Thursday, December 05, 2013

What's going on with shopping centers in 20032?

I have no idea how often large commercial properties go up for auction or a foreclosure sale in other parts of the city but this feels like a lot for one zip code. Factoring in the attempted auction last month of the retail plaza on Martin Luther King Jr. Ave these less than traditional sales represent a significant portion of the shopping center real estate in zip code 20032.

Now that I have become aware that in Congress Heights it is possible to buy an entire subdivision of houses for a song (and hardly anyone notice or care); I am now actively searching past and present auction listings and foreclosure sales.

What did I find? A surprising number of past auctions including retail plazas.

Three things really worry me about these auctions:

  1. That commercial properties of this size are up for auction in the first place.
  2. That the final selling price is so low (assuming the reserve is met at all).
  3. These auctions don't appear to be on the radar (or interest) of DC's most well-known developers.

I would really like to know the circumstances for these properties going up for auction in the first place. Regardless, it makes you wonder about the strength of the commercial real estate market and the appeal of developing commercial properties in Ward 8. 

Including some listings I found at auction site Alex Cooper.

Go HERE for the listing details.

Go HERE for the listing details

And in case you were wondering auctions residential properties are not immune. 

Go HERE for the listing details.

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Sam McLemore said...

Wow! Not surprised by the business being sold, but I am surprised that it went up for sale via auction! Thanks for the intrepid detective work CHOTR.

Sam McLemore |

Anonymous said...

The apartments in that building on MLK are largely uninhabitable; only 4 or 5 of the 12 are occupied, and those are in really bad shape.