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?
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