Report: Florida Ranks No. 3 for Financially Distressed Projects
South Florida Business Journal reports: Southern Florida ranks third in the US for the volume of commercial real estate and condo projects now at some level of financial distress, according to a new report from Real Capital Analytics (RCA).
Real Capital's data showed that the region has 232 known troubled assets, representing $6.3 billion in problematic loans.
That's less than the $9.2 billion in troubled commercial properties in New York and its suburbs, and the $8.1 billion in Las Vegas. RCA has identified $86.8 billion in trouble assets nationwide.
"There is no question that Florida has been very heavily hit, mainly due to oversupply issues," said Dan Fasulo, RCA’s managing director. "There has certainly been a plethora of failed developments."
South Florida’s growing tally of troubled assets is larger than the metropolitan areas of Los Angeles, with $5.8 billion; Chicago, $3.5 billion; Phoenix, $3.1 billion; San Francisco, $2.7 billion; Dallas, $2.1 billion; Houston, $2 billion; and Atlanta, $1.7 billion.
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Posted by: Matthew Stone