Commercial foreclosures less common, more expensive

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Commercial foreclosures, like a $1.5 million subdivision foreclosure in Fountain last week, are becoming less common, according to El Paso County Trustee Thomas Mowle.

Fountain Valley Land and Irrigation Company Subdivision No. 1, better known as the second phase of the Countryside North development in Fountain, sold at foreclosure auction to Hillcrest Bank, which held the original loan, on June 1.

The subdivision holds 58 vacant lots with road, water and electric infrastructure already in place, said Jane Fredman, an attorney who handled the foreclosure.

“In general, I would say they are becoming less common because a lot of them already went into foreclosure in ’09 and 2010,” Mowle said. “There were a lot of these then.”

They have tapered off now and the new ones coming up tend to be bigger and more expensive, like the Rustic Hills and Crown Hill retail foreclosures, Mowle said.

The Rustic Hills center is scheduled to go to foreclosure sale Aug. 31 with an outstanding loan balance of $19.6 million, according to the trustee’s online data.

The Crown Hill center, with a loan balance of $6.4 million is scheduled for sale in early August.

Read more Friday in print an online at CSBJ.com.