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The Las Vegas office market continued down a bumpy road to recovery in the third quarter as vacancy rates decreased slightly, rental rates fell and leasing activity improved. Vacancy for 33.5 million square feet of office space was down from the previous quarter, while asking lease rates fell to $1.79 a square foot, commercial brokerage CB Richard Ellis reported.
Attorney Jason Awad on Friday announced an agreement to acquire 1st Commerce Bank of North Las Vegas from Capitol Bancorp. He was chairman of $489 million-asset Business Bank of Nevada, which was recapitalized and sold to City National Corp. of Los Angeles for 3.5 times the book value shown on accounting books in February 2007.
Single-family home sales dropped sharply to 2,806 in September, a 16.4 percent decrease from the same month a year ago, and inventory of homes on the market jumped 9.2 percent to 22,719, the Greater Las Vegas Association of Realtors reported Friday.
As politicians complain about mortgage fraud nationwide, Nevada’s attorney general is calling on all residential lenders to “implement a moratorium on all foreclosures, evictions and (repossessed real estate) sales in Nevada” until each can demonstrate compliance with state law.
Nevada gaming revenues jumped 11.5 percent in August. The increase was fueled by a 21.1 percent jump on the Strip, the fourth time in eight months Strip casinos either had a gaming revenue increase or were flat in comparison to the same month a year ago.
Two years after expressing a desire to enter the Las Vegas gaming market, regional casino giant Penn National Gaming has acquired the bank debt covering the 19-month-old M Resort for $230.5 million.