The real estate recession doesn’t discriminate. While foreclosures have soared to one out of 84 households over the course of the first six months of 2009 and the Obama administration is considering more aid to help families in this situation, the threat is also affecting famous properties.
The owner of the famous Watergate Hotel in Washington, D.C., Monument Realty, has defaulted on its loan. The lender, PB Capital, wasn’t able to agree on new terms for the loan, and the city’s foreclosure notice expires today according to the Washington Post. The property, made famous by President Nixon, is going up for auction next week.
Are you bidding? I see a lot of potential in this property, despite the fact it has been empty for a while, due to its iconic status. And if I see the potential, there is a good chance a number of savvy real estate investors do as well, driving up the price on the auction block. But who has the money?
Photo credit: brownpau
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Oh lord, I hope they don’t start wasting more money with more stimulus packages. If they can’t tell that they don’t work, they don’t deserve to be in office.
You might want to point out that the Watergate is the set of buildings on the left side of that photo. It looks like you’re trying to say the white marble Kennedy Center is the Watergate. lol It’s the scene of other crimes of passion and greed, but mostly from operatic political plots vs real ones.