A GOOD SIGN?
|Yes, the Crabapple Mercantile Exchange in Alpharetta was foreclosed on last year by Flagstar Bank. But now it's not only been sold to a group of investors for $4M, but insiders say it got 12 immediate offers and ultimately a total of 20 qualified offers.|
Bull Realty's Kyle Stonis and Rob Whitmire repped the bank in the sale that closed March 31. Kyle tells us ?There's a lot of interest from investors now for well-located centers.? The building, located at 12650 Crabapple Rd, has 37% occupancy (including the Olde Blind Dog Irish Pub). So what's next? The new owners (including Adam Orkin with Orkin & Associates) have enlisted Bull?s Darrell Chapmen to manage and lease the property. Darrell says they want locally owned tenants and hope to create a pedestrian-oriented village feel.
One of every 101 homes in Georgia received a foreclosure notice in the first quarter, with Georgia ranking number seven among states in that category, according to the latest data from RealtyTrac. Still, we're hardly alone. Across the country, foreclosure filings—including default notices, scheduled auctions, and bank repossessions—were reported on 932,234 properties, a 7% increase from the previous quarter and a 16% increase from the first quarter of 2009. RealtyTrac CEO James Saccacio says ?Foreclosure activity in 1Q10 followed a very similar pattern to what we saw in 1Q09: a shallow trough in January and February followed by a substantial spike in March.? Well, there's always Q2.