In an auction with “unprecedented volume of distressed real estate,” Nevada’s lenders hope to recoup some of their losses on commercial properties including retail, multifamily, industrial and land parcels located in Las Vegas, Henderson, Carson City, Sparks and Reno[1]. The auction will be held on-site in Las Vegas and simultaneously online May 17 through 19 of this year. “For investors interested in Nevada, we believe that time [the best time to be active] is now.”

Among others, a $56 million nonperforming note secured by the Sahara Pavilion North retail center and nine notes valued at $20 million or more will be on the block. Auction.com, the company handling the event, will provide investors with access to a “due diligence data vault” and a “live information center” that will provide hard copies of due diligence materials and auction process training[2]. The company provides comprehensive information on properties along with “what investors today want,” according to the company’s CEO, “discretion and relative anonymity.”

This seems like a good way to get a lot of “stagnant” properties moving again. Do you think that ultimately this enormous auction will be good for Vegas and the surrounding areas?

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[1] http://www.lvrj.com/business/auction-will-sell-real-estate-mortgage-notes-120764434.html

[2] http://www.costar.com/News/Article/Largest-US-Auction-Ever-at-$1-Billion-Nevada-Assets-Slated-for-May/128006