We have been expecting this increase in foreclosed commercial real estate in San Diego
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San Diego, CA (PRWEB) February 1, 2010
As MBA Commercial, Inc. predicted in late 2009, the wave of REO commercial foreclosures in San Diego is increasing.
Commercial foreclosure numbers are up across the board. Fifty-Four commerical properties are currently bank-owned, another 72 San Diego commercial foreclosure properties are scheduled for auction in the next 90 days. In addition, 143 San Diego commercial properties are in the pre-foreclosure phase, up from 122 in December.
According to MBA Commercial CEO Brian Yui, "Banks that were delaying foreclosures in 2008-2009 to avoid major write downs simply cannot hold off any longer. As we told our clients, 2010 may be a lucrative year for investors seeking to capitalize on troubled commercial assets."
Included in the commercial foreclosures are 925 B Street and 1446 Front Street, both in downtown San Diego. 925 B Street, one of San Diego's largest foreclosed buildings, has six floors and 68,000 gross square feet, as well as two levels of subterranean parking. The Front Street property, which defaulted in October 2009, offers 14,976 square feet and is projected to be auctioned on February 16, 2010.
Yui adds, "We have been expecting this increase in foreclosed commercial real estate in San Diego. Yes, it's difficult for the banks, but good news for buyers who can take advantage of these distressed properties, which ultimately will stabilize San Diego's economy."
MBA Commercial, Inc. is a leader in San Diego commercial real estate. Its REO division provides management and disposition of bank-owned properties. MBA Commercial offers a turn-key solution for property management, leasing and sales, specializing in the maintenance and liquidation of San Diego commercial bank owned properties.
The REO Asset Management division is committed to providing the highest quality service. MBA Commercial can be reached at 888-248-6222.