“The biggest change was the emergence of the short-term foreclosure investor, who buys homes in homeowner associations at foreclosure sales. Short-term foreclosure investors are only interested in a quick resale at a profit, not the long-term health of the homeowners association, and oppose any regulation or fee imposed by an association.”
Paul Terry • President of Community Associates Institute and Partner, Angius-Terry LLP
“Many business leaders believed 2011 would bring substantial turn-around in the economy. Early on there was general optimism that we were on that path. However, with the sovereign debt issues in Europe and the U.S. debt ceiling debate in Washington, we quickly returned to the confidence lull the country has felt since 2008.”
Doug Roberts • Partner, Panattoni Development Company, Inc.
“The biggest change is the confirmation that there is a “new normal” in the residential real estate market in Nevada. Realtors have had to become masters of short sales, bank-owned property sales, alternative financing approaches, new legal constraints… and much more.
Nancy Fennell • Broker Owner, Dickson Realty
“Business owners are dealing with the reality of the economic climate in their business planning and negotiations with their lenders. No longer anticipating a near-term turnaround, companies are instead planning for long term recession. Lenders are becoming more realistic in taking their collateral back and working on out-of-court solutions.”
Brett A. Axelrod • Office Managing Partner, Fox Rothschild LLP
“Operating in an uncertain economy was a challenge in 2011. Between visitor volume, gaming revenue, home sales, convention attendance and any other number of key economic indicators we continually reviewed throughout the year and fine-tuned our marketing programs based on the market, our competitors and what our guests were experiencing.”
Anthony A Marnell III • President, M Resort Spa Casino
“In the mining industry, there was a significantly increased investment in bringing essential minerals to market such as lithium for hybrid-car and cell phone batteries and molybdenum to fortify steel. Geothermal heat, copper, gold and silver all saw increased investment, as well.”
Tim Crowley • President, Nevada Mining Association