South Florida Commercial Real Estate Closings Face Delays and Cancellations Due to Coronavirus Economic Meltdown

Wednesday, March 25, 2020

Christian Bruno commented on the impact the coronavirus is having on real estate closings in South Florida in The Real Deal.  Many buyers are starting to rethink deals as closing dates near and some transactions are being reworked to provide discounts as a result of the economic downturn resulting from the pandemic and its real or potential effect on rental income stream.  Other deals have been extended, put on hold or terminated altogether and lenders are not taking on any new financial commitments putting deals in limbo.
“When you are analyzing pending deals, everything stems from what is going on at the rental income level,” Christian said. “That is the major factor affecting purchase transactions because of the extent of the virus’s effect, particularly on retail and hospitality.”
Christian also noted that some commercial deals are being expedited. “Deals that were closing soon have been moved up to minimize the uncertainty in the market,” he said. “There’s pressure to get those deals done because they have already been underwritten.”
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