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Distressed Properties to Be Revived by Las Vegas Investor
30 Strada Di Villaggio #311, Henderson, NV 89011, $69,000 1 bed, 1 bath
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Office Buildings of Summerlin Sold in Colossal Deal
Dozens of cars vandalized at <em>Lake Las Vegas</em> condo complex

Posted: 09 Oct 2012 02:27 PM PDT

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Thank you for your kind words. We will make sure to pass on to Rose what a wonderful job she is doing and that she is appreciated. Thank you!

Distressed Properties to Be Revived by Las Vegas Investor

Posted: 10 Oct 2012 01:46 AM PDT

Michael Shustek, a Las Vegas real estate investor is willing to bet a whooping $550 million on some of the country's hardest hit areas saying he'll be able to profit off them.

MVP REIT, Shustek's investment fund plans on raising from investors the $550 million amount to be able to purchase commercial properties and mortgage loans in the areas of inland California, Arizona, and Nevada. The fund was launched last April and this week Shustek was cleared by US Securities & Exchange Commission to begin selling shares.

It is predicted that the Southwest real estate will not be able to fully recover soon. Because of this slow recovery, prices of the region's foreclosed, bankrupt, and distressed properties remain low. Some are undervalued, making it difficult for borrowers to have the projects financed even with the property's excellent quality and the borrower's good financial strength.

These similar problems opened unique opportunities for individuals who are thinking of investing in such market. MVP believes that these opportunities can offer significant growth in the long run.

Shustek has worked in Nevada's real estate market since 1990. He is the CEO and founder of Vestin Mortgage, which is based in Las Vegas. Vestin Mortgage invests in loans backed by real estate. The firm is in charge of managing two real estate investment trusts that are publicly-traded and an investment fund, with $135 million in total assets.

Shustek co-authored the books "If I Can Do It, So Can You" and "Trust Deed Investments" and also guest lectures at UNLV. He also taught the real estate law & ethics course at UNLV.

SEC investigated Vestin Mortgage's various affiliates and funds. The inquiry was closed last September 2006 with issue of administrative order. SEC indicated that the firm violated the securities law in relation with the slideshow presentation prepared for investors.

Shustek neither admitted nor denied the wrongdoing but accepted the order. He settled the fine amounting to $100,000 and agreed not to associate with dealers or brokers for 6 months. The SEC order expired last March 2007.

Shustek's MVP REIT could experience substantial gains by purchasing cheap property, which could rebound later value-wise. However, real estate could recover at a slow pace and most of the firm's borrowers are most likely those who are unwilling or unable to apply for credit from traditional banks. The firm's managers might misjudge the property value or the reliability of the borrower.

MVP REIT indicates that the firm's strategy comes with significant risk.

30 Strada Di Villaggio #311, Henderson, NV 89011, $69,000 1 bed, 1 bath

Posted: 09 Oct 2012 12:00 AM PDT

578 sqft, 1 bed, 1 bath, condo in Henderson, NV - Lake Las Vegas

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Posted: 09 Oct 2012 09:24 AM PDT

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Thank you for your lovely description of The Westin Lake Las Vegas Resort & Spa. It's always wonderful to learn when we can provide our guests with great quality service and we'd like to thank you for...

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Posted: 09 Oct 2012 09:23 AM PDT

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It's always nice to read about our guests' experience at The Westin Lake Las Vegas Resort & Spa and we truly appreciate you sharing your impressions with us. We regret that you weren't able to enjoy...

Office Buildings of Summerlin Sold in Colossal Deal

Posted: 09 Oct 2012 12:46 PM PDT

Thirty-two office buildings portfolio of General Growth Properties were sold out, which is considered as Las Vegas' biggest deal in real estate over the years.

Summerlin's portfolio of 1.1 million sq. ft. building was bought by Oaktree Capital Management LP and Hines Interests Limited Partnership. This was confirmed on Tuesday by Kim Jagger, the spokeswoman of Hines. However she refused to give details on the price.

On September 11, The Sun reported that Hines, which is a real-estate company based in Houston was partnering with Oaktree, a global investment company based in Los Angeles to purchase the properties.

The brokers shared that these big companies are paying $127 million ($115/square foot) even though many cautioned that the property's sale price might be lesser than the announced amount.

As of this Tuesday, Clark Country does not have any record of the sale yet.

During Hines' press release last Tuesday, the company stated that the acquisition was done through partnership with Oaktree managing the subsidiary of the real estate funds. Hines also stated that the deal has been their sixth transaction in more than two years.

Doug Metzler, the Managing Director of Hines said that their company will work on bringing back the portfolio to its previous market standing.

It was announced that half of the 32 buildings remain vacant and that whether Oaktree and Hines can fill them or how they will be able to fill them is still unclear.

The building's location, Northwest Valley had 26 percent office vacancy in six months, which is higher compared to Southern Nevada's vacancy rate of 24 percent.

But the sale can raise the commercial real estate of the valley partly due to the local market entry of Hines. The company has countless commercial properties around the globe and offices in 18 different countries. Hines has assets of almost $23 billion and buildings in China, Brazil, United States, and other countries except in Nevada.

With the deal, General Growth, which had been bankrupt before can now focus more on its shopping mall business. About 149 malls in different regions are owned or co-owned by this company based in Chicago. Grand Canal Shoppes and Fashion Show Mall are some of their malls.

This recent sale is among the biggest commercial real estate deals for the past few years and competes with building sales in mid 2000s in the southwest of Las Vegas. s

The complex (400,000 sq. feet) was bought at $120 million or over $300/square foot during the time when building sales were booming.

The office buildings of General Growth are mostly in West Charleston Boulevard, Covington Cross Drive, and North Town Center Drive. Hines stated that the portfolio also has 2 parcels being developed, which totals to 19 acres.