The commercial market had a major upturn in the last quarter of the year producing better than expected year-end results!
2010 closed with 655 commercial sales up 8% from 2009. Average sales prices for commercial properties were up 34% to $848,803!
The largest commercial transaction for the year was the sale of the Crescent Center on July 27, 2010 for $50.3 million.
Automotive, Entertainment and Industrial properties had the best year-to-date performance, all saw increases of 30% or more from the prior year.
Commercial foreclosures were down 9% from 2009 with 135 recorded. Unfortunately the average foreclosure amount was up 8% to $1.2 million.
Commercial mortgages were up 1% for the year with 275 recorded and an average mortgage amount of $1.5 million, 136% higher than 2009.
To review all of our year-end market trends, please join us Wednesday, January 26th from 3:30pm-6:00pm at the Germantown Great Hall’s Media Room for our “Master Your Market” seminar featuring David Lenoir, Shelby County Trustee. David will provide an overview of the Shelby County economy including existing issues with foreclosures and delinquencies. Click here to register today! Seating is limited.
The Daily News is hosting a Commercial Real Estate Seminar on Thursday, February 17th at the Brooks Museum Auditorium from 3:30pm-5:00pm. They will take a look at the state of the commercial real estate industry and discuss important issues and what the future holds. Click here to register for their event!
Review all of our 2010 Real Estate Market Trend Reports here.