Categorized | Commercial

Foreclosures and Bankruptcies Affect Las Vegas Commercial Real Estate

Please Share!

Many commercial property experts have long considered commercial real estate in Las Vegas to be an excellent investment. However, as foreclosures and bankruptcies continue to run rampant in the city, many investors are still shying away from the market.

Most recently, a major apartment complex in Las Vegas filed for Chapter 11 bankruptcy in hopes that a receiver will be put in charge of the property. The apartment complex, known as Palisades 6300 West Lake Mead, includes of two hundred and eighty units. The property was initially set to foreclose in September, though the recent bankruptcy filing may impact whether or not it will actually fall into foreclosure.

The Palisades apartment complex is not the only commercial property that may be facing foreclosure this month. Two other major commercial properties have been named in a foreclosure suit. The legal team at Bank of America is actively pursuing both Black Gaming and Tenaya Quail East. Both companies will likely receive a receiver to supervise the properties, as they each defaulted on their commercial real estate loan.

In each case against the three commercial real estate properties, the companies named in the foreclosure lawsuits have yet to respond to the allegations. In each case, the size of the default is in excess of ten million dollars.

The steady stream of foreclosures does not bode well for the city of Las Vegas. Officials and real estate analysts alike had hoped that the city would be recognized for its potential buying opportunities. However, if the number of foreclosures continues to rise, investors will continue to stay away from buying properties in the area.

Please Share!

About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

Leave a Reply

Twitter Chat