Bankruptcy in Vegas, vacancy in the O.C.

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Both far afield, but both worth noting:

Bankruptcy in Vegas -- From the Review-Journal today: ‘In one of the potentially largest bankruptcies in Nevada history, Lake Las Vegas (pictured), a 3,592-acre residential and resort development in Henderson, filed for Chapter 11 bankruptcy Thursday.... The new owners cited ‘poor liquidity, substantial debt service, (and) extremely challenging real estate market conditions’ as reasons for seeking bankruptcy court protection. It filed under Chapter 11, which allows a business to continue operations while seeking to reorganize.’

Vacancy in the O.C. -- The O.C. Register’s Lansner on Real Estate reports a stunning drop in commercial construction in Orange County: ‘Voit Commercial Brokerage reports that construction of O.C. office buildings plunged 90.8% in the second quarter to 325,276 square feet. Last year in the second quarter, 3.5 million square feet was under construction. ... All the added space pushed the second quarter office vacancy rate to 14.46%. A year ago, vacancies were at 8.95%.’

A 91% decline in commercial construction.

Posted by Peter Viles
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