The local newspaper reported that over 2,000 commerical properties have received a 90 day foreclosure notice since the start of 2009. That represents a total of $6.3 billion loans on which the borrowers have failed to pay on.We are going to see a foreclosure wave on commercial properties over the next year. Furthermore, we will still see residential foreclosures as ARMs continue to readjust over the next 24 months. Are you in position to take advantage of the opportunities that will come ahead in commercial real estate. I would advise all real estate agents to connect with a commercial real estate agent and lender to close deals that come your way. Be prepared NOW!
Many developers have had to maintain the high commercial loan payments while negotiating lower leases due to the economy. One can only plug the hole to the dam for so long until it bursts. It is going to be a ride for commercial all over America.
It is a great time to negotiate office rents since there is plenty of vacant office space around the Phoenix area. The office condos were overbuilt. So, we have a low demand and high supply of office condos. Some people are obtaining great deals.
The Real Estate and Beyond Network is ready to assist in your commerical investments. If you need further information, please feel free to contact me- Harry F. D'Elia Founder of Real Estate and Beyond, LLC office number 602-956-0432 or E-mail me directly at harry@deliateam.com.
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Make the Call, Set the Plan, Do the Deal$!
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