Showing posts with label Commercial Real Estate. Show all posts
Showing posts with label Commercial Real Estate. Show all posts

Saturday, March 28, 2020

The Assignment has NOT been Received!

In almost 30 years of being a Real Estate Broker, this has happened to me less than a half-dozen times.
However, as of yesterday, this is the first time it happened within three days of closing escrow!

I have had the three Downtown Las Vegas Motels in escrow four times now.

In my attempt to ward off would be flippers, I have been diligent to overly vet prospective buyers.
Most approach as buyers interested in acquiring value add, net income properties that they can fix and operate.

However, I didn't see this one coming because the "Buyer" has acquired several properties in Downtown Las Vegas that he bought, fixed, and operates.

So, when all of the Buyer's contingencies expired, he suddenly wants to cancel the escrow -- and receive 100% of his Earnest Money Deposit (EMD) back!
WHAT?!

The Seller was just as surprised, too!  And, since the Buyer threatened to sue to get his EMD, the Seller sought his attorney's advice; and his attorney says the EMD belongs to the Seller.

Then, while discussing the situation with the Escrow-holder, she lets out that she had been waiting for the Assignment of the Escrow.
WHAT?!
Assignment of  Escrow
She tells me that the Buyer's assignment of the escrow has NOT been received.  I was stunned. Apparently, this Buyer either didn't have the funds to close (As he assured me); or his flip Buyer pulled out of the deal at the last minute.
(I think the latter.)

Now, the Buyer either has to close, or he loses his $275,000.00 EMD.

At this point, we shall proceed with caution.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Thursday, March 19, 2020

SHUTDOWN!

Real Estate is a business that requires a lot in personal interaction.  Granted, most of it is on the telephone and through other electronic communicating, but it is still a personal relationship business.

Yet, truly it is a non-essential business -- except when you have an escrow that needs to close within the shutdown period.


Sigh!

Buyer wants to extend closing because he is restricted from re-entering the US; and Seller's attorney says close right away.

Somehow, as the Real Estate Broker in the transaction, I am stuck between a rock and a hard place.
(Boy do I feel squeezed.)

What to do? What to do?

Keep moving forward.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Thursday, March 5, 2020

Taverna Costera -- A WHL Designed Restaurant!

Rarely do I ever mention my wife's design firm.

I really should mention her firm more because her team does amazing work.

Here is the latest from Carol, Larry and crew!

Vegas Eater Taverna Costra Story

Magnificent!
To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Monday, February 10, 2020

Multi Family Plex Properties For Sale in Downtown Las Vegas!

If you have been searching for a smaller Value Add Las Vegas Investment to get started -- or, you have a limit on your available funds, there are 5 small multifamily real estate properties that are available in Downtown Las Vegas!

They are each in the $300,000 range - if bought individually; OR, you could acquire all 5 for $1.5 Million.

621 & 625 N 11th Street

208 N 13th Street

1302 Stewart Ave

610 N 11th Street
Interested Buyers should...

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Friday, January 31, 2020

Las Vegas Residential Portfolio For Sale!

Have you been searching for Single Family Homes to purchase as rental income?

Then, I have a portfolio of homes that are rental properties for you.

There are 11 homes and 1 Condo in this portfolio.  You can acquire One or all Twelve.  It's up to you.

1189 Balzar Ave
1392 Hart Ave
2060 La Salle Street
 
4420 Shalimar Ave

4562 Baby Bird Lane

4604 Van Buren Ave
4608 Van Buren Ave


5151 Paradise Valley Ave

7078 Burcot Ave C-14 (Condo)

2160 Clancy Street

























3019 Asante Cove Street


















1913 Wild Jan Drive










To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Saturday, January 25, 2020

Sports Loving Investors - A Long Term Leased Sports Bar is available for your review!

Hey!

Sports Loving Investors!  There are two Las Vegas Sports Bars For Sale!

Football is back in full swing!  And, the Super Bowl is just around the corner!

With that said, these are fabulous opportunities for the correct Sports Loving enthusiast to acquire a perfect Net Leased Investment Property where local Las Vegans go to wet their whistles and make friendly wagers on the games right inside of the bar!



That's right!  These Sports Bars have sports wagering kiosks that can accept wagers on the game right at the bar location without having to go to a major resort to place a bet at a sports book!

And, these are located in these particular sports bars because of the credibility of the Tenant which is a National Credit Tenant who has a Corporate Guarantee on their lease!

These two can be acquired together or individually.  Both have a Net Leased Income of more than $20,000 per month!

AND, there is basically zero Landlord responsibility!

The Tenant pays for the building maintenance, the building's Real Estate Taxes, and Insurance on top of their  annual rent!

So, don't wait!  The long term leases and tenant financials are available.  But, I will only let those qualified get to see them.  In order to get qualified, you need to call or email me.  I suggest you do so as soon as you finish reading this so you do NOT swing and miss on this too good of an opportunity!

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Tuesday, January 14, 2020

Rail Served Land in Las Vegas!

Recently, I've been thinking about the Railroad.
All the live long day.

Okay, enough of that.

About a year ago, I ran into a Land Owner who resides here in Las Vegas who owns several acres of land that he is considering for sale.
One of his parcels is adjacent to a parcel that has rail service.


Now, there's no warehouse, or anything like that on the parcel; but, there is a rail spur on the vacant parcel.  This could add value to this owner's parcel if he does acquire it.


It sits there all by itself, all alone with no other rail served parcel in the area.


However, the parcel with the rail service is NOT big enough, by itself, for any warehouse development.  So, in order to build and be able to utilize the rail spur cost effectively, you would have to acquire the surrounding parcels.

Unfortunately, there's the rub.

But, I have approached the adjacent land owners about selling.  Some are willing; others no so much.  (Their prerogative. )  Some want more than top dollar, the others are content to keep their land and keep it as is.

Anyway, if interested in developing a rail served parcel in Las Vegas, and need my insight...

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Thursday, January 9, 2020

Tragedy Attracts A Low Balling Crowd!

Ever since the Alpine Motel Apartments suffered it's worst day ever and a resulting six people died, there has been an uptick in real estate interest for this property.

Yes, the Low Ball Flippers have contacted me about buying the property.

Alpine Motel Apartments

All have the ability to close real fast, and they are Cash Buyers -- they claim!

The problem, aside from the legal liability the Owner is going to suffer from (alleged) code violations, is these Low Ball Flippers can buy quickly -- only if the Seller would carry back a loan!

Now, I know from my years of experience, that when you are a Buyer asking for a Seller to Carry Back a Loan, you are NOT a Cash Buyer!

And, to add insult to injury, their quick buying price is way less than what the property is worth.  Vacant, the property should sell for about $3 Million in it's "As Is" state.

But, with the pending litigation, that puts this property on hold.

In the words of the Owner's attorney, "Hold for now."

In the meantime. my heart goes out to the victims caught in this tragic event.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Wednesday, January 1, 2020

Five Tips about Real Estate

Happy New year, Everyone!!

Now, I didn't stay up for any of that New Year's Celebration stuff.  So, I rested well and woke up late New Year's Day.

However, I noticed someone connected to my blog from another blog.  And, checking out the other blog, she described some real estate items I think everyone should know.

https://therealestatewhisperer.blogspot.com/

Enjoy!

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Tuesday, December 31, 2019

Happy New Year!


To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a Pleasant New Year's Eve and Day!

Tuesday, December 10, 2019

Happy Holidays Everyone!

Wishing Everyone a Happy and Safe Holiday Season!

Charlie Brown Christmas Tree!


To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Monday, November 25, 2019

The Redevelopment of Downtown Las Vegas is the future of Las Vegas Development!

Since Tony Hsieh started buying up lots and lots of real estate parcels east of the Downtown Las Vegas Fremont Street Experience more than 10 years ago, land flippers have also been buying up property with the intent to flip to Tony's Downtown Project.

And, with the City of Las Vegas investing in widening the Fremont Street sidewalks east of Las Vegas Blvd, this area is beginning to become more pedestrian friendly,  Local businesses have high hopes this attempt to draw foot-traffic will help the businesses in this area become profitable.

AND, with businesses drawing more people, the City also hopes this will draw more development in affordable housing -- which is in such dire need in this area.

Now, The Downtown Project has built a 250 unit apartment building called Fremont 9 at the intersection of (you guessed it) Fremont and 9th Streets; and, they are beginning to develop another +/-250 unit apartment building at 11th and Ogden.

Housing is in such demand, that even older apartment buildings are being sought to provide housing developers the opportunity to cash in on this trend.

The Alpine Motel Apartments

One such opportunity is the Alpine Motel Apartments.  Don't let the name fool you.  It's NOT a Motel -- even though that's the name it was given when built in 1972.

It is and has been Studio Apartments all along.  It currently has the ability to rent out weekly.  But, the City of Las Vegas would like to remove that grandfathered ability with any new construction at this site.

Now, it is currently being rented monthly.  But, because of the run down state of the property, it is in dire need of renovation.

That's where the rub begins.

Some developers think it will be too much to renovate.  Others just want to low ball offers so they can do a lipstick on a pig and flip.

Even The Downtown Project made a low ball offer which was quickly rejected by the Owner.

Comparable Sales, though, indicate the AS IS Market Value to be $3 Million.  OR, at about $73,529 per unit.

BUT, the Seller will accept $2.8 Million.  OR, $66,667 per unit.

And, this falls right into what I think the cost of renovation could be: +/-$6,000 per unit or more.

Now, like I mention above, this property has had it's share of offers -- mostly low-ball offers that the Seller has continuously rejected.

Yet, I continue to strive toward a Closed Escrow/Sale for this property.

So, if you are ALL CASH with a QUICK CLOSE, there is a price that this could be acquired at!

You just need...

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Tuesday, November 12, 2019

When a Buyer needs a Seller Carry Back, the Property is being Flipped!

You spend a lot of time exerting a lot of effort marketing a property for sale.  Then, you run into a Buyer who claims (says) you don't need to work so hard. 

They're easy.  They have all cash and can close real fast!

You think your efforts are finally paying off!

Phew!  That was .... Wait!

That was too easy....

And, so it goes.  You work so hard to get a fair market value offer for a property listing, and then, all of the sudden, along comes a Buyer with cash. (So, they say.)  You think your effort has finally come to fruition?  Or, has it?

This is a scenario I have run into for a long time since I obtained the Listing on several Las Vegas Properties.  I worked my marketing magic as best I can; and, then out of the blue comes a Buyer (a Flipper), who presents themselves as the key to my success.

(They claim) They are an ALL CASH Buyer who can close easily and quickly -- if the Seller can carry back a 2nd for six months to a year.

Sound familiar?

I've heard this a lot in the last year or so.  It's become so redundant, I can recite their pitch in my sleep.

The Seller, who I have known for a long, long time, is a well educated property owner with a lot of experience in owning, buying and selling real estate.

And, yes.  He buys low and sells high.  (That's the Golden Rule of Real Estate.)

So, when he told me he will NOT carry back a loan, I knew, right from the beginning, he knew the secret of a Flipper.  That is because he's a Flipper, too!

But, since I've known him, he's always been the real ALL CASH Buyer type that does pay ALL CASH and he does closes quickly. (Less than 30 days).

He isn't a Buyer who tries to get a carry back from a seller.  He pays cash, fixes the property's problems, then re-sells.

Moral of the story, if you are a flipper, and you want to steal equity, you need to do it quietly, quickly and move on to the next property in a blink of the eye.  To do that requires ALL CASH. 

Get in.  Close.  Then, Get Out.

Carry backs only keep the Seller's interest in a property.  It allows the Seller to keep an eye on what you are doing.  And, that creates the problem.  Once the Seller knows you are stealing their equity, that's when the Buyer's problems begin. 

And ALL of Your Efforts were for not.

Moral of the Story, I will keep marketing and putting my effort into finding a Buyer who wants to own the property rather than someone just looking for a flip.

It really does matter.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Friday, October 25, 2019

Attention, Lowball, Bottom Feeders! Don't Bother!

Last week, while back in "Boston" where I grew up, the extended family gathered together to celebrate the passing of our mother.

She was a 90 year old spit fire.  (Okay, you get the picture.)

Anyway, after the wake and before the funeral, we went to her favorite spot and we each had our favorite drink in a toast to honor of her.

While there, my youngest brother, who is a Colonel in the US ARMY, and I were discussing local real estate events. (My Apologies.  I can't help myself.)

He had been a real estate agent for a short time years ago but could never make a go of it.  (Maybe because he was fully into being an Army Officer?)

Anyway, while discussing the multiple low-ball offers I get for my listings in Downtown Las Vegas, I was complaining that too many of these bottom feeders feel entitled to steal the Seller's equity value of a property listing.

During our discussion of this, he said, (paraphrasing) if you treat the low-balling Buyer seriously, maybe you could work a deal.

I knew then that he didn't understand how real estate works. 

I replied: Since I am the listing Broker, my fiduciary duty is to the Seller.  If a Buyer makes an offer too low, I am going to tell the Seller to reject the offer.

Now, several of these rejected low-ball buyers do return and try, and try again and again.
(It's as if they are masochist and want the punishment.)

Yet, the market value (per Comparable Sales) keeps going up, but their offers stay the same.

What did Einstein say: If you keep doing the same thing over and over, and expect a different result, you must be crazy or stupid?

For a fair, Las Vegas market value deal, you can...

Contact David Howes: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Sunday, October 13, 2019

No one else will offer $250,000 non refundable!

This Buyer is Correct!

The only type of Buyer who would ever offer a Non-Refundable Earnest Money Deposit -- non-refundable and released to the Seller upon the Opening of Escrow -- is a sleazy Buyer!

They are the type of Buyer who think they are smarter than the Seller; Think they are smarter than the average real estate agent, (okay, maybe they are correct about that); and, they try as hard as they can to steal the Seller's hard Earned Equity.

I have a vast amount of experience dealing with these types of Buyers.  No, I don't like dealing with them because they drain my battery.

They are a waste of time.  They keep pushing the scenario of just how little the subject property is worth; yet, if they owned it, they'd be pushing just how much the subject property is worth.

So, if a property is listed for sale with me, I do my best to maximize the selling price.  Do I lose a lot of Buyers because of it?  YES!

But rest assured, they are the Buyers you, as an owner of a Commercial Real Estate property, don't want to be dealing with.

However, as the Seller of any Nevada Commercial Real Estate Property, you can hire me to list the property at a fair market value, and I will 'Damn the trenches' to find you a qualified Buyer.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Wednesday, October 2, 2019

You ever get used to being lied to about Las Vegas Resorts?

About a year ago, I wrote a $900 Million 'Offer' for the Rio All-suites Hotel and Casino.  That investor needed more time to put together the acquisition money than Caesars was willing to wait.  So, it went no where.

Now, the reason the Offer I wrote was so high in price was because the land value of the 88.53 Acres which the Rio sits on his worth about $11 Million an acre.  Thus, the $900 Million offer.

After that offer fell apart, Eldorado Resorts came along with their attempt to acquire ALL of Caesars in their stock deal.  At this time, I was told by my contact at Caesars that the sale of the Rio was being put on hold until Eldorado completed their acquisition.


Ok, makes sense.  Let's wait.  (I should never have waited.)

Then, a few months later, I was shocked to read that Caesars Sold the Rio at about half of the land value for the whole property!

Even to today, I am flummoxed as to the reason they moved forward on such a low ball offer.

Now, the Rio buildings and such were the victim of the lack of Preventive Maintenance.  Before and during Caesar's Bankruptcy, they did little if anything to cure items that could have easily been fix, replaced and of in general taken care of.

Thus, the dire state of the existing structure. (As one retired casino executive said to me one time, "Duct tape on the carpet is NOT a repair."

So, all I can do now, is hope that the current buyer, who is in escrow, doesn't close and I find an equally qualified buyer to close on the property.

Are there other resorts available?  Yes. 
Are they expensive?  Yes.
Are there hotels/motels available without gaming?  Yes.

To find out more....

Contact David Howes at: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Tuesday, September 24, 2019

RIO SOLD! OK, It's just in Escrow.

For about 10 years (maybe more) Caesars was trying to sell the Rio All-Suites Hotel Casino.

For ten years (maybe more), I did my best to find them a buyer.

Well, looks like I failed.

But, given parameters that were NOT held up by the Buyer in the final outcome, I don't feel like a failure.



You see, it was Caesar's decision to undersell the Rio.

When I was trying to sell this property, I was told that $1 Billion or more was the sales price.  well, I took that as the God's Truth since most 'Strip' properties sell in the $10 Million an acre range.

But, I do know that there is one buyer who must feel completely used for way over paying for a dilapidated resort that is NOT even functional.

(He paid $600 million for a property he will need to invest almost a Billion into to complete it.)



Then, again, the Rio will need probably a Billion to fix/repair from the way Caesar's ran it into the ground during their tenure as owner.

Oh, well!

Another day, another dollar.

If interested in a Las Vegas Resort; OR, if you are interested in any type of Las Vegas investment...

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Thursday, September 19, 2019

Three Las Vegas Motels For Sale!

If you have been considering entering the Las Vegas Motel Market, here's your chance.

You can acquire all (or individually) three separate non-branded Motels at a +/-12% Cap Rate!

That's a steal as far as I can tell!

Two of the Three are located within the "Opportunity Zone" which enables you to get a tax break for redeveloping these properties.

The Economy Motel

The Starlite Motel

The Casa Blanca Motel

Each Property is in a Value Added state and the right person with enough ambition can turn these into branded motels; OR, just keep operating them as they are.

They are earning a total Net Income of +/-$903,066 annually!

For further property details...

Contact David Howes: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Wednesday, September 11, 2019

Just received an alert about your listings!

Okay!  That's great!  Who sent you the alert?

Deal Stream!

Who?

www.dealstream.com!

Wait, what?  I don't subscribe to that web site....

And, so, it happens.  Someone is advertising my listings on another web site.

Should I be angry?  Sad?  Or, happy someone sleazy is trying to sell my listing to another buyer without my consent?

Now, I know the values of these properties.
The Seller knows the values of these properties, too!

If they think they can acquire them so low that they are flip-able, they're wasting their money.

You see, the Seller is very knowledgeable about Las Vegas real estate; thus so am I.

If we get an offer at or about the Seller's selling price, then, SOLD!
But, I can tell you this.

The flipper isn't going to make as much money as they envision.

But, sure, Go ahead!

Market my property for me.  It saves me time and money!

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Wednesday, September 4, 2019

SOLD! Okay, Not SOLD. But, they keep saying SOLD!

Have you ever been told a lie and you know it's a lie, but the person telling the lie insist it's the truth!

Recently, a (not so major) resort Sold in Las Vegas.  But, as far as I can tell, it didn't sell.

Okay, I am NOT going to identify the property.  Let's see if you can guess.

A small resort property announced a sale and when I investigated, I found that, that wasn't quite true.

But, the news media keeps hawking the Sold news as if it was something major.

In my investigation of this sale, the ownership name changed, but it remained the same, even though it is going to be occupied by a "New Tenant."

Everyone involved from owner to tenant were in the news saying the right things about this new (supposed) ownership of the property.

The only thing I knew was new was the tenant taking occupancy.  The old ownership still owns but under a different name.

The old ownership executives are the new owner executives.  Yet, the tenant is new.

See how this becomes confusing.  Sort of like listening to a liar who lies and then re-listening to the people who were lied to and they are repeating the lie, yet no matter how much emphasis the new liars try, the lie is a lie.

And, unfortunately, since you know the truth, it becomes exhausting trying to correct the lie.

So, to NOT be lied to... why not contact me.

I will tell you the truth regardless of whether you believe me or not.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!