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Good morning, This is a good article about the reality of selling in bulk. We are in Las Vegas and represent numerous clients who have entertained entering into bulk agreements. To date, we have not seen or heard of any bulk deals in LV. We'd be curious to know where the intellignece is coming from that states there are 20,000 empty condos on the Strip. There are actually less than 1,000 condos on the Strip and adjacent to the Strip that are under construction and not closed. Further, there are only about 900 condos that are completed and not sold in the same locale. These numbers do not include condo-tels which are not true condominium product. We are a full service service brokerage with a market intelligence division. We would be more than happy to share that info with you. Respectfully, Brian Krueger Sr. VP - Coldwell Banker Premier Realty brian.krueger@cbvegas.com 702-939-5128
Tremendously saliant information Dr! So, what to do about it, seriously...the whole "logical" country seems to agree with your position...how do we get DC to get it? My recent conversations with lenders seems to uncover the issue...IRS Tax Rules. Apparently, lenders can right off losses on foreclosures over 5 years but principle reduction rewrites do not get as favorable treatment. If congress passed a temporary rule passing on similar tax benefits, I understand that lenders would jump in. I'd love to hear your opinion on this, Dr. Bob Hamrick CB Premier Realty Las Vegas, NV. 702-460-8090 bobh@cbvegas.com
Good morning Ms. Geffner and my compliments on your well written article! I’m in total agreement with your points and, while her response was articulate, I think Catherine Read has it wrong and Debbie Shumer Bradley is right on with her personal story. The Las Vegas (NV) market, along with about four other states (AZ, CA, FL, DC) have been devastated by sinking property values for which NONE of the existing or proposed solutions will work. GOOD PEOPLE, as you (and Ms. Bradley) indicate…those that are paying ALL their OTHER bills, are making difficult AND understandable decisions to WALK because lenders would prefer to foreclose than negotiate mortgage principle. This perpetuates the problem rather than solving it…forcing good people into the rental market and out of ownership for YEARS. NAR has done a good job of promoting the benefits of homeownerships “drip down” economic impact…increasing the rental pool with foreclosed homeowners will only extend our recovery. Unfortunately, broad stroke solutions don’t work and unless Congress and Banks begin regionalizing their solutions, those (individuals and markets) that need help the most will continue to get the least. Sincerely, Robert H. Hamrick, CRB Chairman and CEO Coldwell Banker Premier Realty 8290 W. Sahara, #200 Las Vegas, NV 89117 (O) 702-227-5303 (C) 702-460-8090 bob.hamrick@cbvegas.com
