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THE LAS VEGAS DAILY SHUFFLE

I scratch my head.

I review the weekly NOD list - daily.  I check the weekly Trustees Sale List - daily.  I call potential Buyers about properties on the list - daily.  I call Sellers (the Banks who own or will own the property) about their property on the list - daily.  I get told the property isn't worth anything by Buyers - daily.  I get told the property is worth more than the (current) market value by Sellers - daily.

Buyers tell me they have cash and can close quickly - daily.  Sellers tell me they only want cash and to close quickly - daily.  Both say they will buy/sell at their price - daily.

Recently, a trusted client of mine said that with lease rates falling and vacancies climbing, he was waiting until after the 2010 November Elections before giving Las Vegas another look.  He firmly believes that even though Las Vegas SFR's are selling at auction for less than the loan amount that’s owed, he believes that prices will continue to fall until early to middle 2011.  The reason he says: because right after the November 2010 elections, the banks will "dump" properties so that they will be entering into the next calendar year with their REO slate cleared.

Just this past September, 2009, the LV R/J had a story that there were more than 25,000 homes (SFR's/Condos) already foreclosed upon in the Las Vegas Valley that were NOT on the market.

My office is located in an office complex that has 65% to 70% vacancy.   The Retail Strip Centers in and around my office, are all suffering from 25% to 50% vacancies.  There are so many incentives to rent at these locations.  But, no takers.  My wife's company was offered a lease rate that was 50% of what she had been paying. And, that was way below what she originally paid 10 years ago.  And, that was for her to NOT leave. (She was month to month at the location.)

You would think that commercial real estate opportunity is abundant here in Las Vegas.  You'd think that investors would be clamoring for commercial opportunities.  But, no.

Most investors are chasing the SFR's/Condos.  But that's really it.  And, the price that they are paying for those properties today is going to be more than the property will be worth in six months to a year.  However, if the Banks would be realistic about the commercial properties,…

Well, all I can do is go back to step one.  I scratch my head...

 David Howes (702) 501-9388 or email david@davidhowes.net.  

FERGUSONS MOTEL

If you are serious about purchasing a Las Vegas Valley commercial or investment property, contact David Howes at: 702-501-9388 OR david@davidhowes.net.