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Las Vegas, Nevada Real EstateLas Vegas Commercial Delinquency Not Good for Nevada
It is as if Nevada needed any more bad real estate news. As the economy continues to sputter and housing trends down further each month, new information indicates Nevada may set another benchmark. This time the problem is occurring in commercial real estate due to mortgage delinquencies.
Moody's Investor Service reported the delinquency rate for Nevada commercial mortgages was just short of 30 percent in April. By comparison, the national rate for commercial mortgage delinquencies was just 9.2 percent. Moody's said they expect the commercial delinquency rates to remain high as loans are modified or worked out. Nevada's commercial delinquency rate in April was up over 6 percent from 2010. Of over $10 billion in commercial loans that Moody's tracks, almost $3 billion were in delinquent status with lenders. Premier projects in bankruptcy in southern Nevada include the Town Square and District at Green Valley Ranch which is now in foreclosure. Also in Henderson, the Inspirada planned community is in bankruptcy and foreclosure on the project is in process. The World Market Center in downtown Las Vegas recently announced a restructuring of it's debt. Debt holders have also taken possession of the Hard Rock Hotel and M Resort hotel-casinos in Las Vegas. Other hotels and casinos in bankruptcy are Tropicana Entertainment, Planet Hollywood, Hooters and Lowes Lake Las Vegas. The flood of bankruptcy and foreclosure filings indicate that lenders are evaluating a number of Nevada properties that are now dramatically reduced in value from their initial asset values. Aliante Station, developed at a cost of $662 million, now has a liquidation value of just $53 million. Debt holders who carry more than $378 million of Aliante Station's debt are in the final process of taking over the project. City Center Holdings, the massive resort, residential and retail complex is over $5 billion in debt. Unless it finds additional capital, there is a good chance its debt will be downgraded by Standard & Poor's. More bad news for a state that needs to hit the jackpot. You can talk about... Las Vegas Commercial Delinquency Not Good for Nevada Tags: • liquidation • hollywood • entertainment • henderson • bankruptcy • lenders • loans • comparison • moodys • trends • economy • bad news • resort hotel • foreclosure filings • planned community • commercial loans • commercial mortgages • mortgage delinquencies • world market center • commercial real estate •
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