Driven by Short Sales Las Vegas Resale Real Estate Hits Record Mark in 2011

Although most analysts agree that we are in for another 3-5 years of “more of the same” in the Las Vegas real estate market, it will be interesting to see how the percentages of sales types will shape up as we move into a new year in 2012.   For example, in 2009, 75% of all sales were bank owned foreclosures while only 7% of total sales were short sales.  In 2011, the number of foreclosures decreased dramatically as short sales picked up.  Banks began to restrict the flow of REO’s and allocate more resources toward getting short sales approved and pushed through.

Glenn Plantone of Vegas International Properties (VIP Realty Group) has become the number one buyers’ agent in all of Las Vegas by dealing with investor buyers almost exclusively.  A large majority of his clients are international investors with the highest concentration coming from Canada and China.  In the last quarter of 2011 Plantone and his team brokered a bulk deal of 15 homes in northwest Las Vegas to a single investor buyer.  The homes were a package of bank owned new construction sitting with Wells Fargo Bank.  Plantone is now working with two clients looking to take down 50-100 homes this year in Las Vegas.  Plantone claims, “The word is out and the savvy investors know that now is the time to buy while we are at the bottom of the market.”  With more that 50% of all sales still being cash deals, investors are securing CAP rates of 9 to 13% on single family home rentals.  

Team Plantone has been able to purchase properties at wholesale prices, well below builders replacement costs in the $45-$65 per square foot range.  (New construction costs start at about $80 per square foot.) Utilizing their full service property management division Team Plantone handles the rehab of the homes purchased, along with the leasing, and managing of the properties.   Glenn works with a variety of clients from individual investors to hedge fund investment managers looking for greater returns for their investors.

Glenn utilizes all available purchasing avenues to insure that his clients get the best possible deal on investment properties at wholesale prices.  Team Plantone finds and buys homes that are distressed, bank owned REOs, short sales, bulk packages, auctions, and properties at the Trustees’ sale.  Glenn is currently working with the FDIC to help secure larger projects for his clients with significant investment capital.

If you are interested in having Team Plantone help you acquire larger groups of properties, please contact Glenn directly.