Archive for the ‘Real Estate’ Category

In the recent past, even with bank owned distressed properties becoming more and more available, there has still been a shortage of buyers in commercial real estate. The tides are starting to turn, and more and more investors are seeing opportunities to purchase bank owned and distressed properties, and make them cash flow by offering lease rates below average.

Nationally there are more and more institutional buyers that are coming out of the woodworks, as they believe the bottom has hit. Once there are multiple buyers for properties that are priced well, we will see the prices start to rise.

Locally in the St. George Market, if a commercial property is priced well we are starting to see several competing offers. The “low ball” offers are not even being considered because there are more and more investors that understand the true value and potential, and are willing to make more competitive offers in order to seal the deal.

For a list of distressed or bank owned commercial properties in St George Utah, contact Brandon Vandermyde 435-627-5735

Recently the River Park Industrial Complex in St. George, Utah sold to a private investor. The complex was a distressed bank owned property in St. George, and is a multi-tenant development. In purchasing bank owned property, investors are able to be very aggressive with their leasing strategies. Contact Brandon Vandermyde to get a list of distressed bank owned properties in St. George and all of Southern Utah. Also if you are interested in industrial space between 1,800 and 12,000 s.f. contact Brandon Vandermyde for an extremely competitive lease rate.

Brandon Vandermyde, Commercial Real Estate, Bank Owned, St. George Utah

It’s unfortunate that Verizon and Famous Dave’s could not have worked out an agreement to share the building before Famous Dave’s decided to close their doors in St. George because their food was great! But you don’t hear Verizon complaining. They are excited to more than double the amount of square feet they currently have by completely renovating the former Famous Dave’s location.

In its current condition, the building is nothing more than plywood and 2×4’s. They have completely gutted it! But in the next few months, and over a million dollars later, they will have a new state of the art location that will be able to facilitate more customers.

If you have any questions regarding commercial real estate in St. George Utah, contact Brandon Vandermyde at bvandermyde@naiutahsouth.com or 435-627-5735.

Recently the government has been taking steps to boost the economy, and breathe some life into businesses. Many things they choose to spend money are not necessarily quantifiable, however the Home Run Grant just may be-

According to James Wood, the Executive Director of the Bureau of Economic and Business Research at the University of Utah, in 2009 the Home Run Grant:

• 3,645 home buyers received financial assistance of between $4-6,000 people.
• 19,508 jobs were saved or created that were construction related
• The value of homes sold was $830.9 million
• Earnings created was $659.8 million.

Although the Home Run Grant time line has been extended once, it is not anticipated to be extended again. So if you are a first time home buyer, many economists suggest that a few years from now, anyone who had a chance to buy in 2010 and didn’t will definitely regret it.

It is said by many economists that the housing market is what got the economy into this mess, and the housing market will get us out of it.

Commercial real estate across the nation, and commercial real estate in St. George Utah, are typically 12-18 months behind the trends that residential markets set. So when the residential market begins its recovery, commercial investors will come out of the wood works and start to realize the deals that will be available for them.

St. George, Utah is ranked the highest in the state in regards to foreclosures per capita.

According to RealtyTrac, one in 28 homeowners will receive a filing in St. George. The national average is one in 84. Unfortunately, 4 of Utah’s Cities are ranked in the top 60 metropolitan areas with the highest foreclosures rate in the nation.

Provo- Orem was ranked 31st nationally, seeing one filing for every 45 households.

Salt Lake City was 58th on the list, recording one filing for every 74 households.

Ogden-Clearfield ranked 59th having one in 74.