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Archive for February, 2010

postheadericon Invest in Residential Foreclosures

 Las Vegas is the “Perfect Storm for Residential Investors.   
 
2009 residential sales was a big improvement over 2008!  According to GLVAR, we closed around 48,500 transactions in 2009 compared to around 28,000 in 2008.   Good news, right?  Not so fast.  The rate of foreclosures rose from about 8.9% in 2008 to 12% in 2009.  With over 3 million homes nationwide hit with foreclosure notices last year, nearly 95,000 homes or about one in 82 homes in Las Vegas was served.  Las Vegas housing values have plummeted from the highs of 2004.   Is this a bad market to invest in?
 

postheadericon Las Vegas Retail

The Las Vegas commercial retail market still shows the strain of the current economic downturn. Vacancies, especially in newer constructed centers are running 50% or more.  There is little new commercial construction on the horizon this year. The current retail market is not bad news for everyone. 

There are some bright spots for Investors with cash looking for good opportunities, business able to expand and new tenants looking to lease space.  For tenant looking for more space there are more location choices and more negotiating power for tenants.  The current retail market provides businesses the opportunity to expand by taking advantage of exceptional deals in both leasing and sales by motivated landlords and sellers.  Don’t wait too long because timing is critical.    Many buyers on the residential side sat on the sidelines just 6 months ago and now are competing with multiple offers on properties and banks not willing to make the concessions they were 6 months ago.

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