When people hear about foreclosure, they often think of residential properties and fixer uppers for sale. However, the extent of the housing market crisis has transcended this common perception and has now encroached on the higher end market of commercial buildings and premises. In Glendale, Arizona, an office building is currently facing foreclosure problems.
People who are into Glendale foreclosure investing often go for single family and multi family dwellings since these are more commonly available. However, several office buildings and retail centers have also been part of the foreclosure market in the past two years. Recently, reports have revealed that a Westgate City Center building is facing the possibility of foreclosure.
The building is just one of the thousands of properties, both residential and commercial, under Arizona foreclosures. Ellman Cos., the developer behind the office structure and its Westgate Garden Office I LLC subsidiary, received a trustee sale notice for the 40,000-square foot premises.
Those who purchase foreclosure properties might have taken note that the Westgate premises will be the second high end development project to face foreclosure within the month of July. The first one was a land owned by the Bidwills, the family behind the Arizona Cardinals NFL team.
According to analysts, the recession has made the housing market even worse in the city, with foreclosures not just about residential properties and fixer uppers for sale anymore. High profile building projects, like the Westgate office structure and the Bidwill land, were also not spared by the real estate crisis.
In the case of Westgate, market observers have stated that the foreclosure problem has been largely due to the difficulties encountered by Ellman Cos. in getting tenants for the office building. Officials from the firm have revealed that they are currently working with the property's lenders to come up with an agreement that will be best for all parties concerned. They further added that Westgate itself will not be affected by the impending foreclosure as each project handled by Ellman is independently financed and managed.
The Westgate property is the second high profile property to face foreclosure during the month. Analysts have stated that this only proves that the foreclosure crisis goes beyond residential dwellings and fixer uppers for sale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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