2024 Nevada Commercial Foreclosures

2024 Nevada Commercial ForeclosuresThere’s no doubt; the gaming industry has had an unimaginable impact on the state of Nevada. The Casino industry has been thriving for more than 100 years, with legalized gambling concentrated in Las Vegas, Reno, and Lake Tahoe. But there’s a business world beyond blackjack. Sometimes, business owners gamble on commercial property, and those business bets do not pay off. Total Lender Solutions, a nonjudicial foreclosure team that assists hard money lenders and financial attorneys, is monitoring the commercial real estate landscape of Nevada commercial foreclosures heading into 2024.

Nevada Commercial Foreclosures By the Numbers

The state of Nevada produced net positive jobs for Q1 of 2023, with a net employment gain of 5,588 jobs in the private sector.

U.S. Bureau of Labor Statistics Q1 2023 data showed that the Construction industry led job gains, while professional and business services saw the most job losses in the state, followed by the transportation and warehousing industries.

As we entered January, Property Radar data showed 2024 Nevada commercial foreclosures to be 119.

The biggest concentration of commercial real estate foreclosures was in the following areas:

  • Las Vegas (70)
  • Reno (32)
  • Battle Mountain (12)

TLS is actively processing non-judicial foreclosures, reconveyances, and UCC sales in Nevada, and you can connect with our team here

Las Vegas Commercial Foreclosures

Those bets on commercial real estate also include casinos. Hotels are often the source of defaulted loans, and they can be anywhere from two-story motels to some of the biggest properties in the world.

There are three commercial properties of 500,000 square feet or larger in Las Vegas entering 2024 in the foreclosure process.

One is in Jean, Nevada, about 40 miles outside of Las Vegas. 32100 S. Las Vegas Boulevard is home to the Prizm Outlets.

The next two properties are 800,000 and 900,000 square feet casino resorts with retail on the Las Vegas Strip.

It’s widely known that the foreclosure process is meant to bring the defaulted borrower back to the table to resolve the outstanding balance. The borrower doesn’t want to lose the property, and the lender just wants the loan installments to start flowing again,” said Randy Newman, founder and CEO of Total Lender Solutions. 

Reno Commercial Foreclosures

Reno accounts for the second most foreclosures in the state, and unlike Las Vegas’ half-million square foot properties in foreclosure, Reno’s troubled commercial properties stand at 5,000 square feet for less.

One example is a small motel on East 4th Street in Reno. This small motel is no longer in operation but carries an outstanding loan balance of over $2,000,000.

Battle Mountain Commercial Foreclosures

Along Highway 80 in Elko, Nevada, is the community of Battle Mountain in Lander County. 

While gambling still exists in this town, gold mining is the main economic driver here. Battle Mountain accounts for 10% of the state’s commercial properties in foreclosures heading into 2024.

One of the 12 properties in foreclosure is on Mountain City Highway, and it’s an auto car wash facility that stands at 3,000 square feet and has an outstanding balance of more than $700,000.

“We start the nonjudicial foreclosure process on many different types of commercial properties,” said Newman. “One day, it’s a hotel; the next, it’s a commercial office building; the day after that, it’s a car wash.” 

When to Start a Nevada Commercial Foreclosure

TLS can support you with non-judicial foreclosures, reconveyances, and UCC sales in Nevada

Our team is intimately familiar with the nonjudicial process in Nevada. We work as an extension of lender teams looking to maximize recoveries on defaulted loans. We transform the complicated process of foreclosing commercial real estate into clear resolutions for institutional and private lenders.

Fill out a form today, and let us assist you.