Obtainer Trainer!

Have you ever wondered how your, $60 a fill-up, cash flow out is spent. It is spent on buying relatively cheap real estate.

Of course, "relative", is relative to whom you're talking about. In this instance, the relative is the rich uncle who owns the oil fields of the Middle East. While this country is in the grip of environmentalist wackos who prevent the extraction of our own natural resources, that hasn't stopped the communist Cubans, in association with the communist Chinese, from drilling oil reserves between Cuba and the Florida Keys. The American hater Venezualans happily sell their product in our poverty stricken, used to have refinery jobs, slums. And while their citizens chant, "Death To America!", the ruling folks, in the Middle East, relieve us of our wealth. But I digress.

In a relatively very small area of Clark County, Nevada, not even truly, Las Vegas, but in Paradise, NV, there is a seventy-six acre development called, City Center. If you have trouble judging what 76 acres is, think a moderate size Walmart complex and parking lot. Now that acreage is oft-referred to as the most expensive privately financed development in U.S. Described as “a city within a city,” the $8 billion development will eventually include more than 4,800 hotel rooms and 2,700 luxury apartments in towers.

Prices for condos range from anywhere from $500,000 to $12 million. About half of the units have been sold. Last August, Dubai World invested $2.7 billion for a 50 percent stake in the CityCenter project, and committed another $2.4 billion to buy MGM Mirage common stock.

Recent penthouse sales at the massive MGM CityCenter, which is now half-owned by Dubai World, think oil-rich Abu Dabai, set new records for price-per-square-foot in Las Vegas, at prices ranging from $1,500 to $2,400 a square foot. Property records indicate the previous record for Vegas was about $1,300 a square foot.

On the other hand, Las Vegas and Nevada are leading the nation in depressed housing prices and home foreclosures. Do you think those in the penthouses are solely buying penthouse doodads, or do you understand that they are buying, also, relatively low cost real estate, (the median price for a single-family home is $198,700), and foreclosures so that someone else pays for their housing, while simultaneously, your gas pump cash, pays for their investments.