For Vegas, Today's Pain Will Be Tomorrow (or Many Years from Now's) Gain
Vegas Inc reports: “For every loser, there’s a potential winner in commercial real estate as lenders and holders of debt start to foreclose in greater numbers and sell them to buyers in the US and abroad who’ve been waiting on the sidelines to buy at bargain prices,” stated a recent article reflecting on the Las Vegas commercial property market put out by Vegas Inc, a Las Vegas-based business publication.
The article, featuring on-the-ground information about Las Vegas’ beleaguered commercial real estate market, cited data aggregated by Real Capital Analytics (RCA) to quantify just how far the city has fallen from a few years ago, when it was riding the commercial property boom higher than most: “Las Vegas has the highest percentage of distressed commercial real estate in the country by far…[with] nearly $19 billion in distressed properties, which includes more than $4 billion in properties that have been foreclosed upon.”
The silver lining of all this distress is that it has become a huge pool of opportunity for Vegas investors to benefit from. The article identified Newport Beach-based MIG Real Estate as one of the most bullish investors in distressed Vegas property at the moment, having acquired five properties in the market over the past nine months. Of this firm’s strategy, which the article reminds readers may take years to come to fruition, RCA Managing Director Dan Fasulo stated that, “These are guys who’ve been in the industry a long time and know how to buy right and create value and execute a leasing strategy.”
For more in-depth information on the Las Vegas commercial real estate market, please see the full article on Vegas Inc’s site.
View the full article on Vegas Inc: For Vegas, Today's Pain Will Be Tomorrow (or Many Years from Now's) Gain
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Posted by: Nina Turner