Even at the bottom of the market, we saw very few bank owned or foreclosure properties come to market in our area. The hardest hit was the office market with a couple troubled office buildings trading hands between ’10-’12. The majority of troubled assets were able to workout or restructure loans rather than go into foreclosure.
The commercial market generally runs about two years behind the residential market. This means we are just now seeing the market get really hot with multiple offers in both sale and lease transactions along with extremely low inventory. Despite this, we have seen a sudden surge of bank owned and foreclosure properties, including a large religious facility in Livermore.
Built in 2009, the facility is 23,000 square feet situated on a lot just under two acres. The location is ideal on North Livermore Avenue with more than adequate parking. This is a turn-key facility complete with fixtures, furniture, and equipment ready for a new congregation. The price has been dropped by a million dollars, now asking $5.2 million.
In addition to this facility, there is also a smaller (about half the size) religious facility for lease in the east side of town. It is not often we see these types of facilities come to market and to have two at one time is even more of a rarity.
Included in this surge of distressed properties we have seen multiple newer industrial condos and few free-standing buildings go to foreclosure auction in the area.
If you are looking for distressed assets, foreclosures, or religions facilities please contact me! firstname.lastname@example.org