Friday, June 10, 2011

Fifteen Cents on the Dollar - Vegas Style

Late last month I noted a land sale in Arizona that sold for eight cents on the dollar based on peak mid-2000s pricing.  Here is another example, this time in Las Vegas.  Calculated Risk and the Las Vegas Sun detail a property in Las Vegas (not sixty miles away like the discounted Arizona land sale) that sold for $30.2 million in 2007 and just sold for $4.4 million, an 85% discount.  For some reason, seeing Southwest land sales at discounts of 92% and 85% made me wonder how IMH Mortgage Holdings' portfolio is maintaining its value.

1 comment:

Anonymous said...

Since you are a real estate securities analyst i thought youd enjoy this article on how the sec is a poster child for irresponsible leasing decisions.

http://www.costar.com/webimages/watchlist/WL6-2.pdf


Enjoy.

-Palos Verdes