Broker Connie de la Garza has been trying to sell an empty medical-office building in Harlingen, Texas, for six months. He’s finally getting offers after slashing the asking price by 26 percent to $1.4 million.
“That’s when the real activity happened,” said de la Garza, the owner of Bahnman Realty Inc., who is marketing the property along with Brandon Beeson of Edge Realty Capital Markets. After two bids that were “absolutely ridiculous,” the third “is something that we can work with,” he said.
Sales of small buildings across the U.S. have risen this year to the highest since 2008 as buyers take advantage of prices that have yet to rebound from the property crash and increased access to financing. Improved demand would help broaden a commercial real estate recovery that’s so far been confined to trophy office towers, apartments and malls to a broader swath of the market. Loans for properties valued at less than $1 million account for almost a third of com
Read more...Commercial Rebounding With Less-Than-$5 Million Sales: Mortgages - Bloomberg
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