Wednesday, September 25, 2013

Lots of People Look; Very Few Buy! $300,000 for a Las Vegas Office Building!

Over the past year or so, I have been prophesying that the Las Vegas Commercial Real Estate Market "CRE" was losing it's "steal" muster.

Many of you "looked" at my blog; however, very few of you actually inquired about the steals that were happening. Unfortunately, the good ones have been SOLD.

(There were a few of you that did contact me just to tell me that the "steals" were in your opinion NOT steals because the property prices were still "too high" for you to actually make an offer. Since then, I have booted these people because they would still complain the price was too much even IF the properties were given to them for free.)

And, since then, most of the 8% Cap Rate properties have SOLD! ALL the small sports bars, gaming properties, and the Walgreen's were bought up! When one person was telling me that the prices were NOT steals; and least two were telling me they were.

For example: a recent 7 Eleven property was listed at just less than a hair less than a 7% Cap Rate. I contacted the owner who told me he put it on the market one day; and the next, he had 6 offers that ALL were for MORE than his listed price.

So, IF you ask and I reply by telling you the truth; please do NOT assume I am lying to you. (One Buyer kept telling me I was just lying to him to get him to pay more for a property. Okay. He wanted to offer a price that he felt was a steal and it turned out was the lowest offered to the Owner.)

Then, of course earlier this summer there was the idiot for Brooklyn. He had such a bad attitude. He was going to 'teach me' how to buy property in Las Vegas. In reality, he didn't have a clue as to how to buy a CRE property here in Las Vegas. And, after the debacle where he employed another broker to write a second offer on a property that I had written an offer for him first, I booted him, too. (Unfortunately, since he didn't listen, another client of mine who wanted the same property -- and who did listen to me -- is happily in escrow. The Brooklyn idiot didn't get the property because the owner knows me well enough to have respect for the real estate buying process. (Word to the wise, employ only one broker IF you are seriously considering acquiring a Las Vegas property))

AND, I do know of one property NOT ON THE MARKET that was taken back through foreclosure by the bank.  The Bank is willing to sell a +/-3,400 SF office building at a 10% Cap Rate!
Price: $300,000!
Hmmm? I wonder how many of you will tell me this is priced too high? OR, not enough of a steal?

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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