There are a handful of vacant foreclosed properties in Tucson, Arizona and most residents are worried that these empty premises will lead to higher crime rates and will impact local businesses. Along with the numerous Tucson house auctions for sale, there are also apartment buildings and commercial properties left vacant in the area.
One property that was supposed to have been sold at one of the foreclosure auctions in Arizona is now causing problems for the residents of Fort Lowell. The Vista Sierra apartment building owned by the Metropolitan Housing Corp. is currently empty and is said to be a favorite target of vandals.
As the apartment complex has not been disposed along with other buildings and house auctions for sale, residents are complaining that the empty building is causing good neighbors to stay away from the area and is also discouraging businesses to come into the neighborhood.
The building was purchased by Metropolitan from the U.S. Housing and Urban Development as one of the thousands of Tucson house auctions for sale. According to local HUD officials, the department is currently working on securing and boarding up the premises and cleaning the building until the HUD can come up with a decision on how to dispose of it.
Some local businesses have stated that a big number of foreclosed buildings and properties under fixer uppers listings have been left empty in the city while authorities are looking for a way to dispose of these structures. Business owners around the area have asserted that the situation is bad for their business reputations and operations and creates an unsafe neighborhood for families.
With the Vista apartment building, authorities have stated that the process of deciding what will become of it might take until the end of the year. They added that HUD has to first determine repair costs and whether it would be more beneficial to demolish the building.
For now, residents and local businesses have to tolerate the apartment complex and hope that something would be done soon. A number of residents did express optimism, stating that in almost all foreclosure cases, Tucson house auctions for sale are eventually occupied, cleaned and restored by the new owners.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.