Miami ranked third in the nation in the number of distressed commercial properties. Miami has $7.6 billion worth of properties that can be considered distressed, according to Real Capital Analytics, a real estate research firm. Las Vegas was the worst off with $17.7 billion and Manhattan was third with $12.3 billion. Since the total nationwide is estimated to be $180 billion of distressed properties there is plenty of pain in other states. It makes sense that the sectors of commercial real estate hardest hit are the retail and hotel sectors, followed by apartment buildings and finally, the industrial sector, which wasn’t as heavily leveraged as the other sectors.
|RCA’s Market Stats for Miami, FL Past 6 months||Reported closed/in contract|
|No. of props sold||75|
|Avg. price in mil.||$11.6|