Silver Lining: Opportunities Abound in Down Market

PORTLAND-For the first time in ten years the word foreclosure is becoming common in banking circles, writes Clifford Hockley, president of local brokerage Bluestone & Hockley Realty, in a recent email to clients. While bad news for those involved, it’s an opportunity for others.

“Poorly performing apartments, empty warehouses, and empty office buildings are making the banks nervous,” he writes. “For those with capital, a nose for risk, and patience (four to five years), there are opportunities at hand to invest in troubled properties.”

In addition to foreclosure opportunities, Hockley says low vacancy rates in the apartment market means multifamily cannot be ignored. “Unfortunately there is not that much inventory available in the market place,” he writes. “Over the last two years, sales have been flat. Local appraisers are spending 75% of their time appraising refinances and 25% of their time with sales.”