Glenn Administrator

Content Posted by Glenn Administrator

Clark County Land Sales 2017

As a Clark County and Nye County Nevada vacant land broker and appraiser I try to track what is going on in the market and submarkets.  The following graphic displays my best available historical and current data on southwest Las Vegas vacant land sales, I have displayed the sales by 4 zoning categories, but I keep the data for more categories including R-3 or 18 DUPA and R-4 or 24 DUPA.

What Happens to Leases When a Property is Sold?

Leases are contracts that encumber a property even after a real property is sold. So if you acquire an industrial building that is already leased and the lease allows five options to the tenant for 5 year for each option the tenant has rights to rent the building for at least 25 more years. So if you think you are going to purchase the building and eject the tenant you are in for a big disappointment. Why would an owner give a tenant renewal options that can continue to control the use of a property over a 25-year term? There are a number of motivations. Some tenants have to make significant tenant improvements. A dentist for example may want to make improvements that cost hundreds of thousands of dollars and they can't make them if their lease will expire after 3 to 5 years.

California Brokers Need a Cooperating Nevada Broker

Once in a while I run into an out-of-state broker, most often one from California, who want to get paid in a real estate transaction and they find that they coan't get paid from a Nevada real estate broker as a California broker.

If you want to get paid from a real estate transaction in Nevada and you are a licensed broker in California you need to work with a cooperating broker in Nevada and fill out and submit a Nevada Out-of-State Cooperative Certificat (Form 542) and submit it to the Nevada Real Estate Division.  When filed with the Division together with a $ 150 fee, license attached, license history, two (2) fingerprint cards and a 2" X 2" photograph a single transaction approval may be issued.

Real Estate Agents Battle for Customers

A move is on to focus real estate brokers on data collection and control of information on their clients.  Brokerage firms are figuring out the fact that they are out of the loop when it comes to collecting and using information.  How much information do brokers need and when do they collect it?

Brokers can get important information from potential buyers, actual buyers, renters and sellers.  The information collected on clients can be basic or it can be comprehensive.  While a great deal of data collection happens on the Internet and other places no disclosure takes place.  It's important that whatever information is collected by brokerage firms / agents on clients / customers be disclosed when it is collected.

Las Vegas Commercial Real Estate and Land in 2015

From my perspective it appears that the commercial real estate (CRE) market in Las Vegas in 2015 will continue to improve.  The 2015 market is not the kind of real estate market that real estate owners and agents will love and and it still feels like the market is walking and not running, but its better than crawling.

There are positive factors that will make a difference for the Las Vegas commercial real estate market in the short term future.  Importantly the population of Las Vegas is expected to increase at a much faster rate (near 3.0% per year) over the next few years.

Commercial Lease Terms are Important

If most landlords are chargina a $ 0.25 per square foot per month common area maintenance (CAM) fee and your landlord is charging $ 0.35 per square foot per month for similar space, that relatively "small" CAM charge difference would be $ 12,000 per year for a 10,000 square foot space or $ 6,000 per year for a 5,000 square foot space.  It's not peanuts; you need to know why your landlord thinks that because his expenses are higher, maybe because of building faults or overpaying for expenses, that you should be suffering because of those problems.

Using Custom Real Estate Contracts

Some commercial real estate (CRE) organizations in Las Vegas offer a commercial purchase agreement to their members but some individuals opt out of those forms in favor of their own custom forms.  Reasonably they want to control the outcome of purchasing issues that often destroy a real estate deal.  A couple of provisions that custom purchase agreements attempt to deal with that are now well address by standard forms include; escrow, contingencies, seller warranties, contract termination and others.

Who is Buying and Selling Real Property?

It's no secret that there are more and more Wall Street investors who have entered local real estate markets like ours in Las Vegas.  They are not only buying up huge blocks of residential homes, they are alos solidly in the commercial real estate (CRE) market.  It used to be that small investors were an importan block of buyers in both market segments, but things are changing.  Why?

Convert your Office to a Retail Use

If you are a commercial real proeprty owner in Las Vegas, Nevada and you follow the vacancy rates by property type you are probably already aware that the weakest commercial real property type or segment is offices, and in early 2014 we are still seeing a vacancy rate near 23 percent for them.  For some there exists an opportunity to take advantage of the stronger retail market with vacancy rates closer to 11 percent.  Making a full or partial transition depends on a number of factors.

Las Vegas Commercial Market 2014

While some scramble to come up with justifications to support their self-serving conclusion that 2014 will be a strong year for commercial real estate (CRE) in Las Vegas, Nevada there are many reasons to believe that there won't be much of a change from 2014.