Today, I spent some time reviewing the newspaper ads for upcoming foreclosures scheduled for auction. You can typically find these in the Courier Journal on Wednesdays in the Metro / Classified Section under the Heading of Commissioners Sale / Master Commissioner.
Since the meltdown of the housing markets about 4 or 5 years ago, you have no doubt heard about the vast number of foreclosures across the country. Recently, the news has reported that these are beginning to subside. But we are not out of the woods just yet.
Today's ad listed about 168 properties scheduled to be sold at auction on February 21, 2012 at the Old Jail Building at 514 W Liberty Street in downtown Louisville. If you review these listings, you can get some idea of the properties. Usually I am first looking to see if anything Commercial appears to be on the list. Then I am often looking to see if there are any high priced items on the list. And usually then I am just looking to see if there is anything that looks interesting.
The newspaper lists the address of the property, the amount to be raised and the amount of the deposit necessary to place on the property if you have the winning bid. If something piques my interest, I usually then do some research on various sites on-line to see what other information I might find. Sometimes, this is a simple Google search. Sometimes, I check to see if the property is currently listed by a real estate broker. I might want to check the zoning or whether the taxes are paid.
Today's ads list river front property on Beachland Beach Rd with the amount to be raised at $1,373,998. Another river front property is listed at Transylvania Beach Rd with the amount to be raised at $702,872. And an Anchorage property on Little Hills Lane has $726,646 to be raised. These initially caught my eye because of the large amounts, which may signal a Commercial property. These however are all residential properties.
If you are curious about these sales and cannot attend the auction, usually 2 or 3 days following the auction, the Commission will post the auction results on their website.
I don't look at the listings every week. I know that these are difficult times for those people involved and take no pleasure in their misery. However, I do find that this information is interesting. It provides a snapshot of part of the real estate market which I think provides insight useful to understanding the local real estate market as a whole.
Have a great day, everybody!
By the way, if you need some help with real estate, give me a call. I specialize in Commercial Real Estate and work with Buyers, Sellers, Landlord, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up with some help on residential real estate, if you need it. Anyway, give me a call or leave a comment. I would love to help
BTW - The opinions in these pieces are my own and do not necessarily reflect the opinions of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course.) If you have a different opinion, you are free to express it in the comment section. What you are not free to do, however, is to post comments which are inappropriate or objectionable. Should I see any such comments, I will exercise my right to delete them.
David
David W. McCoy'
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
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