Commercial real estate has been
heading down the same path as residential real estate. It has been delayed by 12
to 18 months but is now in the same situation as residential real estate...
Foreclosures!
Commercial distressed properties will overtake residential
in the coming year or two. There is a lot more money involved in these
properties. Commercial is financed differently than residential. Typically, they
have short term 3,7, or 10 year loans on them that need to be refinanced at the
end of the term. The problem is the values have dropped 10-50% so it is very
difficult to get a loan on them. If the owners cannot refinance or pay off the
mortgage, often the owners will try to hang on, but foreclosure is often the
outcome.
Short selling the property is often the answer. Short sales
will be a huge deal over the next several years. The owners can sell the
property at market value and walk from the bad situation. The lenders need to
approve these type of deals, but it is often in their best interest to do so.
Investors are buying up these great deals, often leasing
them out at reduced rates and still binging in a profit!
This method over most others will help the U.S. commercial
market regain it's stability over the next 3 to 5 years.
Our Florida office is in Naples, Florida.
We handle Commercial short sales as well as all of Florida from
this office.
Location
We are based in Naples, FL and handle ALL of Florida and some other local markets with local Realtors!
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