The Native Realty CEO leads Frank Alvarado’s new article with an anecdote about a Miramar multifamily deal being impacted by the virus outbreak. The article details the different ways pending transactions are being modified in hopes of moving them forward.
South Florida commercial real estate closings face delays and cancellations due to coronavirus economic meltdown
Commercial brokers and real estate attorneys say buyers are demanding concessions, getting price discounts and killing deals, as lenders back out
“Across South Florida, brokers like Sturgis and real estate attorneys are starting to see buyers flinch as closings loom on the near horizon. In some cases, deals are being reworked to provide buyers with price discounts; or lenders are backing out of financing commitments, putting deals in limbo.”