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Office Foreclosures for Sale - Not A Problem in Oklahoma City



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By : John Cutts    99 or more times read
For over two years, numerous properties in Oklahoma City, both residential and commercial, have ended up as foreclosures for sale. And with the economy not doing as great as it was supposed to be, office building owners have found themselves bankrupt.

According to the year-end office sales summary of price Edwards & Co, there were literally no investors who made a bad decision, particularly bank foreclosure investments, because they managed to complete deals involving 10 major office space, none of which are listed as foreclosures for sale.

It is indeed amazing, considering that both the commercial and residential real estate markets are overflowing with repossessed buildings and homes. A buyer looking for a fixer upper house to flip will surely not find it difficult. Of course, it is a fact that commercial foreclosures and repo homes investing can be a bit risky and requires caution.

The company managed to match 10 desperate building owners to 10 financially-capable buyers and ended up closing 10 major building sales, which amounted to roughly $85 million at $1 million per square feet.

What is common in the 10 transactions is that the buyers took only very little risk in terms of leasing. Most of the office spaces were already leased and those with a lot of vacant spaces were taken up by the buyer themselves. In addition, the fact that there are actually just a few office buildings for sale was helpful, although there are office foreclosures for sale with excessive vacancies. It is probable the owners are simply patient enough to wait until the vacancies have been leased.

Downtown, the sale of Devon Energy Corpís headquarters generated a major buzz in the industry, especially since the identity of the user is yet to be divulged. When Devon moves out of the building in 2011, another user is ready to move in. This is certainly great news since a vacant 307,000 square foot office space is something downtown would not want.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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