News about properties and real estate
Like the housing market, the commercial market is waning The commercial real estate market follows the residential market by 12 to 18 months, according to conventional wisdom. Those 12 to 18 months ended in early 2007. And like the residential market, Southwest Florida’s commercial real estate market has begun to slide. Both the total number …
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The Court House: How One Family Fought Foreclosure Faced with the threat of foreclosure, many homeowners give up and abandon their homes. Then there’s Richard Davet. He and his wife, Lynn, lived in a six-bedroom home in this Cleveland suburb for nearly 20 years when, in 1996, he was served with a foreclosure lawsuit. Rather …
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Palmer Crossing sold for $57 million [South Florida] Sarasota developers William Saba and Thomas F. Kelly closed a whopper of a commercial real estate deal last week when they sold the Palmer Crossing Shopping Center to a Tampa investment group for $57 million. The price comes to $300 per square foot for the 147,000 square …
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Centereach woman’s home foreclosure is reversed She’s already been home for the holidays. Now, all Janet Beck needs to make that home officially hers again is a new loan in the new year. Three months ago, Beck’s home on Alden Lane in Centereach was foreclosed upon, even after she said she did everything she was …
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Credit Downturn Hits the Malls The credit crunch triggered by the downturn in the housing market is creating problems in commercial real estate, driving down prices of office buildings, shopping malls and apartment complexes, and leaving some owners scrambling for cash. One victim is Centro Properties Group, the fifth-largest owner of shopping centers in the …
Dealing with those holdover tenants The question of “holdover” comes up often with commercial properties that we manage for our owners. This will occur when the original lease agreement has expired or terminated and the tenant does not have any option to renew contained in their original lease agreement. In its simplest definition, it is …