Monday, March 16, 2009

Apartment Complexes Being Abandoned By Owners (Updated)

This article on msnbc.com today brings up an interesting subject: apartment complexes that are being abandoned by the corporate owners as they go into foreclosure. The examples in the article are all in the Phoenix area, which caught my eye since it's where I live. I've passed this info on to my friend who deals with apartment investing to see what he thinks. He already owns some apartment buildings in Phoenix and knows the area well. Could be some buying opportunities here. Phoenix doesn't have the strong economy that the Houston area does, but if the price is cheap enough, these could be worthwhile.

Update: Heard back from my friend. He and several other investors are indeed watching these properties. Unfortunately, he says the banks that are foreclosing are still looking to sell in the $70K per unit range, which is what they were valued at some time ago. Now they are valued at closer to $30K per unit. The banks will come around eventually.

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