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Residential Commercial Real Estate Foreclosure Gaining Ground

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By : John Cutts    99 or more times read
Residential commercial real estate foreclosure and non-foreclosure commercial structures are gaining ground among property investors. In Pennsylvania for example, apartments are some of the hottest commodities in the market, with numerous property investors competing for apartment buildings located in the state.

The rise in the number of Philadelphia foreclosed homes for sale and distressed properties in different areas of the region resulted in home buyers and real estate investors refusing to take a chance on regular residential properties which have lost steam in most U.S. areas. Right now, apartments seemed to be the most logical form of real property investments.

Despite being offered at heavily discounted rates, foreclosed homes in Pennsylvania are taking a backseat as investors focus their attention on apartment buildings. Recently, Red Rocks made the Coventry property available, while O'Neill Properties Group is looking for a buyer for the Londonbury property in Conshohocken.

Commercial real estate foreclosure, as well as non-foreclosure commercial property sales, has been improving in the area. In Philadelphia, a Korman Communities affiliate was able to unload the Rushwood apartment complex at Keswick Road for $34 million. Korman Residential, on the other hand, purchased Woods at Butler Pike for $30 million. The Woods is comprised of garden-style facilities and is currently almost 95% occupied.

Buyers like Korman are said to be concentrating more on apartment buildings instead of foreclosure homes as area residents are more likely to rent an apartment nowadays instead of make a home purchase. The Wood complex has been the target of Korman for quite some time according to company representatives.

The structure was previously owned by RREEF. Interior improvements have been done on the property which was built during the early 1970s. Korman has stated that they plan to renovate the club house of the property and add more features like a smoke-free area and a community garden. Buyers like Korman who have been looking at apartment buildings for some time are now making their move. More investors are expected to come to Pennsylvania and take their chances on other apartment properties for sale.

According to real estate analysts, residential commercial real estate foreclosure properties will continue to be in demand as long as the values of residential homes remain low. They stated that for the most part, both home buyers and investors believe that for-rent structures are more profitable than regular dwellings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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