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Coronavirus Changes The Way Real Estate Is Being Done In The Las Vegas Valley

Tuesday, April 21, 2020   /   by Ken Couture

Coronavirus Changes The Way Real Estate Is Being Done In The Las Vegas Valley

As political leaders work to figure out plans to reopen our cities, businesses that are considered essential are still trying to work around social distancing guidelines in order to get the job done.


Less than two weeks ago, Governor Steve Sisolak ordered a stop to open houses as we continue to monitor COVID-19 in our communities. But that means extra effort to get deals on the table for buyers and tenants.


“COVID has hit our city without discrimination, especially on the office sector," she said.


Wainwright has not been able to tour properties with clients for several weeks.


“We’re not able to have the broker open houses where we can go see available space and properties," she said.


Her client Jason Soto is looking to expand his Las Vegas company.


"We've got an existing office space here," said Sota, vice president and general manager of MobileSoft Technology. "We were looking to obviously double the amount of office space that we needed."


Yet, the coronavirus has changed the search the process.


“Meeting contractors to look at TI budgets in real person with blueprints on the table and space planters everywhere doing our thing and it just went away,” said Soto.


So Wainwright and others in the real estate business are providing virtual tours.


“We can do slow motion walk-throughs, opening up all cabinets and doors".


He says the virtual tours help in residential real estate sales.


He says in the last seven days there are over 600 homes that have gone in escrow in the Las Vegas valley.


“As far as people still buying and selling, it’s happening and the numbers are close to pre-COVID.”


So, what will things look like once the state of emergency is lifted?


Wainwright believes that depends on the economy.


“So, we might see a flight to lower quality buildings and less desirable areas where the vacancy rates are higher because now people are going to be a bit cost conscious,” she said.


“Because our economy is based so much on the hospitality business and so many of our local people are employed by them, of course, that might take a while to recover,” he said.


One thing they want to remind clients is that you can still get loans and they are getting buyers qualified to be able to get deals on the table.


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