Albuquerque Commercial Real Estate Report 3.29.10: Foreclosures & Bank-Owned Opportunities

April 9, 2010 at 12:06 pm | Posted in Radio Show Reports | 3 Comments
Tags: , , , , , , , , , , , , , , , , ,

Share/Save/Bookmark

>>> Click here to listen to the Commercial Real Estate report for 3-29-10 <<<

Bob Clark, News Radio 770 KKOB: Walt we have heard a lot about commercial real estate foreclosures and the coming wave of  more foreclosures.  Is this a good time to be looking at purchasing commercial real estate?

We are starting to see some properties make substantial discounts in their asking sale prices.  We sold an out of state bank owned office condo that started out at $170.00/sf which was already a discounted price and the final price was less than $120.00.  So the opportunities are starting to show up and lenders that need to sell their real estate are beginning to look deep discounts in pricing.   There will be buying opportunities in this market.

Bob: That leads me to two questions. First is, what can someone do to get ready for these discounts, and the second is what about the property owner that is trying to sell in this market and is not a lender trying to dispose of an asset?

On the first question if someone is serious about going after opportunities they need to talk to a commercial real estate company like Sperry Van Ness and develop a strategy to analyze and acquire some of these banked owned assets.  We talk weekly to lenders across the country regarding their assets in the Albuquerque market.  But the important thing is to be ready to act.

Regarding an individual trying to sell in this market, if the property is well located, or if it is an income property and has good leases in place, it might not be worth what it was in 2007 and if it still has strong attributes it will hold its value.  And if the sale of the property could wait a few years that would probably be the best option at this time.

Bob: What is the financing situation for properties in this market? Continue Reading Albuquerque Commercial Real Estate Report 3.29.10: Foreclosures & Bank-Owned Opportunities…

Albuquerque Commercial Real Estate Report 1.11.10 | Recent Developments with Sun Cal & BGK

January 11, 2010 at 11:50 am | Posted in Radio Show Reports | Leave a comment
Tags: , , , , , , , , , ,

Share/Save/Bookmark

Click HERE to listen to the Real Estate Report 1.11.10

Bob Clark, News Radio 770 KKOB: Walt, you wanted to talk about a couple of events that happened in December that could have an impact in commercial real estate.

Yes, Good Morning Bob, there were a couple of events in Mid November that are worth taking a look at.  One is the possible foreclosure of California based Sun Cal’s 55,000 acres located on the west side of Albuquerque that Sun Cal purchased for 250 million in 2007.

Sun Cal had big plans for this huge expanse of property with thousands of homes and also land for industrial plants, retail and office.  The loan has matured and Sun Cal is trying to renew the loan. As we have discussed before the lending environment is extremely difficult especially for land and if they are unable to secure financing it could put the 55,000 acres in play to be resold to possibly different parties which would seriously lengthen any master planned development on what use to be the Westland Development property and the Atrisco land grant.

Bob: You also wanted to discuss BGK’s rent rollback, what is that all about? Continue Reading Albuquerque Commercial Real Estate Report 1.11.10 | Recent Developments with Sun Cal & BGK…

Blog at WordPress.com.
Entries and comments feeds.