Forbes.com has proclaimed the Greater Las Vegas Valley as one of the top ten cities in the United States to invest in for commercial real estate, I couldn’t agree more and it is. They said that commercial real estate bargains abound, I said that three months ago.
The only problem that I have with this is that these guys don’t know what they are saying. How can a web-site or magazine keep track of hundreds of markets around the world and be able to write about them with any kind of authority is way beyond me. I work 10 hours plus a day and am concerned with the Greater Las Vegas Valley real estate only and have a hard time catching up with this incredibly dynamic market.
If Las Vegas is proclaimed the top ten commercial real estate markets in the United States, investors should be buying now, they are not and I say don’t. But I say investors should start looking now and that is different than buying. Investors should pick and track their target properties but wait for better discounts.
“In 2006, (Las Vegas) was only the 16th most popular locale for international money,” the report said. “But since the market has turned south — and projects ranging from residential complexes to casinos and offices have suddenly stalled — international investors are starting to look for big discounts.” My goodness these discounts are coming.
I have repeatedly stated that Las Vegas real estate is a great value at this time, but why not get a better price by waiting a while. The vacancy for office sector has gone up to 16% plus, industrial vacancies have nearly doubled in a year and only 240 acres of land have been sold in the last quarter. Despite having sunny skies for 300 days a year, when it rains in Las Vegas, it pours and man it is pouring.
I have told the same to a couple of European investors, however their bank advised them to forget about investing in the United States, particularly in Las Vegas. I don’t understand how a European banker has become a US real estate expert all of a sudden. A very good Hollywood name for these bankers and their US counterpart would be Dumb and Dumber as it is the US banks that are “solely” responsible for the current foreclosure crisis.
In conclusion; my advice to commercial real estate investors who consider investing in Las Vegas is to contact me in order to start preparing now, as the upcoming bargains will provide a few intelligent investors with deals of a life time.
Related web-site pages:
Las Vegas residential real estate market news, Las Vegas commercial real estate market news, Las Vegas Economic News, Las Vegas real estate market statistics report, Las Vegas industrial real estate for sale, Las Vegas vacant land for sale
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
You must log in to post a comment.