Glenn Plantone in the News

CNN Money - November 11, 2011
"Is Las Vegas' Housing Market Ready to Make a Comeback?" by Les Christie

Excerpts - Glenn Plantone, a Vegas-based broker and investor who deals mostly in foreclosed properties these days, said he's seen an influx of foreign buyers, especially from Canada and China. Last year, he brokered 25 sales but this year he's already up to 65.
"I'll triple my business this year," he said.

...
But for all of those who lose their homes, there are others who see it as an opportunity. More than 50% of all sales in town are foreclosures, said Plantone.
Recently, he had a client who made bids on 40 different bank-owned properties. He was outbid each time. The investor wound up buying four new 1,400 square-foot homes in North Las Vegas for $140,000 each instead. He rents them out for $1,495 a month apiece, which give him immediate returns on his investment.
Once the housing market recovers he could sell the properties for a healthy return, too. It's hard to beat those kinds of odds.

If you would like to read the entire article on the CNN Money website CLICK HERE.


CNN Money
"12 Cities: Where to Rent vs. Buy" by Les Christie

Excerpts - Las Vegas: Buy
Median Home Price: $65,100
Median Annual Rent: $10,200
Price-To-Rent Ratio: 6

The buy-rent ratio very much in favor of buy in Sin City. "Buying is a much better play," said local real estate investor, Glenn Plantone.
In fact, Plantone is dead certain that home prices in the area have hit bottom.
Already, prices for practically new homes are below the cost of building new ones and development has come to a screeching halt. Eventually, the inventory overhang of homes for sale will be sucked up and that will lead to modest home price recovery.
That means buyers will save money every month they don't rent and their purchases will prove to be sound investments as well.

If you would like to read the entire article on the CNN Money website CLICK HERE.


CNN Money - August 5, 2010
"Vulture Investors: They're Back and Making a Bundle" by Les Christie

Excerpts - Glenn Plantone faces a similar situation in Las Vegas. A veteran real estate broker and investor, he has switched from buying mostly foreclosures and repossessions to short sales almost exclusively. That's because the inventory of distressed properties available in Vegas is way down, to about a two-week supply.
"The banks make better profits with short sales, so they're not foreclosing," Plantone said. "They've switched staff to processing short sales and they've gotten faster at processing them."
He tries to purchase properties for at least 10% less than what he considers to be true market value, then he does some light rehabilitation and sells them to some of the 3,000 buyers he works with.
Since prices have fallen about 70% in some Vegas communities and rents have only declined by about 20%, it's possible for his investors, who are cash buyers, to make money from the first month the homes are rented.
"We're getting cash flow (net return on investment) of 12% to 14%," he said.
He doesn't completely ignore potential profits from home price appreciation because he believes the town is bouncing around the bottom. (Homes already sell for below what it would cost to build new homes.) He does not, however, emphasize that aspect of the investment.
It's the income from rentals that's paramount right now.
The beauty of cash flow, of course, is that even if the prices decline another 10% or 20%, the investors should be able to live with that.
"I tell them to plan on holding for five years," he said. "With cash flow, there's no need to worry about price drops."

The buy-rent ratio very much in favor of buy in Sin City. "Buying is a much better play," said local real estate investor, Glenn Plantone.
In fact, Plantone is dead certain that home prices in the area have hit bottom.
Already, prices for practically new homes are below the cost of building new ones and development has come to a screeching halt. Eventually, the inventory overhang of homes for sale will be sucked up and that will lead to modest home price recovery.
That means buyers will save money every month they don't rent and their purchases will prove to be sound investments as well.

If you would like to read the entire article on the CNN Money website CLICK HERE.


Las Vegas Sun - July 31, 2009
"Single-Family Homes Catch Investors' Eyes" by Buck Wargo

Excerpts - Glenn Plantone, a Realtor and president of the Real Estate Insiders Club in Las Vegas, said investors are taking advantage of a steep drop in prices since they peaked in 2006. In some cases, prices of homes in the northwest fell 70 percent.
Homes that sold for about $300,000 are going for about $110,000 he said.
“They are buying them for cash flow,” Plantone said. “We are not even talking about appreciation potential.”
The market to rent homes remains strong because people understand the value compared to renting an apartment, Plantone said. And for those homeowners who lost their home to foreclosure, they want to stay in a home.
“It is a lot easier to rent houses than condos,” Plantone said. “We are getting people who are walking away from a $2,000 a month home payment and going across the street to rent a home for $1,200 in immaculate shape.”

The buy-rent ratio very much in favor of buy in Sin City. "Buying is a much better play," said local real estate investor, Glenn Plantone.
In fact, Plantone is dead certain that home prices in the area have hit bottom.
Already, prices for practically new homes are below the cost of building new ones and development has come to a screeching halt. Eventually, the inventory overhang of homes for sale will be sucked up and that will lead to modest home price recovery.
That means buyers will save money every month they don't rent and their purchases will prove to be sound investments as well.
...
Most of the investor buyers that Plantone said he has dealt with are Southern Californians. Many are small businessmen who have several hundred thousand dollars to invest and have been waiting for an opportunity in real estate.
Plantone said these buyers are savvy because none of his investors has bought a property for more than $121,000. They are looking for homes built in 2003 and later.

If you would like to read the entire article on the Las Vegas SUN website CLICK HERE.

 

Las Vegas Sun - Aug. 3, 2009
"Here Comes Vegas' New Breed of Buyer" by Buck Wargo

Excerpts - Glenn Plantone, a Realtor and president of the Real Estate Insiders Club in Las Vegas, said investors are taking advantage of a steep drop in prices since they peaked in 2006. In some cases, prices of homes in the northwest fell 70 percent.
Homes that sold for about $300,000 are going for about $110,000 he said.
“They are buying them for cash flow,” Plantone said. “We are not even talking about appreciation potential.”
The market to rent homes remains strong because people understand the value compared to renting an apartment, Plantone said. And for those homeowners who lost their home to foreclosure, they want to stay in a home.
“It is a lot easier to rent houses than condos,” Plantone said. “We are getting people who are walking away from a $2,000 a month home payment and going across the street to rent a home for $1,200 in immaculate shape.”

Most of the investor buyers that Plantone said he has dealt with are Southern Californians. Many are small-businessmen who have several hundred thousand dollars to invest and have been waiting for an opportunity in real estate.
Plantone said these buyers are drawn to homes less than 7 years old and costing no more than about $120,000.

If you would like to read the entire article on the Las Vegas SUN website CLICK HERE.



Full Articles
Available in PDF Format

CNN Money quotes Glenn Plantone Las Vegas Sun Business Journal quotes Glenn Plantone

If you would like to download any of Glenn's featured articles in PDF format to print out or share with others, simply click on the title of the article below.