Las Vegas Listing Biggest Number of Commercial Foreclosures

Posted on June 24, 2009
Filed Under Foreclosure Homes | Leave a Comment

Right across the country commercial foreclosures are on the march with Las Vegas listing the biggest numbers. The forecast is that things will get worse in the coming months with banks taking over retail and office buildings on a massive scale.

According to the findings of Real Capital Analytics the month of April saw the biggest spike in defaulting properties, foreclosure and bankruptcy cases. The firm placed Las Vegas as first on the list having the maximum number of commercial foreclosures. $9.7 billion worth of estate wasin trouble. Another $5.7 billion worth have already been closed upon. It is a huge bump from the firm’s earlier estimate of $6.4 billion. Since January 2009 lenders have sent default notices to owners of 323 units as per the findings of Nevada Title Company.

So far most of the repossessed units have been undeveloped land – nearly 90% involved. But realtors say that quite a few number of lenders have started to take over many buildings also.

Jeff Harris of Nevada Title said, “The lenders are tightening up, and the deadline is coming on loans, and they are not refinancing. That is causing some turmoil. It has been mainly land we have been dealing with so far, but I hear rumblings that buildings are on the way. Hopefully, lenders will loosen up and give people some breathing room.”

Any sort of repossession by the lenders is sure to bring down the value as more lenders will try to dispose of the units by offering huge discounts. This will lead to even more foreclosures and weaken the banks that forwarded the loans.

Susan Collins of Gatski Commercial that deal with property management commented that since the last week of March this year, her company has taken over the looking after of six commercial units – covering 250,000 square feet. The properties were all placed under receivership. Collins is expecting further assignments of managing another lot of properties calculating to 400, 00 square feet during the coming 30 days. Collins said, “For the first time in my 20 years in the business, clients are struggling to make mortgage payments. Properties are going into receivership, and this is the tip of the iceberg. It is going to continue to escalate the rest of 2009.Foreclosures hit the residential market, and now it is happening to commercial. It is a whole new ballgame for everybody. We are all trying to feel our way through this. It is coming so rapidly.”

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