've taken the time on several occasions to criticize me. LOL

[EconCat88]

@mylissa1212

You are lying about having seen all my videos...I've posted several about where I live. These videos are about the real estate mess, they aren't meant to attack any particular city. However, opinions are subjective and I certainly don't care what you think, and you aren't the first idiot that has negatively commented.

[EconCat88]

Mesquite has approximately 15k residents. I can conclude, just from the footage I have posted here and what else I saw, that the city has AT LEAST 2 MILLION SQ. FT. OF EMPTY COMMERCIAL SPACE. Can you explain to us how a city the size of Mesquite is going to fill that space? That, along with SEVERAL roads-to-nowhere, and other bankrupt real estate flop projects. Your state has ranked near or at the top of unemployed since the property bubble ended.

[EconCat88]

Does anyone else here find it amusing that a guy from Nevada, the state that is ground zero of the real estate crash, is trying to tell us that real estate is a success in Mesquite? Trust me, no matter what he posts here about Mesquite, the place, speaking from an economic standpoint, is an utter disaster.

[PatrickMesquite]

@EconCat88 The situation is that any prosperity does not fit into your narrative. Mesquite is not a disaster, but your motivation is to not believe. Our foreclosure rates were a fraction of the average. We are moving ahead. There are new businesses opening every week. We have new construction activity and are revitalizing our downtown. We have the top rated High School in the 7th largest school district in the country. Our population is increasing. We have a great community with great people.

[grippygrip]

@PatrickMesquite Until YOU post YOUR OWN videos of this prosperous narrative of Mesquite that you continue to spout off about I'm in the camp to believe EconCat88's videos are a realistic view of the bubble in RE in that part of Nevada. I've seen your videos of you advertising RE in that area and it's apparent you've done a lousy job, so instead of typing a brochure to convince us the town is "moving ahead" you'd do better printing some out and giving them to folks like Econ88 who pass by there

[PatrickMesquite]

@grippygrip You previously claimed not to be a yahoo. I mistakenly thought enough facts would have made you skeptical of the content. But it is a waste of time. Sure, we are going to put up a sign inviting all skeptics to stop and find a brochure to counter misrepresentation of conditions that we cannot predict are going to be fabricated. LOGICAL!. If you are ever driving down I15 by Mesquite, please keep going, we would not want you to be stranded in our retched dust bowl of a ghost town.

[grippygrip]

@PatrickMesquite Well sir your *retched dust bowl of a ghost town* won't have to worry about me but I would wager (judging by Econ88's video) anyone else stranded on I15 might be in big trouble as there isn't much going on there, let alone some sort of help.

Perhaps you could provide us viewers some positive conditions with your own videos, until then your only wasting your time while looking as the largest skeptical there is

[ZolfaThura]

If you go to Google Maps, You can see the Walgreens being constructed at the corner of Falcon Ridge Pkwy and W Pioneer Blvd in Mesquite. This sad state of affairs will continue until Zombie Banking is destroyed.

[netheadplurk]

Mesquite reminds me of the Chinese Ghost Cities

[mja2035]

Nice tour of Nevada Econ, it's now time for bed, thanks for the entertainment and I look forward to tomorrows videos. Be safe out in the middle of nowhere. This is Mike signing out for tonight.

[grippygrip]

@PatrickMesquite The fact are and this video shows; there are many empty RE developments in Mesquite. I like to get another side to the story I hear constantly about commercial/residential RE not being in a bubble and as I just watched a few of your videos (you advertising homes in Mesquite) realized that you think you can con us viewers into believing the opposite. LISTEN, the people watching these videos aren't the normal yahoo's you can sucker into believing the economy is on the up and up.

[PatrickMesquite]

@grippygrip You can live in the despair that all is lost because of the economy. Sure, there have been better times, but Mesquite is not a place of despair. We are ready to start construction of a new covered sports facility that has no matching facilities in over a 200 mile radius. We are moving ahead with vision to create growth and the great spirit to attract and provide opportunities. If you are cynical of facts, then that is your lose. It makes no difference to Mesquite.

[grippygrip]

@PatrickMesquite Cynical of the facts? I live in reality Sir! I never said that Mesquite was in despair but evidently it seems as though you'r going to arms length to disprove it isn't which throws up red flags in my book as to maybe the town is! I can name dozens of sports stadiums that sit half empty during events. How much will it cost and what cost to the tax payers? Why not save money and construct bleachers and food venues in the two warehouses in video#48?

[PatrickMesquite]

Get facts first. Population is 16K plus snow bird population of 4K. Find uncompleted areas but ignore ones with construction. Sun City is expanding with 10 new homes per month. The commercial area is not Sun City, it provides support services for award winning Mesa View Hospital. Walgreens has closed temporarily when they purchased CVS; they consolidated in the CVS more centrally located. Ignore the prosperous Walmart across the street. You come to criticize, not a positive or admirable pastime.

[grippygrip]

@PatrickMesquite I assume your rant was toward EconCat88 but who cares if the population is 8k, 10k, or 25K, it's a small town with excessive real estate buildings with excessive prices. I appreciate your description on why and where Walgreens located to but if you want to criticize this video I suggest you create one of your own that shows the "prosperous" side of Misquite.

[EconCat88]

@grippygrip

I really don't care what this Patrick guy posts. What I saw is a mostly new city, built in the middle of nowhere, with a very high commercial space vacancy rate. Quite possibly as many vacancies per capita as anywhere I've visited. So the city is approximately 15k. The Sun City development is massive and they didn't just start building it this year. The project has been ongoing for 5+ years. They had huge plans and now it's obvious most of those plans are turning to dust.

[PatrickMesquite]

@EconCat88 If you don’t like Mesquite, then why not move on down the road and find your utopia that meets your standards. I hope you get your enjoyment and have a nice life tearing down others. BTW, do you really think the largest retirement community developer in America, Sun City Del Webb, would continue building in Mesquite if they did not think there is opportunity and profit? Did you not see all the new construction? I pick Del Webb’s judgment.

[EconCat88]

@PatrickMesquite

Yes, I do think they would keep building. Let's get the facts straight here. They decided to build Sun City, in the midst of the LARGEST BUBBLE IN THE HISTORY OF THE WORLD. They didn't start building Sun City this year...it's been ongoing for years. The people that bought the beginning phases of your proclaimed master planned utopia by experts, have lost their shirt. It isn't even close to completion. Much of it is gated so I cannot get footage. 

[jvolstad]

Who owns the loans on these buildings? Better not be us.  Sell these buildings for pennies on the dollar and liquidate the banks. Even the big ones. B of A or Chase? Bye, Bye.

[grippygrip]

Just did some research on the Grubb & Ellis (Ticker symbol GBE) former Walgreens store at 3:45 and you will be SHOCKED at the lease/rent they demand per month......ready?.....$14,820 per month! That's right folks, no typo. Now one must ask "what kind of business can even make that amount of money per month in the middle of the desert??? Unless that price is slashed by 90% it will sit empty for eternity. The real estate bubble continues

[killman1971]

@grippygrip

This has been standard business practice for many years. 18 years ago a 5k population Ohio town had a new chain drug store knock down a house and build a new drug store beside a grocery store and across the street from the independent drug store. 18 months later the chain store closed. They wanted $5k rent a month in 1996 and no option to buy! So the independent store built a new better store for less money down the street. Chain store has been empty 5 or 6 of the last 18 years.

[damania]

@grippygrip $14000 a month for that much sq ft is cheap. Check out the rents in the big cities and you'll be surprised!!

[grippygrip]

@damania I live in the biggest of all big cities; Manhattan. There are places here that rent for $40,000 a month but there are hedgefund guys/investment bankers who make that in a week so in THIS city it is no surprise, also there are Duane Reads (owned by Walgreens) which is on just about every corner and the spaces that they lease may command $15K a month but on any given weekday there are ten million souls (minus the tourist) willing to spend money inside them. In Misquite the pop. is **10K**