Reno Real Estate Vacancy
October 20th, 2007Mark Buergin
All we hear about today is the real estate and mortgage crisis with bailout pleas from the fed. In Reno Nevada there is currently a 25% vacancy rate in commercial office space as a direct result of all the major homebuilders cutting staff and pulling back on any new homebuilding as sales stagnate and buyers become scared. As time passes, the lack of home building as well as building of new commercial space will be absorbed until there is actually a shortage of homes and office space. Then as historical economics plays out will create a swing to the other side of the demand curve reversing the trend and righting itself. It seems to be that the contrarians or those trailblazing individuals who see the opportunity in this imbalance will start buying these “opportunities”. they will be the ones who will not only lead the way buy make a tremendous gain on these overreacting markets. The laws have been changed in Nevada to prevent loose lending policies and watchdogs have been set up to prevent this type of reckless debacle from ever happening again. If you are a person who will be looking to buy property with a 5 year horizon this may very well be the best opportunity that has come your way.
