203,562 New Listings - Last update: November, 24 2009 - 08:11 AM EST
Constructed by Opus West Corp, the Broad stone Parkway, a marketing and residential complex close to Galleria is listed for foreclosure. The order for foreclosure has been made by the Bank of America, when its debt stood at 45.85 million dollars. With as many as 333 tenants and a total area of eight acres, this complex is one of the six establishments that are facing foreclosure in North Texas. The company itself is reeling under heavy debts and the auction of its properties seems to be its last straw. In view of this situation the court has stalled all foreclosure activities of this company till it consents to a plan for the firm.
The listing service of foreclosures has estimated that the about two hundred and forty four properties built for commercial purposes are facing foreclosure, next month in North Texas. Among these the Broad stone Parkway is the largest property to be foreclosed. The total debt of all these properties is estimated to come to five hundred and forty six million dollars in August this year. An interesting observation has been made by Mr. George Roddy, the President of the listing service of foreclosures. According to his study, there has been a gradual change in the type of properties facing foreclosure. Unlike earlier, nowadays more recent and expensive buildings are burdened with debts and are being foreclosed. It used to be lesser known properties that showed themselves on the foreclosure list.
One point of relief these days is that all properties are not foreclosed once it is listed. Most of the times the owner negotiates with the lender and an agreement is reached. Often the foreclosing process is delayed.
Another major project facing foreclosure next month, with a debt of thirty million dollars, is an apartment and marketing complex in Richardson. The other in the same boat is a big name like Addison. Its office establishment and shopping center is also to be foreclosed soon, being placed in the list for next month.
It has been noticed that the rate of foreclosed properties used for commercial purposes have gone up by twelve percent than last year. It is heart rending to see this rapid downfall in just seven months. The listing service of foreclosures has maintained a keen eye on the total number of properties to be auctioned. According to it nearly twelve hundred properties belong to the shopping and housing complex categories alone.
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