Las Vegas Casinos For Sale UPDATE

For those who are interested, there are two Las Vegas Resort Properties possibly available for sale. However, a Non-Circumvent, Confidentiality and Commission Agreement is required to be able to receive any details on either property.


The First is a Resort and it will cost you +/-$500 Million.  The bank has stated it will consider financing your purchase at 75% LTV. If interested (and Qualified) in pursuing this property, the Bank requires that you provide them with your financial capability and/or Proof of Funds! They are searching -- quietly -- for companies that are currently licensed -- or who can qualify for a Nevada Gaming License. However, I am in contact with at least one licensed gaming operator who can run the gaming part of this property. And, this proof of capacity must be received PRIOR to release of any property information.


The Second is a smaller casino property that is "Off Strip" or more commonly known as a "Local" casino.  Even though it is +/-5,000 SF, it maintains it's original "Unrestricted Gaming" entitlement.  This is grandfathered from the time it was originally built and opened.  Providing Proof of Funds for this $5 Million dollar purchase is also required.


For further detailed information on either property, please email me at: david@davidhowes.net or call 702-501-9388.

Las Vegas Horse Boarding Property For Sale

An owner of a 5 acre parcel in the northwest portion of the Las Vegas Valley has asked me to find a potential buyer looking for his horse property.

The property has been a +/-15 horse boarding facility with a +/-5,000 SF house; and it has a +/-16 stall barn with a caretakers quarters.  There are also corrals on the property for the horses to be "turned out."

The property is surrounded by higher end homes so your neighbors would be more affluent than the norm.

He would like to get $750,000 for the property "As Is."  This is a tremendous buy for such a large parcel of land in Las Vegas and the boarding entitlement runs with the property.

The house and the barn will need repairs to bring it back up to serviceability.

If interested, please give me a call at my telephone number below.

For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net OR 702-501-9388

CURTAIN RODS----PRICELESS!

(This was emailed to me by my friend and copy editor Laura Salter.  Even though this is NOT related to CRE, I thought it a great tale to re-tell!)

"She spent the first day packing her belongings into boxes, crates and suitcases.

On the second day, she had the movers come and collect her things.

On the third day, she sat down for the last time at their beautiful dining room table by candle-light, put on some soft background music, and feasted on a pound of shrimp, a jar of caviar, and a bottle of spring-water.

When she had finished, she went into each and every room and deposited a few half-eaten shrimp shells dipped in caviar into the hollow of the curtain rods.

She then cleaned up the kitchen and left. When the husband returned with his new girlfriend, all was bliss for the first few days. Then slowly, the house began to smell.

They tried everything; cleaning, mopping and airing the place out.

Vents were checked for dead rodents and carpets were steam cleaned.

Air fresheners were hung everywhere.  Exterminators were brought in to set off gas canisters, during which they had to move out for a few days and in the end they even paid to replace the expensive wool carpeting.

Nothing worked!

People stopped coming over to visit.  Repairmen refused to work in the house. The maid quit.

Finally, they could not take the stench any longer and decided to move.  A month later, even though they had cut their price in half, they could not find a buyer for their stinky house.

Word got out and eventually even the local Realtors refused to return their calls.

Finally, they had to borrow a huge sum of money from the bank to purchase a new place.

The ex-wife called the man and asked how things were going.

He told her the saga of the rotting house. She listened politely and said that she missed her old home terribly and would be willing to reduce her divorce settlement in exchange for getting the house.

Knowing his ex-wife had no idea how bad the smell was, he agreed on a price that was about 1/10th of what the house had been worth, but only if she were to sign the papers that very day.

She agreed and within the hour his lawyers delivered the paperwork.

A week later the man and his girlfriend stood smiling as they watched the moving company pack everything to take to their new home..........

And to spite the ex-wife, they even took the curtain rods."


For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net

Foreign Investors Overpay for Las Vegas 'Strip' Drug Store!

Can it be true?  Please, say it isn't.

Did a foreign investment fund overpay for a freestanding drug store here in Las Vegas.

I do NOT know how to get a hold of these investors; and, I wish I did.  Why would anyone pay $1,000 PSF for any property.  Where is the upside?  And, what was the Cap Rate that this will turn out to be once the dust has settled?

It never ceases to amaze me that anyone, whether foreign or domestic, would fork over so much cash for a real estate property in which the ROI was so far out into the future that it may not even be calculable.

In the last year, I have been trying to get foreign investors interested in properties that are listed in the low 9% or high 8% Cap Rate Range.  And, I am talking an ROI that will pay for itself in 11+/- years.  But, I have been having a hard time with foreign investors thinking that they wanted better deals.

Now, I heard that this has actually happened and I just can NOT believe it.  What was the closing phrase that sealed this deal?  I really and truly want to know.

I can NOT believe these guys/gals would go through with this.  However, could I please I have their contact information?  Talk about throwing away hard earned money.  This is NOT a good gamble; and it will turn out to be a really bad one -- once they realize that the ROI isn't worth waiting for.

For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net

Las Vegas Resort Properties For Sale!

About Four months ago, I blogged that there were a couple of Casinos For Sale.  Now, I want to update you on this:  There are Three For Sale and they are all Resort Properties.

So, IF you have the  pre-requisite amount of money or financial capacity, send me an email with proof of capacity, and I will forward a Non-Circumvent, Confidentiality and Commission Agreement for your company's Authorized Officer's signature.

Once executed, I will forward the information on the Resort Property that "fits" your financial capacity and investment criteria.

For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net

Sleazy, sleazeballs are everywhere!

Just when I thought I had seen everything, another event comes along and tries to make my life more...interesting.

Last week, I received a telephone call from another NV licensed agent. (To protect me from litigation, I will be using assigned alias'.)  "Agent" had written an offer and submitted it to my Seller through an unlicensed person who had decided he could act as a real estate broker "Sleaze Non-broker" through his sleazy Non-Agent.  (Still following?)

My Seller hadn't -- yet-- contacted me about the received offer, but "Agent" told me that the offer was for $3.7 Million.  This is much more than I listed the property at.

So, I asked "Agent" to email the offer and I would discuss it with my Seller.  Contacting my Seller, he said he was going to counter at a HIGHER PRICE!  Taken aback, I explained the situation with my Seller, that from what I saw in this offer, this was a one time offer, and was to be accepted "As Is."

He immediately decided to not accept the Offer.  I asked him to meet me at my office because I said there were other language provisions in the offer that were not -- correct?

When he arrived, I pointed out that the Offer was filled with clauses that prevented him as the Seller from: a.) collecting the full $3.7 Million purchase price; b.) prevented him from suing the Buyer IF he as the Seller found anything during the escrow to be wrong; and c.) the Buyer had a Power of Attorney clause inside of the offer that would allow him to make Seller decisions during escrow.  Huh?

My Seller was upset.  Though he is NOT born in America, he has lived here the majority of his life.  He was upset that his "Friend" -- the so called "Sleaze Non-Broker" had called and convinced him it was a good offer.  And, when I pointed out that the total amount of Money he'd actually be entitled to upon the close of Escrow was $50,000.00 Max!,  He was not amused.  That's correct: Fifty Thousand Dollars!!  I asked him to tell anyone making or trying to submit offers to have them talk directly to me -- ONLY!  He agreed.

And, he was most upset that he would NOT be able to sue WHEN he discovered that he would have agreed to NOT SUE if he endorsed the offer.

I would love to tell you these agents, non-Brokers, and supposed Buyers' names so that you can avoid them at all cost.  But, as I said above, I want to avoid litigation.  As for people who know me well, you can ask me at some time in the future quietly.

For "Honest" Information about Las Vegas Commercial Real Estate Investments, contact David Howes at: david@davidhowes.net OR 702-501-9388

Are Celebs Dense? Or, Just Receiving Bad Advice?

Last week I had put out a marketing letter to various Hollywood Celebrities and Executives that IF they were going to attend the CinemaCon gathering in Las Vegas, that they should at least take some time to review some very well priced Las Vegas Commercial Real Estate (CRE) that in the long run should help them make a higher than currently normal (+/-9%) Return On Investment (ROI).

Unfortunately, not a single Celeb! or Hollywood Exec took me up on my offer.

Now, that's NOT unheard of -- I mean a Celeb! or Exec ignoring an unsolicited offer.  C'mon!  That's normal.  

But, what is startling is that these very same Celebs! and Exec's are ignoring the single fact that the future income potential of these select few properties, that I know of, possess great future monthly income power than their next film or TV deal.  AND, once these properties have been acquired, they will be OFF the Market to the wiser investor and be gone.  My gut says that these Celebs! and Exec's are either paying way too much attention OR not enough attention to the national media?

I say this because the following article, published last week by the AP, indicates that foreclosures are down in Las Vegas.  This is a strong indicator that buying in Las Vegas NOW! means deals!  And it indicates we are at; OR, we are very near the bottom as to where CRE property values are headed.

"Las Vegas’ 1st quarter foreclosure rate 8th in nation

Associated Press

Thursday, April 26, 2012 | 2:30 p.m.

Foreclosure activity in greater Las Vegas has dropped 26 percent quarter-over-quarter, putting the area's foreclosure rate at 8th in the nation.
Data released Thursday by RealtyTrac shows one in every 82 Las Vegas-area housing units saw a foreclosure filing during the first three months of 2012. That's down about 61 percent compared with the same period in 2011.
Foreclosures in Nevada have been declining since a state law took effect in October, requiring lenders to file more paperwork to foreclose. In March, the state ended a 62-month streak as the foreclosure capital of the country.
The report shows Las Vegas' foreclosure rate trails seven California metro areas. The central valley cities of Stockton and Modesto top the list."

So, I can only assume that these high publicized Celebs and over paid Exec's are either ignorant to the facts as to what is truly happening in the Las Vegas CRE market; OR, they are getting really bad advice from their financial managers/planners -- who in turn are ignorant to these facts.

Oh, well.  It is their loss of the potential 9% or higher Cap Rate ROI; or, the loss of the potential rebound equity a buy and flip would provide once the market has stabilized.

And, even though Celebs! want to be just like John Wayne; or, even Bob Hope with their Hollywood careers, NONE have a clue as to how they really acted OFF camera.

You see, these two Hollywood ICONS -- when they were away from the camera -- built Real Estate Empires that continuously grew throughout their long careers.

John Wayne was such a driving force in the development of Orange County, CA, why do you think they named their airport: John Wayne Airport?  And, Bob Hope was instrumental in developing Toluca Lake, CA.

It's a bitter pill to swallow.  But, today's Celebs! and Exec's are too wrapped up in trying to become famous.  They just do NOT understand that true wealth and fame is earned through real estate.  Sure.  Celebs! will make money Acting.  And Hollywood Exec's will make money on Film & TV deals.  But, making money monthly through acting and dealing alone will not last as long as a net leased real estate acquisition will.

Through their careers, one day these Celebs! and Execs will realized they missed the greatest opportunity that is happening RIGHT NOW!  The truth always prevails!

And when you consider that 2/3's of ALL Billionaires have made their billions through Real Estate, the Celebs! and Execs dreams of stardom will fade quicker than they realize and that Hollywood income will fade rapidly.

However, IF they acquire one or two Net Leased Investments, this monthly income should continue to meet their income needs sufficiently long into the future.

For Information about Las Vegas Commercial Real Estate Investment Property, contact David Howes at: david@davidhowes.net OR 702-501-9388!