More commonly practiced in Residential Real Estate than Commercial Real Estate, the notorious “Buyer Broker Agreement” may be worth bringing into everyday play for the Commercial world.

The State Law in Nevada allows an agent to enter into a buyer representation agreement via orally or written. This is the law! That’s all fine and dandy until  1 or more minor or extravagant details are overlooked and that oral/verbal agreement becomes questionable. This game of “he said-she said” can become quite an issue, if not a catalog! Buyer representation disputes can be nasty. Pretty soon, everyone and their brother want a piece of the pie, and if you’re not careful with this, you can end up landing yourself in front of a judge! So… How do we prevent this?? Do as the residential agents do…

The Reno Sparks Association of Realtors recommends that Commercial agents utulize the “buyer Broker Agreement”. This adds additional protection for all parties involved in the deal. As a “Realtor”, which is different than holding the title, “Real Estate Agent”, we are held to a higher code of ethics.

All you Commercial Real Estate Agents out there that happen to be Realtor’s as well, Check out Article 9 in your Realtor Code of Ethics, and decide if it is time for you and your fellow brokers & agents to bring the ”Buyer Broker Agreement” into effect!  

Nevada’s sun, wind, and geothermal resources are creating quite the buzz among lawmakers!

Great Article written by Anjeanette Damon with the RGJ

 http://rgj.com/article/20090512/NEWS11/905120345/1017/Nevada+Legislature+deb

Which comes first, the chicken, or the egg? The age old question that’s left millions pondering since the beginning of time. Some firmly believe in the egg, others’ loyalty lay with the chicken.  So how do we relate this to Commercial Real Estate? Here we go…

The buzz at the water-cooler lately, is that the Reno & National Markets are turning around. With New home prices at an all time low,  short sales/ REO’s getting snatched up in a New York minute, land available for pennies on the dollar, and smart investors getting the itch to finally make their move, some predict an over-correction in the market, soon!

Staying on this Media backed “positive note” regarding the market rebound… Which industry comes first? Housing? Land? Office/Industrial? Retail?

You would think that because of Nevada’s lack of State Tax, Homestead Law, unlimited number of outdoor activities, and an infinite list of additional benefits & attributes that attract potential employees to Nevada, business owners from California & surrounding states would wise up and make the move to Reno. Wouldn’t businesses make the move into offices, industrial buildings, retail space,  or purchase land to build new space? That business would in turn create new jobs, which equal new employees. New employees then create a need for housing, which creates, once again,  a need for land! This pattern is what some would assume, but history proves differently.

The natural order for the Commercial & Residential markets returning after the infamous ”R word “( of which we do not speak of anymore) is past, is this:

1.Housing  2.Land 3.MF  4.Office/Industrial, 5.Retail  This doesn’t mean that office and industrial will not make any deals in the mean time. Right now much of their business is being generated by people downsizing or moving around for a better deal in the marketplace. There are also those lone investors out there snatching up high cap rate buildings since they are currently cash-flowing assets, as opposed to land. But as far as new faces moving into the market place, historically, this has been the natural order of things. Only time will tell.

So, back to the chicken or the egg deal: Will Residential drive Commercial this time? or will Commercial feed Residential?  I would love to hear your feedback Reno!

Great Article this Morning on Cinco de Mayo. Looks like the tides may be turning for the economy. I’ve seen different attitudes in consumers & investors lately in the new home & commercial real estate world. Americans are impatient & support change. What goes up, must come down, and then go back up again. Since man has created currency, there have been fluctuations in wealth & prosperity. After seeing an enormous drop in new home prices in the last couple years, and the vacancy rate for business skyrocket, we have reached a plateau & are ready as a nation to start plowing ahead again. The media is catching on & I feel that this whole depression/ recession debauchery will be a thing of the past by summer of 2010. Wishful thinking regarding the timing? Maybe. As that I am up close &personal with the Commercial Real Estate world, as well as a hop skip and a jump away from the Residential Real Estate Community, there have been notable changes in activity and attitudes that haven’t gone unnoticed!

Check out the article & link below!

News Alert from The Wall Street Journal – Sponsored by NASDAQ

The U.S. recession appears to be losing steam, with growth likely to resume later this year on the back of firmer household spending, a bottoming housing market and an end to inventory liquidation, Fed Chairman Ben Bernanke said Tuesday. But Bernanke said that the recovery will probably be slower than usual, and warned that the unemployment rate may stay high “for a time” as businesses remain cautious about new hiring.

http://online.wsj.com/article/SB124153102795887367.html#mod=djemalertNEWS

   Aside from the tax advantages we reap as business owners in Nevada, a long train of additional benefits have surfaced recently and deemed the Silver State as one of the most preferable locations to operate a successful business. Cali residents are a bit jealous, I think. Many think it’s only going to get worse for Californians &  frequent border crossing is in Reno’s immediate future.  What does this do for the Commercial Real Estate Industry? Nothing but generate heaps of business. I feel proud to be a Nevadan working in the Commercial Real Estate Industry right now. As a former native of San Diego California, I’m glad I moved up here when I did, 7 years ago. Just in time to miss out on California’s Giant Debt Attack.  Check out the article below!

http://www.rgj.com/article/20090425/BIZ05/904250324/1071/BIZ

An interesting idea for interesting economic times…  The town of Berkshire, Massachusetts decided in the Fall of 2006 to start printing their own form of currency. Berkshire Inc., a local non-profit organization, teamed up with local businesses, banks, and other non-profits to launch Berkshares. This genius idea has created a sense of empowerment for the community & possible economic independence for  local businesses and merchants. Is it an option for Reno?

We could call it “RenoBucks” , where the Buck stops here! Any thoughts?
Check out the links below for more information in the BerkShare!

http://www.berkshares.org/ 

http://www.msnbc.msn.com/id/3032619/#30421140

A good community, as we know, insures itself by trust,
by good faith and good will, by mutual help,
A good community, in other words, is a good local economy.

-Wendell Berry, from “Work of Local Culture”

-dubbed a “great economic experiment” by the New York Times

      Congratulations to Fenell & Associates’ Cathy Shanks for winning “Rookie of the Year” at the 4th Annual Summit Awards this Saturday the 25th in Reno, Nevada. The theme was 1930′s flapper & gangster style (think Bonnie ; Clyde & Dick Tracy). Shanks award criteria was based upon gross commissions and number of deals in 2008. The ”Rookie” status also means Broker of only 12 months! Great Job Cathy! Keep up the hard work!  The Summit Awards, held at the Silver Legacy’s Grand Exposition Hall,  celebrated Developers, Brokers, Property Managers, and all other facets of Commercial Real Estate.

 Reno, Nevada land owner gets creative during the real estate slow-down… The investors, lead by Nello Gonfiantini, own a vacant riverfront parcel across the street from the new Triple A baseball park in downtown Reno. Nello, fenced off the site and set up a parking lot for baseball fans. He invited a local caterer to serve BBQ’d goodies, men wielding fire, a local bar to serve beer, and had a live band playing for the opening day at the Reno Aces Ballpark. Nello wasn’t the only land owner with this creative idea. Many of the Builders in town that have vacant lots downtown joined in on the parking lot fun as well. With all the new Commercial Real Estate activity surrounding the Reno Aces Ballpark going on in Downtown Reno, parking has become an issue lately. While city planners are hard at work on this issue, downtown land owners took immediate action. It was a victorious opening day for the Reno Aces and an exciting plethora of AstroTurf & Aces tailgaters inhabiting the streets of downtown Reno. Nello’s vacant parcel is one of the few remaining on the river and is ready for development!

Fred Miller, SIOR, with Fennell & Associates, a Reno, Nevada based Commercial Real Estate firm, has completed the sale of 1.8 acres of vacant land located in North Reno just off North Hills Boulevard.

Tom Young of Fennell & Associates, commercial real estate solutions based in Reno, Nevada, has successfully represented his seller in the sale of three parcels totaling $1,700,000 for the Redevelopment Area of the City of Sparks.