First came the distress in the residential real estate market. Now comes the commercial property distress. But don't look for foreclosure notices taped to the fronts of office buildings -- these upside-down buildings are going to auction block.
On July 30, over $100 million in commercial assets will be be sold at auction at the Hyatt Regency Century Plaza, including REO properties, bank-ordered sales, developer close-outs and others.
This liquidation event should attract deep-pocketed investors, who can benefit from the deep discounts being offered: some properties will be sold at up to a 90% off the original loan balance [Globest.com]
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