That's right!
In my opinion, IF the Las Vegas city officials were smart, they'd offer developers the same incentives that the Downtown Redevelopment Project (DRP) is getting. Now, what I have seen and the impression I am getting is that the east side of Las Vegas Blvd, along Fremont Street could be an area of upscale office and retail and NOT just a party area for First Friday and teen drinking any other weekend.
Tony of Zappos' plans are pretty secret. And he may just be planning this. But, I believe that unless other developers get involved in this area, this is going to be pretty much the same as it has always been.
It is my belief that the need for higher end jobs is the key to getting this area redeveloped properly and it would have a positive affect on existing property values for the current owners in this area.
DRP has been able to convince several property owners in this area their properties are worth less than what has been paid to others in the area before they decided to sell. It's as if they didn't look at the area comparable sales in pricing their properties.
Granted most properties left in this area are low end housing and older homes which most likely need to be torn down. But, to sell off to one buyer at the buyer's price is fueling a decline in the values.
That is why I have been standing firm in my listings in staying at the list price I have stated to these owners. Why sell cheap? Just because a sale near you was low at $24 PSF doesn't mean that, that is the value of your property. I have also cautioned that just because properties such as the Las Vegas Dragon or Ferguson's or Peter Pan Motels sold at $159 PSF doesn't mean your property is that high either.
But, in reality, another developer needs to step up and get involved. Other developments in this area are necessary to build competition so that the property values will increase thus making the current and future developments more valuable. And that would affect future re-sale prices in this area, too.
I have been marketing my listings to Pacific Rim investors and thus far I have received a lot of inquiries, but these investors are gun shy to pull the trigger. WHY? I ask. My guess is that they fear Tony's bank account. I know it is NOT bottomless. But there is the rub.
East Las Vegas along Fremont Street has a reputation of being low end everything. However, it could be a hub for business rather than a play ground for youthful Zappos' Millenniumers. who engage in underage drinking which will continue to be a problem and could set any development back IF not corrected without the Metro Police's involvement. So, IF you are brave and bold, this area of Las Vegas is in desperate need of high rise office, retail and non gaming hotel rooms just as any other well developed city has.
For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88
In my opinion, IF the Las Vegas city officials were smart, they'd offer developers the same incentives that the Downtown Redevelopment Project (DRP) is getting. Now, what I have seen and the impression I am getting is that the east side of Las Vegas Blvd, along Fremont Street could be an area of upscale office and retail and NOT just a party area for First Friday and teen drinking any other weekend.
Tony of Zappos' plans are pretty secret. And he may just be planning this. But, I believe that unless other developers get involved in this area, this is going to be pretty much the same as it has always been.
It is my belief that the need for higher end jobs is the key to getting this area redeveloped properly and it would have a positive affect on existing property values for the current owners in this area.
DRP has been able to convince several property owners in this area their properties are worth less than what has been paid to others in the area before they decided to sell. It's as if they didn't look at the area comparable sales in pricing their properties.
Granted most properties left in this area are low end housing and older homes which most likely need to be torn down. But, to sell off to one buyer at the buyer's price is fueling a decline in the values.
That is why I have been standing firm in my listings in staying at the list price I have stated to these owners. Why sell cheap? Just because a sale near you was low at $24 PSF doesn't mean that, that is the value of your property. I have also cautioned that just because properties such as the Las Vegas Dragon or Ferguson's or Peter Pan Motels sold at $159 PSF doesn't mean your property is that high either.
But, in reality, another developer needs to step up and get involved. Other developments in this area are necessary to build competition so that the property values will increase thus making the current and future developments more valuable. And that would affect future re-sale prices in this area, too.
I have been marketing my listings to Pacific Rim investors and thus far I have received a lot of inquiries, but these investors are gun shy to pull the trigger. WHY? I ask. My guess is that they fear Tony's bank account. I know it is NOT bottomless. But there is the rub.
East Las Vegas along Fremont Street has a reputation of being low end everything. However, it could be a hub for business rather than a play ground for youthful Zappos' Millenniumers. who engage in underage drinking which will continue to be a problem and could set any development back IF not corrected without the Metro Police's involvement. So, IF you are brave and bold, this area of Las Vegas is in desperate need of high rise office, retail and non gaming hotel rooms just as any other well developed city has.
For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: davidATdavidhowesDOTnet OR call 70 25 01 93 88
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