Jessica Henning
9500 Hillwood Dr, Ste 201,
Las Vegas, NV 89134
Office: 800.715.1500
Mobile: 702.883.8700 | 858.750.5200
Fax: 702.975.9800 | 858.726.8800
jessicahenning@statusintl.com

leftnav photo




International Buyers Purchase in Las Vegas

 

Consumers may be weary of the unstable economy, but as the market changes, many interesting investment opportunities are opening up in Las Vegas. There are an increasing number of commercial properties in Las Vegas that are in distress and are facing foreclosure. Although the rate had slowed previously, according to present calculations by one analytics firm, the commercial distressed properties have grown to 37% from the previous 34%. The total is estimated to be a staggering $17 billion worth of properties in distress. This amount includes the properties whose loan amounts are in default and those who have been already foreclosed. The upside in this bleak realty atmosphere is that there are good investment opportunities for investors, including bank owned properties.

The result is an increasing trend of international investors buying in Las Vegas. In the past two years, Dubai World has invested a little less than 3 billion dollars to get half the stake in City Center and invested a further $2.4 billion in MGM Mirage. From Israel, Elad Properties have bought New Frontier property of 40 acres for $1.2 billion. Crown Ltd. from Australia has bought the whole Cannery Casino Resorts for $1.8 billion. They have also invested $250 million in a stake of 20% in Fontainebleau. All these investments show a growing interest in the Strip. Property at these prices could have never been possible a few years ago. Investors purchasing foreclosures in Las Vegas are also happy with the weakening of the dollar against the popular international currencies.

In the first part of the current year, the commercial properties sold increased by 16% in Las Vegas, however, the number of deals shrank. This statistic indicates that each sale was larger in dollar value. On top of the savings thanks to low prices on the commercial foreclosures, investors are upbeat on the future outcome of the Las Vegas strip. There appears to be a positive general outlook by local businesses, many whom have seen positive growth even with the continuing economic downturn.

The global economy seems to be improving although US is still in the grips of the downturn, and this has presented a great opportunity for international investors to seek to buy in Las Vegas. According to analysts, financial markets around the world are going to improve and the slowdown is already reversing in many places globally. This is and ideal time to think about investing in commercial foreclosure properties in Las Vegas. The number of sales of this type of property is steadily increasing. In turn, this also means an increase in demand for these properties.

Realtors in Las Vegas are experiencing growth in their industry as renewed interest is seen from many investors locally and internationally. After 2004 the Las Vegas real estate market was on the decline, hitting rock bottom in 2007. Since 2009 the market has grown as fresh investments are steadily flowing in from parties who have bought stake in the foreclosed and distressed commercial properties. More recently the market is even better as Realtors are busy selling foreclosed properties at very reasonable prices. If you want to reap the benefits of a reviving commercial market, the time to act is now. 

 

 © 2019 Agent Image All rights reserved. | Terms | Sitemap Design by Agent Image - Real Estate Web Site Design