Apartment Market and Sales Insights
Distresses Assets – Although the Fed dropped interest rates a quarter point last month and MF loan rates have come down a bit, many owners are still feeling the pain. For example, the number of CMBS loans on the watch list is 81. Loans on “watch list” are considered “at risk” for a number of possible reasons. In addition, there were 5 properties that went into foreclosure in the past few weeks. These include properties with 9, 9, 16, 92 and 308 units.
Owner Help – We worked with many owners with distressed loans in 2008 – 2010. In today’s market, we have been able to negotiate with lenders to assist with a short sale and preserve a portion of the owner’s equity. Happy to help think thru options.
Buyer Opportunities – Foreclosures are obvious buyer opportunities and we have been very successful at obtaining great discounts. Trustee Sales are typically 90 days from the Foreclosure Notice. At the Trustee Sale, the successful buyer pays $10,000 immediately and is required to pay the balance the following business day. Any interest?