Commercial market not following residential in price declines, agent says
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\n Becky Bosshart
\nAppeal Staff Writer, bbosshart@nevadaappeal.com
\nWhen shoppers go downtown, they see a few dark windows and signs for places that have long been out of business. But one of these shuttered store fronts will be buzzing with commercial activity again.<\/p>\n
After two years on the market, a restaurant will be transformed into a vintage furniture store.<\/p>\n
Jeanne and Jose Ramirez, of Carson City, will purchase 107 E. Telegraph St., the former location of Heiss’ Steak & Seafood House. The building has been on the market since late 2004, most recently listed for $299,000. It’s in a key downtown location off Carson Street, behind Java Joe’s.<\/p>\n
“We’re extremely excited,” Jeanne Ramirez said Monday. “We’re so excited to see a different look for that building.”<\/p>\n
Ramirez, an agent with Coldwell Banker Bestsellers, plans to renovate the exterior in the cottage style and restore the interior to its brick walls and wooden floor. The 2,150-square-foot building will mostly contain furniture from the 1920s-’50s.<\/p>\n
She said they’ll probably name the store “In Good Taste,” after a furniture store they operated in Fallon from 1980 to 1990.<\/p>\n
“I love older pieces of furniture; it’s like a hobby,” she said. “I’ve been a Realtor here for 16 years, so I’ll continue to do that, and my husband is a general contractor.”<\/p>\n
The couple’s two daughters, Renae Margolin and Brenda Sweep, will assist in running the business.<\/p>\n
Construction will begin as soon as the sale closes on Oct. 20. Ramirez plans to open the store Dec. 1.<\/p>\n
Andie Wilson, commercial sales agent for Coldwell Banker Commercial Premier Brokers, who worked on the sale, said the commercial market is healthy at a time when the residential market is shifting in favor of buyers.<\/p>\n
Commercial buyers are seeing a higher return on their investments, and purchasing prices are inching down, she said. Wilson said some buyers are trying to low-ball sellers because of price declines in the residential market, but the two are not connected.<\/p>\n
“This is not a buyers’ market (for commercial),” she said. “It’s a perfect market for commercial. I’m seeing a well balance of supply and demand.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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