Retirement and Las Vegas
March 15, 2010 by Mr. GoTo
Filed under Places to Retire
Ask me ten years ago and I would have told you that Las Vegas would be a fun place to live in retirement, at least part time. It was energetic, unique and affordable if you don’t have a gambling addiction. Things have changed.
We are having a different kind of fun now. We all know that Las Vegas is hurting economically. Many believe it will recover as a destination for conventioneers and high rollers.
I have my doubts if Vegas will recapture its appeal as a retirement location for the middle classes. There are several reasons for this belief, based on personal experience and observation.
First, most of the appeal for a retiree in Las Vegas used to be the “wow” factor, i.e., a mecca of fun and entertainment. The problem is that this fun and entertainment requires spending that is as frivolous as you can find.
Boomers and retirees have learned hard lessons in recent years about what frivolous spending can do to a retirement plan. I doubt that all of those lessons will be forgotten. I know that the appeal of gambling is decreased for me. I just don’t enjoy it as much as I used to.
Second, the condo boom that attracted many boomers and retirees has gone beyond boom – it has blown up. Many thousands of condos have been built. They are all over and near the Strip. The problem is that the Strip is now a terrible place to live. Condo sales have tanked.
There is virtually no infrastructure on or near the Strip to support a household. For example, you can’t find a grocery store in walking distance. We are staying in a timeshare on the Strip. The only place to get groceries is at a drug store, at greatly inflated prices.
This means having to get in your car to do almost anything except gamble. That wouldn’t be so so bad except that the traffic in Las Vegas is just horrible, much worse that it used to be. The monorails that have been built on the Strip were designed to funnel traffic into casinos, not move people efficiently.
My guess is that everything that is done in Las Vegas is primarily intended to benefit the gambling industry. The needs of people who work or have retired here are way down the list of priorities.
Even the visitors to Las Vegas are treated as a captive audience. So many attractions in the hotels that were free in our previous visits are now costly extras. It’s a huge turn-off and not a good way to re-build the appeal of the city to regular folks.
We will probably visit Las Vegas again but I doubt I will ever think about this city – as I once did – as a retirement destination.
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I don’t agree with you regarding Las Vegas. We had the occasion to stay there
for 2 weeks. We purchased 3 condos. They originally were $280,000 each and we purchased them for around $ 56,00 each. 3 bedroom newer, 1600 sq ft. There are lots of newer areas with lots of infastructure. Restaraunts, hospitals, strip malls, major retailers, major discount retailers, banks
movie theatres and yes lots of grocery stores. I would not go near the strip for anything. Las Vegas was beautiful. I don’t know how it will be in the summertime but I bet retirees will like the warm weather.
Where else can a senior buy a 1600 sq ft newer condo for monthly payments of
$ 350 per month (includes HOA, Taxes and Insurance). What’s great about it is
you can get in the car and in 4 hours be in California (where my family is)
I am semi retired and live up in the Anthem area although not in a retirement community. This is the place to retire to. Tons of things to do even if you do not gamble (I don’t but my wife does a little). The quality of medical care is good. Dining is incredible and many of the casinos offer 2 for 1 buffet coupons. The weather is far better than Florida or the Midwest. No snow. It does get hot during the summer months but everything is air conditioned. If you want to just sit back and relax the play the stock market this is a great place. No income tax and no inheritance tax. Think about that if you live in a place like New Jersey.
I spent bout three weeks in LV during July and August. I loved it, and I do not gamble. I am still working in a second career, but I love Kalispell, Montana, and I plan wineter in LV. I am in Illinois now.
I just wanted to update you since I posted in March/2010. We have since purchased 10 condos and they are all rented with good tenants. We bought a huge house for us (4,000 sq ft) almost new with $ 170,000 in upgrades. We purchased it for $ 270,000. We have spent the hottest part of the summer in LV (July/August) AND LOVED IT!! We came back to Southern California and put
our house up for sale. We live 8 miles from the beach and high on top of a hill. We loved Vegas. The people there were really nice and there is almost
no crime in the neighborhood that we are moving to. Where else can you
buy inexpensive housing, no state tax, nice weather, nice people, cheap
groceries, restaraunts and utilities. This will enable my husband to retire
at 53 and we can get out of this rat race here in Southern California.
Sorry meant to say we live in SOUTHERN CALIFORNIA “8 miles from the beach
high on a hill”