South Florida has over $12 billion in troubled commercial real estate!
MIAMI, Florida - January 6, 2010 - A report released Wednesday by Real Capital Analytics found that South Florida has about $12.4 billion in troubled commercial real estate, with most of it headed over to lenders.
Miami-Dade County had $8 billion in troubled commercial real estate assets in 235 properties, ranking it third among national markets.
Las Vegas had the most troubled commercial real estate compared to the size of its market, while Detroit came in second, barely ahead of Miami. Palm Beach County came in sixth, with $2.3 billion in troubled assets in 104 properties. Broward County ranked 21st, with $2.1 billion in troubled assets in 147 properties.
Real Capital Analytics considers an asset in troubled status when it is facing foreclosure, in bankruptcy, bank-owned, in restructuring or the loan is known to be in default.
Breaking it down, Miami-Dade’s troubled assets consisted of $2.8 billion in development projects, $2.1 billion in hotels, $1.9 billion in apartments and $562 million in retail.
Palm Beach’s troubled assets included $814 million in apartments, $555 million in development projects, $458 million in retail and $148 million in hotels.
In Broward, Real Capital Analytics found $650 million in apartments, $409 million in development projects, $377 million in retail and $165 million in hotels.
Miami-Dade County had $8 billion in troubled commercial real estate assets in 235 properties, ranking it third among national markets.
Las Vegas had the most troubled commercial real estate compared to the size of its market, while Detroit came in second, barely ahead of Miami. Palm Beach County came in sixth, with $2.3 billion in troubled assets in 104 properties. Broward County ranked 21st, with $2.1 billion in troubled assets in 147 properties.
Real Capital Analytics considers an asset in troubled status when it is facing foreclosure, in bankruptcy, bank-owned, in restructuring or the loan is known to be in default.
Breaking it down, Miami-Dade’s troubled assets consisted of $2.8 billion in development projects, $2.1 billion in hotels, $1.9 billion in apartments and $562 million in retail.
Palm Beach’s troubled assets included $814 million in apartments, $555 million in development projects, $458 million in retail and $148 million in hotels.
In Broward, Real Capital Analytics found $650 million in apartments, $409 million in development projects, $377 million in retail and $165 million in hotels.
