Over 325 Southeast REO Commercial Properties & Loans Coming to Auction
National Real Estate Investor reports: Auction.com is reportedly prepping a massive regional auction - more than 325 Southeastern US commercial notes and REO properties - to be online by October 6.
The $2 billion portfolio includes retail, mixed-use, hotel, land, industrial, office, and multifamily apartment properties in Alabama, Florida, Georgia, Kentucky, Maryland, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. Bids start as high as $10.5 million.
Auction.com has focused on residential properties, but run commercial auctions since the 90s. Auctioning non-performing notes and commercial REO properties has become a bigger part of their business since the commercial real estate downturn.
At Real Capital Analytics, managing director Dan Fasulo thinks the Southeast auction could provide useful economic insights. “This year, as the primary markets got pricey, we started to see the recovery spread out to secondary markets across the country — but then this summer happened.”
Fasulo says he believes the recovery may slow down because of the recent debt ceiling crisis and the increasing potential of a double-dip recession.
“I think this portfolio of notes and properties could be a good barometer of how deep the demand is in secondary markets right now, coming out of a pretty volatile summer,” says Fasulo.
View the full article on National Real Estate Investor: Over 325 Southeast REO Commercial Properties & Loans Coming to Auction
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Posted by: Matthew Stone