Though the tale of the bifurcated market has been the norm for the past four to five years, it’s becoming increasingly clear that one side, the popular, clean, core, coastal properties, are winning the investor attention battle. So who’s chasing the alleged amazing distress opportunities, particularly in the secondary and tertiary markets?
It’s already been a couple years since "kick the can down the road" started to become cliché in the distress market. The massive outpouring of opportunity never materialized, and servicers are showing their weariness today more than ever, finding ways to keep borrowers afloat in hopes that more profit can be found with an owner than without.
At the beginning of 2012, things looked different. Fresh after the up-down year of 2011, with renewed positive energy and prices rising in core markets, investors were chasing secondary market deals with gusto. Volume in secondary and tertiary markets reached more than $57 billion by Dec. 31, and any site with multifamily potential was considered the new gold standard.
Read more...GlobeSt.com - Secondary Distress: Needles in a Haystack - Daily News Article