CRE for 56 cents on the bonar

[ricket]

http://www.ajc.com/business/content/...ge_tab_newstab

The landmark 33-story building in downtown Atlanta sold for $29.5 million in a foreclosure auction on the steps of the Fulton County Courthouse, said William Rothschild, an attorney with Sutherland, Asbill & Brennan.

...

If these assets have lost a significant number of tenants or have financing coming due, their value could be dramatically reduced,” Speros said. “Accordingly, owners will either have to write checks to the lender to pay down the mortgage or face foreclosure.

“We are already seeing this devaluation occur in the residential market, with lenders willing to discount their original loans on raw land and developed lots by up to 70 percent in some cases.”

While the residential market appears to be approaching the bottom of the cycle, Speros said, “we are just beginning to see the problems arise in the commercial markets as a lot of the conduit loans used to finance the assets are coming due in the next 12 months.”

And away we gooooooo........

[dummass]

Re: CRE for 56 cents on the bonar

Here is another one.

http://www.msnbc.msn.com/id/30850817?ref=patrick.net

[FRED]

Re: CRE for 56 cents on the bonar

Here is another one.

http://www.msnbc.msn.com/id/30850817?ref=patrick.net

Chart created and published June 2008

Chart created and published May 2009

[jimmygu3]

Re: CRE for 56 cents on the bonar

Here is another one.

http://www.msnbc.msn.com/id/30850817?ref=patrick.net

NEW YORK - The 40-story skyscraper sits on a prime corner in the country's wealthiest commercial market, steps from the Museum of Modern Art and a few blocks from Rockefeller Center and Central Park.

It recently sold for $100,000.

100 grand? Hell, I'd have paid twice that.

[WDCRob]

Re: CRE for 56 cents on the bonar

Chart created and published June 2008

Chart created and published May 2009

And once again you were too optimistic, Fred. We accomplished in a year what you thought might take 32 months.