First, I am almost there. It's been four years since my last closed sale. (I am sad to admit.) But, I am close on about four maybe five properties. The problem continues to be investor anxiety -- especially the ones I am working with.
Second, every buyer (that I am working with) is expecting a deal. No, that's incorrect. They are expecting a sweet deal! And unfortunately, I do NOT have any investors who think prices are at current sweet deals. So, I languish on.
However, over the past year, I have seen some sales that closed that were NOT sweet deals and the buyers were talking about them as if they just took the previous owners (banks) to the cleaners. And, I am sure the buyer believes they did just that.
For example: an apartment complex converted to condos over the past ten years sold for +/-$50,000 per unit. In my search of comparables in the area for another apartment investor, those very same type of condos were listed individually at +/-$25,000 to +/-$30,000 per unit. Were my clients smart? Were the buyers dumb? (I wish I had dumb buyers.)
Also, there was an office transaction where the former lease listing agent had told me he never could get the occupancy above 70% occupied -- even in the good times. The issue preventing 100% occupancy was the parking. Did the buyer know about this issue with the property? Was it disclosed to the buyer? Or, did the buyer choose to ignore it? And, even though there is this huge occupancy problem, the new owner "knows" -- his words -- that he can get this leased up 100%. As far as I can tell, the parking is still an issue preventing 100% occupancy.
So, since I pride myself on being truthful. I pledge to help dumb buyers before they get themselves caught up in problem properties.
Unfortunately, if you are already in escrow or working on buying a property, I can NOT help you. (I am deathly afraid of litigation.) But, on anything new and into the future, please contact me. A Dumb Investor intelligence test is NOT required. :-)
For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net
Second, every buyer (that I am working with) is expecting a deal. No, that's incorrect. They are expecting a sweet deal! And unfortunately, I do NOT have any investors who think prices are at current sweet deals. So, I languish on.
However, over the past year, I have seen some sales that closed that were NOT sweet deals and the buyers were talking about them as if they just took the previous owners (banks) to the cleaners. And, I am sure the buyer believes they did just that.
For example: an apartment complex converted to condos over the past ten years sold for +/-$50,000 per unit. In my search of comparables in the area for another apartment investor, those very same type of condos were listed individually at +/-$25,000 to +/-$30,000 per unit. Were my clients smart? Were the buyers dumb? (I wish I had dumb buyers.)
Also, there was an office transaction where the former lease listing agent had told me he never could get the occupancy above 70% occupied -- even in the good times. The issue preventing 100% occupancy was the parking. Did the buyer know about this issue with the property? Was it disclosed to the buyer? Or, did the buyer choose to ignore it? And, even though there is this huge occupancy problem, the new owner "knows" -- his words -- that he can get this leased up 100%. As far as I can tell, the parking is still an issue preventing 100% occupancy.
So, since I pride myself on being truthful. I pledge to help dumb buyers before they get themselves caught up in problem properties.
Unfortunately, if you are already in escrow or working on buying a property, I can NOT help you. (I am deathly afraid of litigation.) But, on anything new and into the future, please contact me. A Dumb Investor intelligence test is NOT required. :-)
For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net