There were 2,431 Dallas- Fort Worth commercial real estate foreclosures in 2009, that’s up from 1,900 commercial foreclosures in 2008.

The biggest rise in commercial foreclosure filings in 2009 was in postings for office – up 121 percent – and retail buildings, up 20 percent.  Foreclosure filings for commercial land also increased by 71 percent compared with 2008. Apartments were near the top of the list of commercial building …

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Approximately 250 commercial real estate properties in the Dallas Fort-Worth area are facing foreclosure.  Foreclosure filings for about 250 properties include buildings, hotels, shopping centers, warehouses and commercial land. In total, the foreclosures represent more than $900 million in debt.  Some of the biggest foreclosures were the Four Seasons Resort and Club with more than $183 million in debt and the Mosaic …

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According to an article in the Dallas Morning News, Dallas- Fort Worth ’s commercial real estate industry may face another year of foreclosures as more properties lose value and financing.

The article said:

“The vast majority of buildings bought after 2005 are absolutely not worth the debt,” said Paul Whitman, president of commercial real estate firm Jones Lang LaSalle’s Dallas office. “Don’t be shocked that there will be hundreds of millions of dollars in …

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Commercial real estate foreclosures may be poised to be a major Achilles heel for the financial recovery we all hope to see.  Many commercial real estate properties are losing serious value and tenants causing a jittery reaction of commercial real estate lenders.   It’s becoming a common headline to hear about some “poor” real estate developer who lost his/her shirt because a loan became due and …

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According to an article in the Star-Telegram, Margaux Development has filed for Chapter 11 bankruptcy in an attempt to reorganize its real estate partnerships, including Margaux Westover Partners which owns the 35-acre Margaux Westover Village at the southeast corner of Green Oaks Road and Texas 183. In its bankruptcy filing, Margaux Westover Partners lists its assets and liability between $10 million and $50 million.

The article said: …

Tags: Business Chapter 11 Title 11 United States Code Financial crisis Real estate

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According to an article in the Dallas Morning News, the commercial real estate developer of the Heritage at the Stoneleigh Dallas, a luxury residential development in Dallas’ Uptown area, has been forced into involuntary bankruptcy by five of its creditors.

The article said:

AP-Prescott Stoneleigh Residences LP owes $4.7 million primarily to Turner Construction Co. and it subcontractors for work on the tower located on Maple Avenue… Work stopped on the …

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… Dallas Morning News reporting that the Dallas City Council is considering (today 2/11/09) giving real estate developers the power to tax Dallas- Fort Worth residents. That’s not a misprint.

The article said:

The plan to create special taxing areas, known as municipal management districts or MMDs,… Under the plan crafted by the city, just 65 percent of landholders in a given area would need to sign a petition to apply to become an MMD. And once the petition was issued, a simple …

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… property was slated to become an urban village with housing, retail and office space.  But the development of the site stalled after the credit crunch cut off funding needed to complete the $400 million project.  The lender is hoping a foreclosure sale will help them recoup more than $40 million on debt.

The Walnut Hill project is one of many commercial real estate foreclosures caused by the crisis.  Many developers have found themselves caught in the middle of building a project …

Tags: Commercial property foreclosure Real estate Real estate development

Well, it’s official…it looks like the commercial real estate industry is plunging into a foreclosure crisis due to reduced lending, stagnant consumer spending and a whole lot of bad loans. According to an article in the Star-Telegram, the commercial real estate foreclosure crisis is getting so bad that even Morgan Stanley reported a loss of more than $1.2 billion mostly caused by commercial real estate foreclosure losses. And if the …

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According to an article in the Dallas Morning News, commercial real estate values are continuing their downward spiral dropping 8.6 percent in April, which is the largest one month decline ever recorded. And states like Texas have experienced the worst commercial real estate declines with some property values falling off by more than 20 percent.

The article said:

“Another recent commercial property report predicts that the Dallas area will have the …

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… at the Mortgage Bankers Association, said in the report.

Lending contraction in the commercial real estate industry has already stopped most new construction projects in the Dallas- Fort Worth area and has increased the number of foreclosures and bankruptcies in the construction industry.  The credit crunch has also created a difficult credit environment for investors attempting to buy existing offices, shopping centers, hotels, warehouses and apartment buildings. The hotel industry …

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… highest for the D-FW area in 17 years. The 658 filings represent only about 3 percent of the total real estate foreclosure filings. The rest are for homes.

Right now what we’re seeing is a surge is foreclosures for commercial buildings such as

hotels, offices, warehouses and shopping centers which is a side effect of massive consumer spending cutbacks. The foreclosure rate for these types of commercial property is four times higher than the rate was just a year ago. Many commercial …

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