So. Fully 36 percent of all commercial real estate sales in Mecklenburg in 2010 were distressed — under water, short, etc. That is six times the average for the decade. And check the sale volume trend:
- 2007……$1.5 billion
- 2008……$674 million
- 2009……$231 million
- 2010……$338 million
This is a crash. Same as with residential property. Charlotte had a real estate crash. And has not recovered. May not recover for another 10 years.
Now I really cannot wait for those commercial revaluations to come out this week.
