Three condo developments in Charlotte have a new owner: a Florida developer. The deal which was closed two days ago Patten Sales and Marketing bought the Garrison At Graham, 28th Row in Noda and The Vyne on Central Avenue from Community One Bank. Each property slipped into the foreclosure process in the past 24 months. [...]
The unfinished luxury downtown fractional-ownership project wasn’t interesting for any of the investors in the area, so it went back to its lender in a foreclosure auction. The sale took place on the front steps of the Pitkin County Courthouse, and attracted around 30 curious outlookers, but none of them bid on the real estate. [...]
A longtime local family business run into trouble as the lender, MainSource Bank of Potomac filed a foreclosure lawsuit March 14 against Michael and Elizabeth Gutterridge, owners of the Gutterridge Harley-Davidson business. Although the owners are having hard times, they are still open. The Gutterridge family has run the motorcycle business for 75 year and [...]
In the commercial real estate market scenario, occupancy rate and rental rates play an important role in the office complexes. If they are steady and growing, invariably it will instill customer confidence for investment – the backbone of commercial real estate dealings, amounting to billions of dollars every year. As we know, for the last [...]
The commercial real estate property market is suffering from woes created by the weak economy, as we know it. In this context, the sentiment expressed by the real estate executives is the indicator, to gauge the trends and activity levels on a quarterly basis. The latest survey conducted by the Real Estate Roundtable, regarding outlook [...]
Commercial real estate lending become so tough that it caused closing of innumerable banks in the last few years; and more banks collapsing, the Federal Deposit Insurance Corporation is contemplating the new way inevitably, to bundle out the mortgages on hard-to-value commercial assets of these failed banks and sell them back to the private sector [...]
In the hard-hit commercial property market, particularly from the multi-family sector, plagued by innumerable problems of weak economy; tight credit market; and fewer new home sales, here is the story of WCI Communities Inc. returned from a trip to Bankruptcy Court and emerged triumphant in the Florida market. Its new multi-family project – Pelican Preserve [...]
The world’s tallest building, the Chicago Spire will become the property of the Irish government. The unfinished development is the property of the Irish developer Garrett Kelleher, who has out to build the Spire. The Anglo Irish Bank has filed a $77 million foreclosure suit against the developer. The work on the development stopped about [...]
In a down-turned commercial real estate market, hit by the credit-squeeze for the last two years, things get a different perspective. Every bit of news on the positive side is welcome – so far as they do not carry a set-back or discouragement to kill the confidence of Real Estate Investment Trusts (REITs), who are [...]
If you have any doubt how the commercial real estate market can be affected by the ups and downs of the residential one, please see this. While residential real estate is one which deals with properties for the residence of one family, it gets the status of commercial when homes are constructed, sold or bought [...]
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