Skyline: Foreclosure wave hits another high
INSIDE METRO ATLANTA COMMERCIAL REAL ESTATE

The Atlanta Journal-Constitution
Published on: 07/24/08

Foreclosures show no sign of abating, according to the latest report from Equity Depot, which tracks properties scheduled to be auctioned.

Pending foreclosure auctions for 13 metro counties hit a record high this month —- 7,659, Equity Depot says. The previous high was 7,364 properties that were scheduled for auction in May.

The properties —- the vast majority homes —- are to be auctioned at county courthouses Aug. 5 unless settlements are reached.

Courthouse auctions for the first half of the year were up 47 percent compared with the same period last year, Equity Depot says.

Here's the county-by-county breakdown:

> Bartow: 124

> Cherokee: 243

> Clayton: 710

> Cobb: 773

> DeKalb: 1,414

> Douglas: 247

> Fayette: 118

> Forsyth: 159

> Fulton: 1,804

> Gwinnett: 1,295

> Hall: 173

> Henry: 410

> Rockdale: 189

REIT BUYS OFFICE COMPLEX

KBS REIT, a real estate investment trust that isn't traded publicly, paid $34.5 million for the Alpharetta office complex Great Oaks Center. The sale is the equivalent of $147.73 per square foot.

KBS companies now own 11 properties in metro Atlanta, or 1.7 million square feet.

The four-building Great Oaks Center is located in Alpharetta's 336-acre Royal 400 office park.

TODAY'S BIG NUMBER

$5.8

In millions, what Pulte Homes paid for 6 acres at North Druid Hills and Briarwood roads to build townhomes at its Views at Lenox Crossing project.

Source: Databank

GRAY ON GREEN

Canongate Golf plans to buy the new golf course in Griffin that's part of the huge Sun City Peachtree age-restricted development.

Canongate, which owns 18 courses in Georgia and one in South Carolina, struck an agreement with Del Webb, the developer. Del Webb is part of Pulte Homes, one of the country's biggest home builders.

The 18-hole course is scheduled to open in September. At least one resident of each home at Sun City Peachtree has to be 55 or older.

Sun City Peachtree plans call for 3,500 homes on 1,700 acres. Work on the development, located 35 miles south of Atlanta, is expected to last 10 years.

The grand opening of the community's sports complex is scheduled for Saturday.

COMING UP

Lt. Gov. Casey Cagle is scheduled to be one of the speakers at Databank's midyear real estate symposium, which will take place Aug. 14 at the Twelve Hotel and Residences at Atlantic Station. The half-day event begins at 7:30 a.m.

Other scheduled speakers are economist Donald Ratajczak and attorney A. Douglas Dillard. For more information, call 404-872-8880 or go to http://www.databankinfo.com.

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