Social media as a real estate marketing tool

Social media has been a key factor in real estate marketing. Being able to update homebuyers in real-time about listings is an easy way to reach those buyers who are doing every part of the buying process online. As social media continues to be a vital part of our daily lives, finding ways to use the platform to grow your brand and business has shown to be extremely beneficial.

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Powered by Century 21 Gavish Real Estate

For many real estate agents, social media has become a powerful marketing tool to promote listings, reach clients and make important connections within the industry.

It also allows agents to post in real-time and instantly update their followers when a new property hits the market. This is especially important because increasly, homebuyers are beginning their search digitally–according to the National Association of Realtors, 44 percent of homebuyers in 2016 started online.

“We’re in an era where social media is part of our daily lives,” said Iddo Gavish, CEO and founder of Century 21 Gavish Real Estate. “What began as a way to connect family and friends has evolved into much more. Social media can grow brands and businesses, and give consumers the power to engage directly with agents.”

While the benefits of social media marketing can be plentiful, there are potential pitfalls as well. Here is a look at how agents and homebuyers can leverage social media to accomplish their real estate goals.

Tips for real estate agents

Social media offers great networking opportunities and a dynamic platform to feature home listings, but that’s not the only benefit of developing a rapport with potential homebuyers.

“Most importantly, social media helps establish trust with the customer, which is crucial in our industry,” Gavish said. As such, Gavish recommends prioritizing quality over quantity when posting, so as to avoid damaging brand integrity.

Other tips

• Post the right content: “Posting content that is engaging and provides value to the customer is a key element of any social media strategy,” Gavish said. “If you’re not providing valuable content to your audience, they won’t connect with your brand.”

• Be consistent: Create an account that’s specific to your brand and post on a regular schedule. “You want your followers to trust you as a reliable source, so our team posts frequently–at least three to four times a week,” Gavish said.

• Communicate openly: “Social media allows you to interact with clients and potential customers while assessing their needs without having to meet face-to-face,” Gavish said. You can also follow up with potential customers and check-in on the status of their home search.

• Be personable, not personal: “Posting content that isn’t related to the real estate industry is absolutely unacceptable,” Gavish said. “Keep personal posts off your timeline–your client expects your company to be professional, so you must reflect professionalism online.”

• Know your audience: Make a plan that’s designed to reach a specific audience and cater to them. “Trying to reach too broad of an audience is a common mistake. Your feed won’t be appealing to every social media user out there–and that’s okay!” Gavish said.

• Don’t shy away from comments: As a brand, addressing social media comments can be tough–especially when they’re critical or unkind–which is why it’s necessary to approach commenting with tact. “Always be open to feedback, whether it’s good or bad,” Gavish said. “Ignoring comments from users demonstrates that you may not care about the growth and image of your business. Your customers should be your No. 1 priority, and listening and engaging with them in a positive way can prove very advantageous.”

Tips for homebuyers

Looking for a home can be a long and, at times, arduous process, so using social media can help streamline your search.

“Homebuyers should find and follow local agencies through hashtags, demographic searches and word-of-mouth,” Gavish said. Once you’ve found an agency that resonates with you, scroll through its feed and reach out for more information.

Following local real estate agencies is also a great way to learn more about the housing market if you’re new and/or unfamiliar with the area.

Other tips

• Know what you’re looking for: “Agencies frequently feature specific properties to a larger audience, in order to narrow down the clients who would be a perfect fit for the home,” Gavish said. Because of this, buyers should have an idea of what they’re looking for and act quickly when a property strikes their eye.

• Find a feed that speaks to you: “An agent’s feed can tell potential homebuyers a lot about the properties they specialize in,” Gavish said. If you’re following an agent or agency that frequently posts homes that don’t interest you, keep looking until you find an account that better suits your goals.

• Keep an eye out for deals: Exclusive promotions and offers from agency accounts may pop up from time to time, so take advantage when they do.

Source: https://lasvegassun.com/native/2018/apr/27/how-social-media-is-changing-real-estate/

Zillow To Flip Homes In Phoenix, Las Vegas

Flipping homes is become more and more common across the country, and Las Vegas is no different. Chances are you know of someone that is involved in flipping homes, and are curious about the profitability of it. Zillow, the online real estate company, is now getting involved in flipping homes in the Las Vegas market, as well as Phoenix.

Zillow, the online real estate company, is getting into the business of buying and selling homes and will expand its Zillow Instant Offers service to Phoenix during April.

In a press release, Zillow said that it is partnering with three brokerages: West USA  in Phoenix, Berkshire Hathaway HomeServices Arizona & Nevada Properties in Phoenix and Las Vegas, and Coldwell Banker Premier Realty in Las Vegas. Starting in the spring, home sellers in Phoenix and Las Vegas will be able to compare a real estate agent’s market valuation of their home with offers from Zillow and other investors. If Zillow buys the home, it said it would repair and update it as necessary and then list it as soon as possible. A local agent will represent Zillow in the transaction, enabling the agent to earn a commission.

It’s also expanding its Zillow Instant Offers into Phoenix, which is its service in which sellers received investor offers alongside an analysis of the home’s market value. The offer comes within two business days of providing basic information about the house. Zillow starting testing the service in May of 2017  in Las Vegas and Orlando and is now adding Phoenix to the list. Zillow said the program gives real estate agents the ability to get new listings and that via testing, it found most of the sellers who request an Instant Offer sell their home with the agent that did the analysis.

“Even in today’s hot market, many sellers are stressed and searching for a more seamless way to sell their homes,” said Zillow Chief Marketing Officer Jeremy Wacksman in the press release. “They want help, and while most prefer to sell their home on the open market with an agent, some value convenience and time over price. This expansion of Instant Offers and Zillow’s entrance into the marketplace will help us better serve both types of consumers as well as provide an opportunity for Premier Agents to connect with sellers. This is expected to be a vibrant line of business for us and for our partners in the real estate industry while providing homeowners with more choices and information.”

To lead its new and expanding efforts, Zillow also announced it has hired Arik Prawer as chief business development officer — he will be in charge of business operations surrounding Zillow’s participation in the Instant Offers marketplace. Prior to joining Zillow Group, Prawer was most recently Chief Integration Officer at Invitation Homes, a single-family rental owner and operator in the United States. Prawer spent five years prior to that serving in executive leadership roles at large real estate owners and operators in the United States, Zillow said in the release.

Source: https://www.pymnts.com/real-estate/2018/zillow-flip-homes-phoenix-las-vegas/

Are Industrial Values Getting Too High?

When it comes to industrial real estate, how high is too high? People have differing opinions on when the values have gotten too high, but sometimes the numbers are too hard to hide, and you can see for yourself what the gap in the supply and demand has done for the market. Foreign investors remain active, but what about local investors?

Over the last few years, investor interest in industrial real estate has risen to a fever pitch.

Rent growth and cap rate compression are propelling investor interest in industrial properties, according to David Bitner, head of Americas capital markets research with real estate services firm Cushman & Wakefield. He notes that industrial asset values, including capital and appreciation, grew by 13.1 percent in 2017 alone, compared to 7.0 percent overall for all other commercial real estate sectors.

Nationally, the average cap rate on deals involving industrial assets is 5.4 percent for class-A+ product, down from 5.6 percent in mid-2017. That figure, however, is significantly lower in gateway and popular secondary markets. According to a Cushman & Wakefield ‘s latest survey, the cap rate is just 3.8 percent in Los Angeles, the Inland Empire and Orange County, Calif. and 4.0 percent in Seattle.

“With strong demand in primary markets, there’s been a shift (by investors) to development,” Bitner notes. “While we’re seeing a step-up in construction, over time it will slow down, because developers are running out of land.”

The gap between new supply and demand narrowed in the first quarter of 2018, with 32 million sq. ft. of new space completed. The new supply has been rapidly absorbed by users—particularly e-commerce companies—in the race to claim modern distribution space, but still was not enough to satisfy new demand, which totaled 42 million sq. ft.

“Sentiment is so strong for industrial, investors are willing to pay the low cap rates,” Bitner says, pointing out that institutional and foreign investors remain active in primary markets, but high pricing and low yields have forced most private investors out. Institutional investors are willing to pay high prices for low-yield real estate because they are in for the long term and view these investments from a portfolio standpoint, he notes. In fact, “for every $1 invested, there’s $5 chasing it,” Bitner says.

He adds that institutional and foreign investors still gravitate toward eight or nine gateway markets, but he expects to see more liquidity for industrial deals in secondary and tertiary markets in the coming years. The trend already seemed underway in 2017. A report from real estate services firm CBRE noted that in the first quarter warehouse space availability tightened in secondary and tertiary markets.

Mark Glagola, senior managing director with real estate services firm Transwestern, cites Las Vegas, Phoenix and Salt Lake City as secondary markets with attractive industrial fundamentals in the West, Pennsylvania’s Lehigh Valley I-78 corridor in the East, as well as Denver and Indianapolis.

With the current real estate cycle already moving beyond the typical 10 years, investors may wonder when the boom will wind down. Both Bitner and Glagola say the sector still has leg room, at least for another two to three years.

“I personally think commercial real estate is undergoing a paradigm shift,” notes Glagola. “Demand will remain strong, certainly for a couple more years, and I think there’s still opportunities for more upside.” For an investor’s perspective, he concludes, “I wouldn’t be too spooked by the notion of cycle.”

Source: http://www.nreionline.com/industrial/are-industrial-values-getting-too-high

Office, Multifamily Markets Doing Well for CRE

Our economy moves in cycles.  With that comes ups and downs in various industries – including the residential and commercial real estate markets.  Economists and industry professionals make predictions based on vacancy rates, job growth rates, rates of people moving/relocating, etc., to determine how the market will do in the near future.  Currently, the multifamily and office divisions have been doing well.  Learn why in the article below.

 

Fundamentals Rock Solid in Multifamily, Office Markets

Commercial real estate historically has been a cyclical sector, and eight years into a solid recovery, players are having trouble deciding whether to laugh at their good fortune or cry at the thought that prosperity is about to come to an end.
Metro Y-O-Y Rent Growth Y-O-Y Emp. Growth Completions (% of Stock)
Atlanta 2.5% 2.5% 2.6%
Austin -0.4% 2.3% 2.8%
Baltimore 1.6% 1.2% 1.8%
Bay Area–South Bay 2.2% 1.4% 3.2%
Boston 2.3% 1.9% 3.0%
Bronx -0.6% 1.1% 1.4%
Brooklyn -0.6% 1.1% 1.4%
Charlotte 2.3% 2.1% 4.2%
Chicago 1.4% 0.2% 2.4%
Dallas 2.6% 2.7% 2.4%
Denver 2.3% 1.9% 3.2%
Houston 1.2% 0.7% 2.7%
Inland Empire 4.4% 2.5% 0.9%
Jacksonville 4.9% 0.4% 2.0%
Kansas City 1.7% 1.1% 2.2%
Knoxville 2.4% 0.2% 0.8%
Las Vegas 5.8% 2.4% 1.5%
Los Angeles 3.7% 1.3% 2.4%
Manhattan -2.1% 1.1% 1.7%
Miami Metro 1.1% 0.8% 4.3%
Nashville 0.5% 3.1% 4.6%
Orange County 2.9% 0.4% 2.3%
Orlando 5.1% 1.8% 2.8%
Philadelphia 1.9% 1.4% 1.8%
Phoenix 3.5% 1.7% 2.3%
Portland 0.9% 2.4% 2.2%
Queens -0.6% 1.1% 1.7%
Raleigh–Durham 1.6% 2.9% 3.2%
Richmond–Tidewater 2.8% 0.1% 1.9%
Sacramento 8.0% 1.6% 0.5%
San Antonio 0.9% 2.2% 2.4%
San Diego 4.3% 1.1% 1.6%
San Francisco 2.1% 1.5% 2.2%
Seattle 3.1% 2.3% 4.4%
Suburban Dallas 2.8% 2.7% 1.7%
Tacoma 7.1% 1.8% 1.8%
Tampa–St Petersburg 3.1% 1.4% 2.6%
Twin Cities 3.9% 2.1% 2.5%
Washington, D.C. 0.3% 1.4% 2.0%
National 2.5% 1.4% 2.4%
 Source: Yardi Matrix

The rent growth column depicts trailing 12-month rent growth as of November 2017, the job growth column lists the Y-O-Y change as of September 2017, and the supply is Y-O-Y change through November 2017.

 

Which side of the debate holds true depends to a large extent on the economy, which is going on 100 months without either a recession or outsize growth. Changes in policy last year were tempered by the struggle to pass legislation, but we might finally get a chance to see new budget and tax policies and regulatory changes implemented in the coming year. Much like the overall economy, commercial real estate performance has been consistently good this entire decade, and we expect no major changes to multifamily or office in 2018.

Multifamily rent growth has decelerated, and there are concerns about oversupply, affordability and slowing employment growth in some markets, but the overall picture remains bright. Demand should stay strong due to the growing number of Millennial renters and workers, a favorable employment picture and the quantity of downsizing Baby Boomers. It seems as if Millennials have been a topic for a long time, but they are projected to provide a growing source of demand for apartments through the middle of the next decade.

Similarly, although the office market faces many challenges—such as the trend toward smaller and shared working spaces, less physical storage space needed as information is uploaded to the “cloud,” more people working from home and less slack in the labor force—demand is expected to remain healthy in 2018.

Deceleration was the theme in the multifamily market in 2017, as rent growth declined from above-trend levels in 2015 and 2016 in line with the long-term average. By the end of 2017, average U.S. rent growth was 2.5 percent, where it is expected to stay. This slowdown is largely caused by the wave of supply in metros that might be worse if not for months-long project delays due to the construction labor shortage.

The delays are also enabling occupancy levels to remain elevated longer than they otherwise would have. That gives apartment owners more time to absorb existing space. In metros with heavy construction pipelines, particularly high-growth sections of the Pacific Northwest and Sunbelt, occupancy rates will likely level off or decline less than expected.

Metro performance is separating into several categories. Rent growth has flattened in coastal markets such as New York City, San Francisco and Washington, D.C., where rents have become expensive even for professional workers. After a long period of strong gains, rent growth has decelerated in metros in the Pacific Northwest and Western tech corridor—such as Seattle, Denver, Portland and San Jose. Those metros remain in high demand, but technology job growth has slowed and a wave of supply must be absorbed.

Sunbelt and popular lifestyle metros such as Dallas, Austin, Atlanta, Phoenix, Las Vegas, Nashville and Orlando continue to boast strong population gains stemming from corporate relocations and relatively affordable housing. However, construction of high-end units will put a damper on rent growth in the near term. Houston was suffering from energy sector job cuts and oversupply, but rent growth has rebounded in the wake of Hurricane Harvey, with tens of thousands of units temporarily taken out of commission and apartments filled with displaced homeowners.

U.S. office fundamentals have been strong, with positive absorption helping to produce moderate rent growth in major metros. And while new supply has been kept in check at the national level, a wave of deliveries is on tap in coastal metros where demand has been highest. In Manhattan, for example, nearly 7 million square feet of space is under construction, led by the 2.5 million-square-foot 3 World Trade Center and the 1.4 million-square-foot 55 Hudson Yards. Both buildings are scheduled to come online in 2018. San Francisco has 4.6 million square feet in the works, led by the 1.4 million-square-foot Salesforce Tower, and Washington, D.C., has 3.7 million square feet.

Originally appearing in the CPE-MHN Guide to 2018.

 

Source: https://www.cpexecutive.com/post/fundamentals-rock-solid-in-multifamily-office-markets/

Las Vegas’ Biggest CRE Deals of The Year

2017 was a great year for commercial real estate in Las Vegas.  Dozens of big deals closed and several acquisitions and merges were made.  We could describe each deal individually, however, the article below shows the 10 biggest deals.  Local commercial real estate brokers and realtors should be very proud of the market and how it did in 2017.

10 biggest real estate deals of 2017 in Las Vegas

Richard Brian Las Vegas Review-Journal

December 20, 2017 – 12:50 pm
Updated December 21, 2017 – 9:25 am

With 2017 winding down, here are my top 10 real estate deals of the year in Las Vegas.

Criteria included price, size, location, the buyers and the property’s history. And given the valley’s anything-goes real estate market, the backstory is rarely dull.

1. Fontainebleau

The unfinished Fontainebleau has been towering above the Strip since the recession, a constant reminder of Las Vegas’ real estate boom and bust.

Locals have wondered for years about its future. Then, in August, New York developer Steve Witkoff and Miami investment firm New Valley bought the stalled hotel for $600 million.

The seller, billionaire Carl Icahn, had acquired it out of bankruptcy in 2010 for around $150 million and left it largely untouched.

The buyers have not said what they will do with the blue-tinted property, but they’ve taken steps to resume construction and have a new name for the undertaking: Project Blue.

2. Alon site

Casino developer Steve Wynn laid another big bet on the Strip in December, reaching a deal to acquire about 38 acres of land next to Fashion Show mall for $336 million.

The sale, expected to close in the first quarter, largely comprises the former New Frontier site.

Australian billionaire James Packer’s company, Crown Resorts, acquired the site through foreclosure in 2014. His group filed plans for the 1,100-room Alon Las Vegas, but Packer reportedly had trouble raising project funds, and Crown bailed on the project late last year.

3. Raiders land

With the Oakland Raiders moving to Las Vegas, the football team bought 63 acres at Russell Road and Dean Martin Drive for its new stadium, acquiring the land in May for $77.5 million.

The Raiders broke ground on their $1.9 billion domed stadium – a project backed by $750 million in public funds – in November.

Since the 1970s, other projects pitched for the site include a 1,000-space travel trailer park, two eight-story hotels, a high-speed-train station, a three-stadium sports complex and a 2 million-square-foot fashion expo center.

4. World Market Center

The Blackstone Group, an investment giant that’s been buying Las Vegas real estate for several years, picked up a massive property in 2017: downtown’s World Market Center.

The furniture-showroom hall, on Grand Central Parkway at Bonneville Avenue, spans 5.4 million square feet.

New York-based Blackstone acquired International Market Centers, which owned and operated the property as well as 6.8 million square feet of showroom space in North Carolina.

The purchase, for an undisclosed sum, closed in September.

5. Town Square

Town Square Las Vegas changed hands in January, a new chapter for a project that overcame litigation and financial woes after the economy tanked.

New York investment firm TIAA and Chicago’s Fairbourne Partners acquired the roughly 100-acre retail and office complex at Las Vegas Boulevard and Sunset Road, south of the Strip.

The buyers did not announce the purchase price, but records show they obtained a $215.6 million mortgage.

Town Square opened in 2007 but was seized through foreclosure in 2011.

6. Elysian West

Las Vegas’ heated apartment market is showing no signs of slamming on the brakes. Case in point: The Blackstone Group bought the 466-unit Elysian West for $106.5 million in July.

The southwest valley complex opened last year and was 96 percent occupied at the time of sale.

According to the seller, Blackstone paid a record overall price and, at the time, record price-per-unit for a typical “garden-style” apartment complex in Las Vegas. Such properties might span 15 to 20 acres with several buildings.

7. The Gramercy

ManhattanWest, a mixed-use project on Russell Road near the 215 Beltway, was one of many abandoned, partially built projects that blighted Las Vegas after the economy crashed.

But investors bought it in 2013 at a steep discount, renamed it The Gramercy, finished construction and signed apartment and commercial tenants, imploding its stalled condo tower along the way.

In April, they sold its two office and retail buildings for $61.75 million to The Koll Co. and Estein USA. The buildings were said to be 98 percent leased at the time.

8. Panda Express

The billionaire founders of Chinese fast-food chain Panda Express bought four office buildings in Summerlin.

Andrew and Peggy Cherng, co-CEOs of Panda Restaurant Group, bought the 210,000-square-foot complex in September for $47.9 million.

The deal seemed random – Panda Express? – but came as Las Vegas’ office market, while still wobbly from the recession, keeps recovering.

9. Las Vegas Boulevard apartments

Several miles south of the Strip, near the M Resort, Las Vegas Boulevard is a lonely place with vast stretches of desert. Big parcels are for sale, and buyers are largely ignoring them.

One exception: Silicon Valley investor group WTI Inc. bought 46.6 acres at Las Vegas Boulevard at Chartan Avenue in July for $24.5 million.

Clark County commissioners in June approved its plans for a 30-acre, 754-unit apartment complex. The group also laid out plans for retail and other commercial uses.

10. Smith & Wollensky building

Owners of Showcase Mall on the Strip bought a building next door and drew up plans to tear it down for expansion space.

The Nakash family, founders of Jordache jeans, and New York investment firm Gindi Capital bought the Smith & Wollensky building in May for $59.5 million.

According to county documents, they plan to demolish it and construct a four-story, 145,000-square-foot building, expanding Showcase to about 481,400 square feet.

Clark County commissioners approved project plans in September.

Smith & Wollensky, a steakhouse chain, had said in late March that it would move out.

 

Source: https://www.reviewjournal.com/business/business-columns/real-estate-insider/10-biggest-real-estate-deals-of-2017-in-las-vegas/

The Job Duties of a Broker

Commercial real estate brokers take on many challenges and do a lot more than one would think.  The real estate world in itself is a tough industry, and professionals can be very busy.  The article below from Nevada Business Magazine deeply describes the brokerage world and everything that brokers have to do.  You will likely work with a broker at some point in life, so it might come in handy to better understand everything they do.  Give this article a read.

Source: https://www.nevadabusiness.com/2017/11/building-nevada-todays-world-brokerage

Today’s World of Brokerage: What to Know

Larry Singer’s team at Newmark Knight Frank (NKF) has provided services to Ainsworth Game Technology Ltd. for years. First, the commercial real estate brokerage located a Las Vegas site for this gaming machines manufacturer and supplier’s 300,000 square-foot North American headquarters then helped them acquire, through auction, an additional 5-acre parcel from Clark County to square off the property. Having done so, Ainsworth had 5 acres of unneeded land, for which NKF recently helped find a buyer.

These transactions and this ongoing relationship exemplify commercial real estate brokerage work.

“We are advisors and strategic partners with our clients (large and small) on all aspects of commercial real estate ownership; acquisitions and dispositions, leasing, financing, project management, property management, facilities management, transaction management, to name a few,” said Las Vegas-based Michael Newman, CBRE’s managing director for Nevada and the industrial practice leader for the region. CBRE also has a Reno office.

Read More: https://www.nevadabusiness.com/2017/11/building-nevada-todays-world-brokerage/

Stable Development Helps San Gennaro Festival

I love being able to support things around the city and community events with my company, Stable Development.  Las Vegas has tons of events happening all the time, and recently was the 38th anniversary of the San Gennaro Festival.  The article below gives you more details on the event and how much of a success it was.  You will not want to miss this event the next time it happens.

San Gennaro Festival Great Success With Help of Stable Development

Lance Bradford and Stable Development donate $25,000 to bolster the Annual San Gennaro Festival in Las Vegas, Nevada

News provided by Stable Development

Oct 17, 2017, 11:00 ET

LAS VEGAS, Oct. 17, 2017 /PRNewswire/ — Celebrating their 38th anniversary in Las Vegas, Nevada, the San Gennaro Festival is the biggest Italian food and music festival held bi-annually in Las Vegas, Nevada in honor of Saint Gennaro, the Saint of Naples, Italy.

The festival features a wide variety of ethnic food vendors, arts and crafts, home exhibits, pony rides & petting zoo, face painters, live international acts hourly on the main concert stage, and amusement rides and games fun for the whole family. The festivities are always a major attraction in Vegas and are a favorite among many of the patrons, and this last year was a major success. Though their goal is always to out-do the last, this time it was taken above and beyond expectations.

The festival was supported through its expanding following as it’s continually a hit for locals and tourists alike. It shouldn’t come as much of a surprise that parking, traffic, and overall event population have risen as concerns and issues surrounding the event. After having met the goal of attendance exceeding 90k at their second event this year, moving it to larger accommodations was necessary.

Avenue off the 215 and S Durango at 6555 S Riley St. Las Vegas, NV 89148 was selected as an alternative to the previous occasion’s venue. Parking and traffic assistance was generously donated by Lance Bradford, and therein the whole team at Stable Development. Valued at $20k+, the donation ended up being as much a necessity as it was a convenience for the consumers in attendance. It is certain that those who took advantage of the closer parking, clean adjoining facilities, and other related assistance right next door to the festival were thankful for risk and worry-free accommodations!

About Lance Bradford and Stable Development: Lance Bradford has demonstrated himself to be a well-trusted and respected among real estate professionals local and abroad. As his reputation of success and generosity expands nationally, he is transitioning past experiences, and an entrepreneurial spirit to become a valuable partner in several ventures responsible for ensuring their growth and success. Serving as President of a NASDAQ compliant real-estate company that garnered $500 million in the capital and generated over $1 billion in transactions since its IPO in 1999, Bradford has demonstrated great leadership.

Through great leadership, Stable Development has experienced tremendous growth. Conquering eight years of business in Las Vegas, Nevada real estate while enduring one of the worst downturns in its history, Bradford, his team, and their business have become known for its Shared Equity Ownership Model as well as its success. Bradford, through Stable Development, identified a need in their local market and met it with a team that truly understands the City of Lights and beyond.

Learn More About the San Gennaro Festival and Lance Bradford by visiting:

http://lancebradford.info

http://www.sangennarofeast.com

Media Contact: Anthony Harding– 602-740-8334

 

Source: https://www.prnewswire.com/news-releases/san-gennaro-festival-great-success-with-help-of-stable-development-300538008.html

High Price Tags on Land Near Raiders’ Future Stadium

Buyers are paying top dollar for pieces of land around the site of the future Las Vegas Raiders.  Most of the land is being said to be purchased for “industrial use”, but only time will tell as things are built.  A new football stadium adds value to an area as it draws in more businesses.  We could see a lot of change to the Las Vegas landscape in the next three years with the addition of this stadium and our market doing so well.  Learn more about the latest property sale in the article below:

Investors pay premium for land near Raiders Stadium in Las Vegas

By Eli Segall Las Vegas Review-Journal

August 11, 2017 – 5:29 PM

The Raiders are still a few years away from throwing the pigskin in Las Vegas. But one investor group is getting in on the NFL team’s neighborhood early – and it paid a premium.

Global Trust Group this week bought a vacant 2.5-acre parcel on Hacienda Avenue, just north of where the Raiders plan to build their stadium. The $7.25 million sale closed Monday, property records show.

That amounts to $2.9 million an acre — about six times the average sales price for Southern Nevada land in the second quarter, as tracked by brokerage Colliers International.

Listing broker Bill Lenhart told me the buyers were “never specific on their intent” for the site. He said one reason Global Trust beat other bidders was that it did not have an entitlement contingency, or a precondition that it would finalize the sale after it obtained project approvals from Clark County.

A sign for the company at its newly acquired property proclaims it a “development site.”

“Create and defend wealth,” the sign says.

Efforts to reach Global Trustfor comment were unsuccessful.

Lenhart, founder of Sunbelt Development & Realty Partners, said he received offers from seven qualified prospective buyers, or those who provided proof of funds, and some from people who “were not so qualified.”

The Raiders are expected to start construction of their 65,000-seat domed stadium in January and finish by mid-2020. According to Lenhart, investors were interested in his client’s parcel because of the football team’s pending arrival.

“It just shined a light on it,” he said.

Investors also have eyed a property adjacent to Global Trust’s: a 1.8-acre spread with a boarded-up, two-story commercial building on Dean Martin Drive that was torched in a fire in May. But a deal with the site’s owner has ended up in court.

ABC Land & Development sued the owner, Itai Investments, in late June in Clark County District Court.

ABC alleged it reached a deal effective March 30 — three days after NFL owners approved the Raiders’ move from Oakland to Las Vegas — apparently to buy the property for $3.2 million. But Itai “has failed and refused without just cause or reason” to comply with the terms of the sale and finalize the transaction, ABC alleged.

ABC’s attorney in the case, James Smyth of law firm Kaempfer Crowell, would not comment Thursday.

The case docket online does not show an attorney for Itai. Efforts to get comment this week from the ownership were unsuccessful.

It’s still too early to say whether the Raiders will spark a real estate bonanza. There are some empty parcels near the stadium site, but the neighborhood is almost entirely built out, mostly with industrial properties.

But with one property owner able to fetch nearly $3 million an acre, don’t be surprised if others start salivating — if they aren’t already.

Source: https://www.reviewjournal.com/business/business-columns/real-estate-insider/investors-pay-premium-for-land-near-raiders-stadium-in-las-vegas/

Las Vegas’ Current Commercial Real Estate Market

There will always be examination of real estate markets across the country, and for industry professionals there is always benefit in knowing how the market looks in your area.  The latest in Las Vegas commercial real estate news is positive.  Fellow industry professionals speculate that the market is heading in a good direction thanks to dropping vacancy rates and big land purchases. Learn more about where our market is at in the article below.

Most Arrows Pointing in Positive Direction for Local Commercial Real Estate Market

July 11, 2017 By Press Release Wire

LAS VEGAS – A report released by Xceligent in partnership with the Commercial Alliance Las Vegas (CALV) shows the commercial real estate market in Southern Nevada posting mostly positive results through the first half of 2017.

“Most of the arrows continue to point in a positive direction, especially when compared to the past several years,” said CALV President Jennifer Ott, CCIM, and a longtime local commercial real estate broker who specializes in the retail market. “The retail market is a good example. After a relatively slow first quarter, we saw the retail sector pick up during the second quarter. That trend should continue through the rest of 2017.”

According to the report, the total vacancy rate for the local retail market went from 9.8 percent in the first quarter of 2017 to 9.5 percent during the second quarter. The local retail market recorded 177,756 square feet of positive absorption during the second quarter of 2017, up from 17,202 square feet during the first quarter of this year.

Tina Hickman, director of analytics for Xceligent for the Las Vegas market, said more than 200,000 square feet of retail space is under construction in Southern Nevada, with a new Walmart Supercenter in the Southwest part of Las Vegas accounting for most of that.

Meanwhile, Ott said the local office market continues to improve after seeing vacancy rates approach record highs during the recession. One reason for that, Ott and Hickman agreed, is Southern Nevada’s overall economic and job growth.

The total office vacancy rate continued to decline, dropping from 15.1 percent in the first quarter of 2017 to 14.9 percent in the second quarter. At the same time, the local office market recorded 125,089 square feet of positive absorption during the second quarter, compared to 178,805 square feet during the first quarter of 2017.

Brenden Graves, sales executive for Xceligent in Las Vegas, noted that “although office vacancies are high, this is largely due to obsolete product on the market in the central and northeast markets. The office market actually has felt a compression in space that will likely soon affect rates.”

Hickman said 286,876 square feet of office space is now under construction in Southern Nevada, with most of it being built in the Southwest part of Las Vegas.

“Construction activity is gaining ground even more than last quarter, as we continue to see more plans in the pipeline for office development,” she added. “An additional 430,000 square feet of office space is currently planned and proposed for the Las Vegas metro area. Absorption is expected to remain positive during 2017.”

The story is similar in the Southern Nevada industrial market, where Xceligent is tracking 13 industrial buildings under construction, adding more than 3.3 million square feet of space to the market. Another 2 million square feet of space has been proposed.

Hickman said the local industrial market recorded 1.8 million square feet of positive absorption during the second quarter of 2017, more than triple the amount of activity recorded during the first quarter of 2017. Still, the total industrial vacancy rate increased to 6.0 percent during the second quarter, up from 5.6 percent during the first quarter.

“Industrial vacancy rates have experienced a slight increase due to the new inventory,” she explained. “Much of this space is scheduled to be occupied within 2017, and absorption is expected to continue an upward trend.”

Graves also commented on rising land costs and the increasing number of multifamily developments being built around Southern Nevada.

“In regard to land, we’re seeing that prices on a per-acre basis have outrun most product types’ appetite,” he said. “This has created an influx of land purchased for multifamily, and we’re not sure where the renters are going to come from.”

Xceligent, a growing provider of commercial real estate information locally and nationally, partners with CALV and local commercial real estate professionals through their Quarterly Advisory Boards to produce quarterly reports on trends and conditions in the office, industrial and retail markets in Southern Nevada. The report released this week covers activity through the second quarter of 2017.

Ott, whose professional designations include being a Certified Commercial Investment Member (CCIM), is one of dozens of leading local brokers who volunteer to serve on advisory boards that help verify and produce these reports.

About the Commercial Alliance Las Vegas
The Commercial Alliance Las Vegas (CALV) is the commercial real estate division of the Greater Las Vegas Association of REALTORS®. It organizes and empowers the industry in Southern Nevada through education, networking, promoting professionalism and shaping public policy. Membership in CALV is open to REALTORS® and non-REALTORS® alike. For more information, and to access the full reports on the commercial real estate market, visit www.calv.org.

About Xceligent
Xceligent is a leading provider of verified commercial real estate information across the United States. Its professional research team pro-actively collects: a comprehensive inventory of commercial properties, buildings available for lease and sale, tenant information, sales comparables, historical trends on lease rates and building occupancy, market analytics, and demographics. This information assists the real estate professionals, appraisers, owners, investors, and developers that make strategic decisions to lease, sell, and develop commercial properties. Xceligent, backed by dmg information, has launched an aggressive national expansion that will provide researched information in the 100 largest United States markets. For more information on Xceligent, visit xceligent.com.

Source: http://www.nevadabusiness.com/2017/07/most-arrows-pointing-in-positive-direction-for-local-commercial-real-estate-market/

Avoiding CRE Mistakes In Your City

Every city has vacant properties that have not spiked interest from buyers or developers in years.  Those properties, however, can be the gateway to recreating a whole neighborhood with the right development.  Learn how real estate professionals in big cities, including Las Vegas, across the country look at their surroundings and how they avoid major commercial real estate mistakes in the article below.

Real estate professionals can avoid

costly mistakes with advanced

drive-time analyses

Every community has a failed site that prominently stands on a corner or next to a grocer. These sites continue to consume resources from land owners without benefit and can hurt neighborhood businesses. While in some cases a business closes because of the management, far too many close because the site was not right for that business.

A prominent commercial real estate consultant once told me that in real estate “if you’re off by an inch, you’re off by a mile … you make a mistake; you’re dead.”

With so much at stake, commercial real estate professionals cannot afford to make decisions based on intuition or conventional wisdom. Successful companies understand the importance of making decisions based on accurate data and sound statistical methodologies. However, few analytical platforms today enable analysts to thoroughly understand their neighborhoods.

Much of the market analysis software on the market fails to provide an accurate description of local consumers. This is evident in the choice to use linear distance from a site, which is subject to statistical misrepresentations due to natural barriers like mountains and bodies of water that separate populations. Even when examining a large, densely populate areas like Los Angeles, rings can skew the data.

The analysis is made worse when a liner ring crosses a separated population and aggregates the two populations. In compact metropolitan areas like Seattle, a 5-mile ring can cross several separated communities that would not access the site. Although these communities are connected by bridges or tunnels, these areas are not an idea representation of the target consumer.

The same is true in Orlando, Florida, which has a large number of small lakes separating the populations. The communities may be close, and even accessible, but they may not be in a likely consumer group.

Commercial real estate professionals need a way to practically examine a neighborhood, moving beyond old cartographic techniques to see how people behave in a market to determine suitability.

A new way to know your neighborhood

Last month I attended a convention of professionals in the shopping center and commercial real estate industry in Las Vegas, where I met with a real estate developer from Orlando. He told me that success in commercial real estate comes down to finding “a place for people and people for place.” His statement made me realize that far too often, sites are examined without regard to the people who will use them. While many developers look at traffic counts, median age, and income, they fail to look at and understand who is going where and for what reason.

To avoid costly mistakes based on statistical misrepresentations, Esri developed a way to examine a local market, focusing on the people who will most likely use the space. Using Esri Business Analyst, commercial real estate professionals have access to practical analyses-based on driving and walking times, both to and from a site.

Above is the same site in Orlando based on a 5-, 10-, and 15-minute drive time to the site. From this analysis, a real estate profession can see there is a higher concentration of people that can easily access the site who are outside of the original rings and also communities that were within the original rings what would have a more difficult time accessing the site.

The same is true of walking time. In densely populated urban areas, commercial real estate professionals need to examine a much smaller area. Seattle, for example, is a highly walkable city. Looking at the corner of First and Pike, the entrance to the well-known Pike Place Market, a commercial real estate professional can examine the local population to determine proper site suitability.

By changing the way commercial real estate professionals think about the borders of a neighborhood or community, they are in a better place to analyze and determine the gaps and opportunities in the marketplace. If real estate professionals don’t challenge antiquated thinking or dated statistical methodologies, the risk of misrepresenting a site’s potential becomes more likely.

Source: http://www.bizjournals.com/bizjournals/news/2017/06/09/real-estate-professionals-can-avoid-costly.html