Sigh!
Two weeks ago, I had a California Buyer who made an offer for a property with a fast food restaurant that was located just off I-215 on Jones Blvd.
It sits in an area between where there are a lot of office warehouse buildings and well built up neighborhood of SFRs.
And, there is a lot of vacant land in this area and most of it is owned by McCarran International Airport.
Now, Jones to and from the I-215 is a very, very busy street as it is the easiest way for workers who live in the neighborhood to the south to travel to work either on the 'Strip,' or to a business that is located near the 'Strip.'
The Buyer and Seller agree on a sales price. We open escrow. Then, -- not more than one hour AFTER opening escrow -- the Buyer calls me to demand I cancel escrow! What?! Huh?! Ok.
It took me a week, but I finally found out that "a friend" of the Buyer had told him he had "looked" at an aerial map of the area and he determined that there was "nothing around the property but vacant land" so that meant to the friend "that the fast food restaurant was going to fail."
Apparently, this "friend" knows nothing to very little about Las Vegas. BUT, his influence was great over the Buyer.
Since canceling Escrow, the property -- which had a lot of interest in it has SOLD to a Real Estate Broker, who flipped the property to another California investor. The Broker acquired the property for $5.3 Million. And, an hour after he closed escrow buying the property, he closes his second escrow to the investors for $5.8 Million. Today, as I write this, is a Thursday two weeks before Christmas and I am still baffled that someone with little or no knowledge of a city or town in another state could have so much influence over a Buyer.
Even after I went over all of the "friends" objections with the Buyer, he wasn't going to go against his "friend."
Yes! This is absolutely absurd!
You see, the reason the fast food restaurant was placed there in the first place was because there is a severe lack of fast food in this area. There are numerous businesses in this area that their employees had to -- and still do -- go OUT of the area to eat lunch, etc. In other words, there is plenty of "Rooftops" and "Traffic" to support this fast food restaurant.
And, with McCarran International Airport owning most of the land, and with the recent economic meltdown developers have been hesitant to lease the land and build more buildings. (This will iron out eventually.)
But a national fast food chain will be able to survive here because it is the only fast food in the area.
So, "friends" please keep your big, uneducated opinions to yourself. Otherwise, you will cost your Buyer friend an opportunity to make money from a well placed National Credit Tenant NNN investment.
Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes
Two weeks ago, I had a California Buyer who made an offer for a property with a fast food restaurant that was located just off I-215 on Jones Blvd.
It sits in an area between where there are a lot of office warehouse buildings and well built up neighborhood of SFRs.
And, there is a lot of vacant land in this area and most of it is owned by McCarran International Airport.
Now, Jones to and from the I-215 is a very, very busy street as it is the easiest way for workers who live in the neighborhood to the south to travel to work either on the 'Strip,' or to a business that is located near the 'Strip.'
The Buyer and Seller agree on a sales price. We open escrow. Then, -- not more than one hour AFTER opening escrow -- the Buyer calls me to demand I cancel escrow! What?! Huh?! Ok.
It took me a week, but I finally found out that "a friend" of the Buyer had told him he had "looked" at an aerial map of the area and he determined that there was "nothing around the property but vacant land" so that meant to the friend "that the fast food restaurant was going to fail."
Apparently, this "friend" knows nothing to very little about Las Vegas. BUT, his influence was great over the Buyer.
Since canceling Escrow, the property -- which had a lot of interest in it has SOLD to a Real Estate Broker, who flipped the property to another California investor. The Broker acquired the property for $5.3 Million. And, an hour after he closed escrow buying the property, he closes his second escrow to the investors for $5.8 Million. Today, as I write this, is a Thursday two weeks before Christmas and I am still baffled that someone with little or no knowledge of a city or town in another state could have so much influence over a Buyer.
Even after I went over all of the "friends" objections with the Buyer, he wasn't going to go against his "friend."
Yes! This is absolutely absurd!
You see, the reason the fast food restaurant was placed there in the first place was because there is a severe lack of fast food in this area. There are numerous businesses in this area that their employees had to -- and still do -- go OUT of the area to eat lunch, etc. In other words, there is plenty of "Rooftops" and "Traffic" to support this fast food restaurant.
And, with McCarran International Airport owning most of the land, and with the recent economic meltdown developers have been hesitant to lease the land and build more buildings. (This will iron out eventually.)
But a national fast food chain will be able to survive here because it is the only fast food in the area.
So, "friends" please keep your big, uneducated opinions to yourself. Otherwise, you will cost your Buyer friend an opportunity to make money from a well placed National Credit Tenant NNN investment.
Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes
