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(EMAILWIRE.COM, March 05, 2013 ) San Francisco, CA -- Distressed assets in the market continued to rise to record levels in 2012, but the new year is bringing what looks to be new hope, according to the commercial lender Think Tank.
The Colliers International annual Insolvency & Distressed Assets report has found over 800 commercial distressed properties were advertised for sale in varying locations across the country in 2012. That total is up from 777 properties the year prior.
Still, the increase of 5% is less than previous years, where 30% spikes were not unheard of.
Think Tank Ceo Jonathan Street, has noted that his company witness what can be called a moderated commercial property landscape. Most notably was July of 2012, wherein more aggressive tactics and policies applied to the RBA.
“Conditions have continued to improve modestly since then, with demand certainly picking up, although we would characterize conditions as still very challenging for a large segment of property owners and businesses.”
Street also noted that the Colliers report had a rather focused view, and did not look over lenders who have taken possessions of property and choose to not market the in the same way, in order to avoid the price dropping.
“There are also plenty of other properties out there that may not be for sale but would certainly, in many cases, not be sold for a value sufficient to pay out the finance against them.
Street also stated that Think Tank's experience has shown that the GFC encompassed the immediate bubble burst, as well as the subsequent effect.
“Not all businesses impacted by the GFC fell over within a few months. Many were placed under stresses that only compounded with time and eventually saw the business fold and the underlying property, whether owner-occupied or leased out, come on the market,” he said. Adding, “One significant factor has been the way in which the ATO reversed its practices with business from being very lenient and accommodative during the GFC, to becoming entirely focussed on revenue collection and liquidating businesses which have been unable to meet BAS and income tax payments as and when due.”
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Benjamin Wrights
4157669098
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Source: EmailWire.com
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