This article, although speaking to the residential market shows how prevalent distressed properties are right now. This also applies to commercial real estate.
The Orange County Register
By: Jonathan Lansner
Of the homes listed for sale in this community, 109 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 58.3% of supply of homes for sale vs. 32.9% countywide.
This article is a great case study and a good reminder to all property owners. No matter how large or small your property is, staying up to code is of utmost importance.
Violations in code led to closure of Butterwood
Williamsville renewing fire inspection efforts
When Butterwood Desserts in Williamsville abruptly closed shop at the end of June, local residents were shocked. How could the charming and well-known bakery operation, in business since 2003, suddenly go under?
Some recent news on Manhattan’s distressed commercial real estate markets
By Theresa Agovino
Manhattan real estate—a poster child of the excess that led to the last downturn—appears oddly sturdy, despite last week’s turmoil.
The boroughs commercial real estate market, which many feared would enter a prolonged depression following the collapse of Lehman Brothers, recently passed a key milestone: The total dollar amount of assets classified as distressed has been cut in half.