A CIM-ply good real estate play at Turnberry Towers

There's always money to be made in Las Vegas. Often big money -- even in this horrible real estate market.

Consider this real estate story in which the L.A.-based real estate investor CIM purchased the 279 remaining developer-owned condos at Turnberry.

While the value of Turnberry Towers units have taken a big beating, they remain well located and quite desirable, especially for buyers who require a high level of security. CIM can steeply discount the units at the $48 million price tag and still make a killing.

Or, that's how my calculator figures it. You can do the math for yourself and read the full Review-Journal story here.

The point of this story, of course, is one that is being played out everywhere in the Las Vegas valley. For every bust, there's a potential big boom for those willing to take a risk.

PS: The over/under on CIM's profit off of this deal? My guess in the current market: 200% If the market ticks up, pick a number.

PPS: I addressed a political function in one of the penthouse suites of Turnberry Towers last month. The owner told me that he finally found out what PH on the elevator stood for -- "Poor House", he said. But he smiled and added that he loved the place. And it does offer a spectacular view and outstanding amenities.

PPPS: I recently moved out of the traditional suburban Frederick homestead and resettled at the Las Vegas Country Club. I'm loving the change and the proximity to the resort corridor. I'll bet I'm not the only Las Vegan to make this kind of move. (Which brings me to this shameless plug to follow: If CIM wants to sell all 279 of those Turnberry units in a timely fashion, call Review-Journal Publisher Bob Brown and, as we're want to say in Las Vegas, he'll make you an offer you can't refuse. Between the newspaper and it's powerful website, that's all CIM will need to reach their markets.)

PPPPS: Bob, when you get that call, you know where to find me with the commislsion check.