The three states that showed the highest foreclosure rates for 2009 were Nevada, Arizona and Florida. According to RealtyTrac, more than 10% of housing units in Nevada received at least one foreclosure filing in 2009.

Certainly, these numbers are no surprise to many in the real estate field and on the ground in locations like Las Vegas. Some companies, such as Sightline Acquisition with Kirk Sanford, are attempting to help these hurting markets by investing in distressed commercial and residential properties.

While Marta Borsanyi, principal of this real estate firm, had originally predicted a full recovery in the fourth quarter of 2011, she is now pushing back her predictions since the 2009 housing purchases were lower than expected.

As an example, new home sales dropped from their 45000 peak in 2005 to only 4500 over the last 12 months. Certainly, everyone has their eye on helping in the recovery effort. The Obama administration has created loan modifications and first time buying incentives; companies like Kirk Sanford’s Sightline Acquisition are trying to bring money to the Las Vegas real estate market; and others are trying to add jobs and opportunities through the Nevada area.

This particular study (available at http://www.reconnectingamerica.org/public/reports/137) found that every dollar saved on housing by living in more distant suburbs, actually costs an extra 77 cents for transportation. Many people who need to travel to urban centers to work, but feel that they can only afford a cheaper house in the suburbs, should take this into consideration. It’s important to balance out the savings that you accrue on the house with the costs of gasoline that you’ll be spending on the commute.

Their most recent statistics show that every walk point that’s added to a neighborhood’s score increases the value of the homes from between $500 and $3000. Interestingly, this holds true in almost every city, but not in Las Vegas, where Sightline Acquisition with Kirk Sanford invest, and not Bakersfield. Why? They weren’t sure.

Step one will be the development of academic medical centers, including construction of the Nevada Cancer Institute and the Cleveland Clinic Lou Ruvo Center for Brain Health which was completed in Symphony Park in Las Vegas. Mayor Goodman described these new developments as “absolute miracles.”

There are plans to construct the Smith Center for the Performing Arts as a place where high culture can be experienced. The third phase of the diversification of the economy will be a downtown entertainment district complete with a world class arena.

For businessmen in Las Vegas such as Kirk Sanford this is welcome news and bodes well for the overall economy of the area.

The casino recently completed a major renovation with its acclaimed Rush Tower, despite the fact that the economy is weathering difficult economic times in Las Vegas.

The mayor began his address by describing a recent trip he took to London in order to fly on the inaugural flight of the British Airways new connection to Las Vegas. While in England Goodman visited the bunker where Winston Churchill, as Prime Minister of England during WW II conducted affairs of state and met leaders to discuss war related issues.

Learning a great lesson from Churchill and the people of England who endured the hardships of World War Two, the mayor explained,

“I don’t pretend to say that I have any similarities with Winston Churchill other than we both like martinis and we like Cuban cigars,” Goodman said. “But he was facing the dire times of World War II. And we in Las Vegas have the dire times of the economy.”

The attitude the British maintained throughout the war was, “There is no other course for us but to win.”
“That is the same attitude that must prevail in Las Vegas, and with that attitude we will prevail.”

Businessmen and other leaders in the community were happy to hear such an optimistic outlook, and people like Kirk Sanford, real estate investor in Las Vegas, are looking towards better economic times for Las Vegas and Southern Nevada.

Mayor Goodman mentioned the hope that there will be a surge in the number of jobs available as several public and private projects get underway. The city is hoping to begin a process of diversification which will make Las Vegas a more stable and flexible economy, more able to withstand the inevitable economic crashes after enjoying years of growth and affluence.

The city is planning a new medical center, performance hall, and a spruced up downtown area. All this is news welcome to businessmen in the area such as Kirk Sanford of Sightline Acquisition.  As the mayor said, “Our priority remains the same — to have a world-class city. And we say that even in the throes of this economy.”  Kirk Sanford and others involved in Las Vegas business ventures are happy to hear this from the mayor.

A mortgage modification means that the lender rewords the terms of the existing home loan, usually in order to lower your payments and help you to afford to pay for your home. Under the plans that HAMP is creating, the borrower who is requesting a mortgage medication will have up to five months with a trial modification. This gives them time to submit all of the necessary paperwork, and to see if the modified monthly payment is something they can live with over the long term.

This will certainly benefit people in many cities, such as Las Vegas, where companies like Sightline Acquisition Corp and CEO Kirk Sanford, are also trying to stimulate the economy by investing in distressed properties.

Certainly, Sightline Acquisition Corp and its CEO Kirk Sanford, and many other similar enterprises, see it as a great time to invest as well. Particularly in locations like Las Vegas, where people are still moving in and real estate is selling cheaply, this is a great time to make that investment.

Nearly 16% of those surveyed are considering buying an investment property this coming year. As Nancy Osborne, CEO of Erate.com, a Santa Clara based financial information publisher says, “If you anticipate inflationary conditions in the future, investment property could be a good bet to hedge against it.”

]]> http://www.kirksanfordblog.com/good-news-with-survey/feed http://www.kirksanfordblog.com/las-vegas-woes-can-benefit-some http://www.kirksanfordblog.com/las-vegas-woes-can-benefit-some#comments Thu, 24 Dec 2009 10:52:37 +0000 admin http://www.kirksanfordblog.com/?p=282 According to research analyst Dave Dworkin of the real estate firm Grubb and Ellis, the serious recession now hitting Las Vegas and vicinity will necessarily cause banks to adjust the pricing on their land holdings. This in turn will create investment opportunities with distressed properties, the kind of which Sightline Acquisition, founded by Kirk Sanford, will be able to avail themselves of.

The weak, flat real estate market, caused by the loss of jobs which is itself an outcome of the national recession can be of benefit to many who are still employed in Las Vegas. Due to a shortage of renters and a surplus of available apartments and office space, landlords are making offers that in many cases, are too good to refuse.

Tenants are now in positions to renegotiate their leases for lower rents and other benefits. In many cases landlords are offering two and three year leases to entice tenants to remain in their apartments or offices.
But most relevant to Kirk Sanford and the Sightline Acquisition Corporation is that as reality sets in and banks realize that the value of real estate was overinflated in 2005 and 2006, today’s more realistic and lower pricing will create a situation of distressed properties which can be seen as great investment opportunities for those in a position to take advantage of the situation.