Growth Of Distressed Commercial Properties Slows, Hits $17.6 Billion
Las Vegas Sun reports: The number of commercial properties in distress in the Las Vegas area grew in the fourth quarter — but at a slower pace.
And analysts suggest a wave of commercial foreclosures may not materialize — or at least will be pushed further into the future.
A report on distressed commercial real estate released in December by New York-based Real Capital Analytics, a research and consulting firm, showed Las Vegas held the No. 1 spot in the nation with 37 percent of its commercial properties in distress, up from 34 percent Oct. 1.
The report showed $17.6 billion in properties were distressed. That means the loans are in default, have been modified or restructured or the property has been foreclosed upon or the ownership group is in bankruptcy.
It included office, industrial, hotels, retail, apartments and developments under construction.
The number of distressed properties stood at $9.2 billion in April, but grew significantly over the summer with the Chapter 11 bankruptcy filing of Station Casinos Inc., said Jessica Ruderman, a senior analyst at Real Capital Analytics.
View the full article on Las Vegas Sun: Growth Of Distressed Commercial Properties Slows, Hits $17.6 Billion
Articles related to this topic:
BofA Wins Bid to Name Receiver for Chicago Block 37
Dubai's Crazy Quilt of Assets
Houston Tops Texas CRE Distressed Markets
New Distressed Manhattan Property Tally Tops $12 Billion
Distressed hotels could find buyers in 2010
Commercial Real Estate Faces Tough Recovery Slog
Whose Fault is Tight Commercial Property Lending?
Silicon Valley 'Bloodbath' Leaves Office Buildings Empty
Further Slide Seen In Commercial Real Estate
Distressed Commercial Properties Are Poised for Deals in O.C.
Terreno Realty Set To Raise $300M In IPO
Posted by: Mark Alferman