Investors Purchase 2.5 Million Note Package for 25 Cents on the Dollar

Remember my recent post regarding how you can buy REO Bank Foreclosures at significant discounts? The group is now looking for additional investors to take part of their next foreclosure package directly from a major bank - a $5.3 million dollar REO package at 25 cents on the dollar.

Read the press release here

As I indicated in the press release, I'm very excited about this new opportunity, especially in this down period of the real estate market. We've partnered with some great companies and I'm expecting great things - RIGHT NOW! C'mon.. don't just sit there - get involved...

Going, Going... Eichner's Gone (from the Cosmopolitan High Rise Condo Project in Las Vegas)

According to an article written by Jennifer Forsyth and published in the May 9th edition of the Wall Street Journal, Cosmopolitan "developer" Ian Bruce Eicher and representatives of Deutsche Bank were in discussions that were expected to end with Eichner surrendering all involvement with the Las Vegas high rise condo development.

As many of you know, this wouldn't be the first time this happened to him - as he was forced to give up his empty tower in New York's Times Square sixteen years ago - and most incredibly, probably won't be the last. But you have to hand it to him - It seems Eichner contributes very little of his own money in his deals, so the failure of his projects don't hit him hard in the pocketbook.

Anyway, the article does a good job of chronicling the process and the current state of affairs with respect to the Cosmo project. The good news? According to the article, there's a developer out there who seems very interested in acquiring the project out of foreclosure. The bad news? That developer is Related Cos., who has failed more times to develop high rises in Las Vegas than Charlie Brown has at kicking that football.

Buy REO Bank Foreclosures at 25 cents on the dollar

This just in: My investor group just got another REO package from a major bank consisting of $5.3 million dollars worth of foreclosed real estate properties which they are purchasing from the bank for 25 cents on the dollar. The group is looking for additional investors to take this package down which creates an amazing opportunity for those of you looking for an investment that makes sense today in these recessionary times.

Most of you are aware that we raised $2.5 million dollars from our investor base for the last bulk REO deal in just under 2 weeks, where the properties were likewise purchased at 25 cents on the dollar. This particular bank was so impressed by the urgency in which our group acted that they've come to us first for this $5.3 million dollar offering - and we have just 3 weeks to do it this time.

For those of you who missed out on the original deal, obviously time has run out and that successfully funded package is no longer available. However, our new deal will provide you with the redemption you'll need to purchase REO's at a fraction of the cost - in an environment where you couldn't possibly get anywhere close to these terms and pricing on your own.

So here's the obvious question: Why will the bank sell to our group at such a discount rather than go to individual investors? The answer is simple - the size of our group brings enormous creditibility to the table. But more importantly, we have a clearly defined EXIT STRATEGY that (like the bank) you're going to be amazed at when you hear it.

Want to invest in bulk REO properties at pennies on the dollar pricing without all the hassles of going to auctions, contacting banks, probate sales, estate sales, and all that other crap you see advertized by these "get rich quick" real estate scammers? Your window of opportunity is right now, so contact me right now for more details on how you can get involved with this package. First come, first serve ... as soon as this deal is funded, it is GONE! - and those on the sidelines will have lost out again.

Right now, it's not Hip to Be Sullivan Square - Las Vegas High Rise Condo Project Looks to be in Serious Trouble

In this corner, Glen, Smith & Glen (GSG) Development, developers of the Sullivan Square high rise condo project in Las Vegas. In the opposing corner, Harcourt Developments, a private company from Dublin, Ireland, which is financing the mixed use project to the tune of $800 million. Let the lawsuit begin!

The winner? Who knows?... The loser?: Sullivan Square condo purchasers and the entire Las Vegas high rise condo market in general.

GSG's lawsuit against Harcourt alleges breach of contract for failurre to perform funding obligations. They allege Harcourt is trying to take control of the project and build it themselves without GSG's participation.

That's a bad sign. But what's even a worse sign is that two additional lawsuits and eight liens amounting to more than $2 million have also been filed against Sullivan Square with more than $2 million owed in back payments to consultants and vendors who already have gotten Sullivan Square out of the ground. Harcourt has sent a letter to subcontractors assuring them that Sullivan Square would start vertical construction in July and everybody would be paid, even though no contract has been signed.

Developers, developers, developers... (and political candidates). Who do we believe? I believe this news signals a death toll to this project, but perhaps July will come and vertical construction will start. I've always liked this project, both design-wise and price-wise, but I'm not holding my breath at this point. Besides, with great deals on Panorama, Sky Las Vegas, Trump, and many MANY other high rise condos in Las Vegas both on the strip and downtown, let's not lose any sleep over this...

Las Vegas High Rise Condo at Sky Las Vegas Will Not Last Now That Market's Bottomed Out

Guess what folks? It looks like the Las Vegas Market finally hit rock bottom in the end of January, at least according to the April Economy in a Glance report and In Business Las Vegas. In fact, I just heard about how one real estate office in town wrote up seventeen offers during the weekend. Rumor also has it that Steve Wynn's $18M Crown Jewel estate home received a full price offer as did a The Falls in the Ridges estate at $17.5M.

Local economists are saying the cherry-picking is almost over. Yes there are thousands of foreclosures in Vegas, but word has it the banks are not giving anything more away because they realize the listings in the MLS are at an all time low compared to the past 12 months! Median home sales went UP higher than $10K - yes... HIGHER THAN $10,000!!! Gaming is up, rental rates are up and leasing is also up.

Quite frankly, I thought it would take a while longer to see these kinds of numbers, but it looks like the sun is shining again on Las Vegas real estate, the birds are singing and Vegas is going all in!

SO HERE IS A REAL STEAL DEAL... GET A SKY LAS VEGAS HIGH RISE CONDO ON THE 13TH FLOOR FOR $299,900.

If you missed out on the Panorama high rise condo unit we featured on this blog as an absolute steal, then you REALLY missed out now that Station Casinos have released their plans for the Viva Development which we highlighted a few days ago. That development is located just behind Panorama, which is obviously sitting pretty between CityCenter and Viva, smack in the middle of a five carat rock and a hot spot.

With this Sky Las Vegas real steal deal, you'll not only be a hop, skip, and a jump from the Fontainebleau, but you'll be in walking distance to Echelon Place Resort & Casino as well. 87 Acres of sheer shopping, dining, and entertainment bliss. On the site will be the Shangrii-La Hotel, Mondrian Hotel, Delano Hotel, a performing arts center, Echelon Hotel Suites Tower, 400,000 sf of shopping, 4,000 seat theater, three state-of-the-art spa facilities, renounded Chefs…

DOES THIS SOUND FAMILIAR? WHY AM I SHOUTING?!?! Because this is the same scenario I wrote about with several Panorama units we featured on this blog and our Las Vegas High Rise Condo resales website - and the Sky Las Vegas featured condo is in an even better position!

A 13th floor, Sky Las Vegas condo residence right on the strip for $299,900. Do you REALLY think you can do better than this? Of course not... so email us NOW if you'd like to snag this unit. (name and phone number please - very serious inquires only as this will definitely NOT LAST!)

Free Advice Regarding Las Vegas High Rise Condo Purchases

We live in a litigious society where lawsuits can be found everywhere. If you have the wherewithall to even consider purchasing a high rise condo in Las Vegas or anywhere else for that matter, allow me to suggest you purchase the property in the form of a corporation or LLC. There are tremendous advantages of setting up your purchase in this manner, especially in Las Vegas which is very business-setup friendly with its minimal reporting and disclosure requirements amongst a whole list of great reasons for Nevada LLC formation.

I recommend you contact Tax Specialists, Ltd, not just for buying real estate in the form of a corporation or LLC, but even if you're thinking about starting your own business or whatever business venture you're considering. I have found their educational and "hand holding" approach will provide you with the guidance you'll need to make sure you're protected in today's crazy world.

You read stories constantly of people tripping on property and suing the owner. And can you imagine the can of worms you're opening up if you're purchasing a high rise condo with the intent of renting it out!? Every time I see a purchase contract with an individual's name on it, I cringe. Real estate today needs to be purchased in the name of a Corporation or LLC - period.

The bottom line is that owning property and/or doing business in the form of a corporation or LLC can help protect your personal assets from frivolous lawsuits and unscrupulous creditors. Don't be subject to creditor attacks on your real estate or business. Visit the Tax Specialists, Ltd. website today at www.taxlv.com for more information on how incorporation can work for you.

Dam the Economy! - Full High Rise Development Ahead!

In a time when most developers are afraid to move forward with even the smallest project, Frank and Lorenzo Fertitta - perhaps the 2 most forward-thinking businessmen in Las Vegas - are actually accelerating their plans to build an high rise resort project in Las Vegas that'll be even larger than CityCenter!

So while most low-paid Review Journal and Las Vegas Sun writers, along with salaried 40-hours per week economic experts continue to write about how bad Las Vegas is, the BILLIONAIRE Fertitta brothers are betting big with plans to redevelop the 110-acre site of the Wild Wild West on Trop and the I-15 at a cost of $10 billion dollars.

Hmmm... who should we look to for an accurate read on the future of Las Vegas? I think building a 14-casino empire in 13 years should account for something. The Fertitta's understand Las Vegas will withstand the test of time. Deep down, I think we all believe that. Sometimes we just need the big boys to step up and remind us of that fact. Said Frank Fertitta:

"It's very hard to predict cycles in the short run and know what's going to happen in the next six months or the next year... we've always placed our bets in over a 5 to 10 year time horizon.. When you have a solid strategy and look at the supply-demand dynamics in the Las Vegas Valley, the fact is the population is going to continue to grow over the next 10 years and there are limited places to build ... Ours is really a strategic plan over the long run rather than trying to time the market in the short run".

Sound familiar? We've been saying that all along. Find that deal and act on it... And by the way, the Review Journal today reported that home sales in Las Vegas are finally starting to show signs of life.

Still No Progress on Verge Downtown Mid Rise Condo Project - But Is That Really Bad News?

If you read Tony Illia's latest article published by the Las Vegas Business Press, you'll arrive at the conclusion that it doesn't look good for the Verge mid-rise mixed use project in Downtown Las Vegas. We've been following this condo development closely and with an original breakground date set for summer of 2007 with nothing ever happening, we believe their should be some doubt at this point as to whether this project will ever come to fruition.

Their next contractor will be their third, their sales and marketing representative filed for Chapter 11 bankruptcy in 2007, and the City of Las Vegas has confirmed that no construction permits have yet been issued. However, I spoke directly to Verge President Darren Dunckel recently who informed me that issues with the overhead power, cable, and telephone lines are the only obstacles standing in their way and he has every hope of seeing the project through. By the way - quite honestly - I barely know Darren Dunckel and I got through to him with one phone call!

Here's what I've discovered: With all of the turmoil in the sub-prime market, and many builders walking away from future projects in Las Vegas, the developers of Verge Living have been negotiating discounted construction costs, which at this point should seem to be an obvious strategy. Remember billionaires such as Nochi Dankner (IDB) and James Packer (Crown) have followed the same strategy as the Verge "delay", and not cancelling projects as the mainstream media reports otherwise. (Remember the report on the cancelling of the Plaza Las Vegas project which was totally untrue and reported without ever consulting the project developers!). The fact of the matter is that we are in a recession fueled by an unintelligent (and perhaps irresponsible) media whose livelihood depends on sensationalizing and harming the defenseless.

Many Verge buyers I've spoken to don't seem to even mind the delays and actually are relieved to "ride out the tight credit storm" and feel "the more time, the better."

So is this project a long shot at this point? We'll just have to wait and see. Downtown Las Vegas is just screaming for product and revitalization is well underway with a tremendous amount of movement and projects. You'd be wise to visit the Downtown Las Vegas Coalition website to understand how projects like Verge may still happen despite all the obstacles they're currently facing.

One Las Vegas Unit Owners - I Have A Buyer For Your Las Vegas High Rise Condo

A client contacted me yesterday specifically regarding the One Las Vegas high rise condo project, where he wants to purchase a resale unit right now. Any One unit owners out there that want to sell? Problems closing? Please contact me ASAP and perhaps we can help you out very quickly.

Real Steals on Las Vegas High Rise Condos Are Out There - Wait for Them!

Buyers for Las Vegas high rise condos are continuing to wait for the real estate market to drop and hit bottom - and you know what? They are right to do just that! This market still seems to be on a downward spiral and I'm encouraging buyers to now "sit tight" unless a REAL STEAL of a deal comes along.

How do you recognize a real steal of a deal? (RSD) Well... if a condo at the Panorama high rise project is listed at $300K, it's a real steal deal - especially since that's just the listed price (you'll probably be able to get it under that amount! Interested?).

Buying a high rise condo at a $100K discount that is already 12 to 24 months old is a REAL STEAL DEAL! Think about it: do you think the developers could build a high rise with the intention of selling each unit for $299K? Do you think the developers could even cover their construction costs by selling beautiful units such as these at those prices? NO WAY!

If you have champagne taste and can only afford beer, there are situations developing in this market that are perfect for you. Remember, despite what you read in the paper, there are still 40 cranes in the sky, there's million dollar construction going on, and 100,000 jobs are on their way. Continue to read this blog or subscribe to our deal service for the lastest RSD's we come across.

According to R.Keith Schwer of the Clark County Economic Research team:

"The difficulties of getting housing back on its feet will not come quickly. Indeed, it is possible that we may not experience much of a recession or depression, but the subsequent recovery may not be much either. The new Strip properties in 2009, however will likely be robust enough to push the local economy into the next expansion phase, regardless of the drag in 2008."

So if you're not getting a RSD, then just sit tight, wait it out, and don't buy anything unless the deal is a steal. Good times await!