For the past several months, I've been calling our meltdown "TRICKLE DOWN PROPERTY LOSS". Because that's exactly what it is.
I've gotten used to seeing the FOR SALE signs in my neighborhood, and even noticed a few 'Auction' signs . . . but now I'm seeing the FOR LEASE signs.
While I live in a residential neighborhood, there is an area of upscale business/office complexes that string along a very large area. Driving home last evening, I started to count 5 FOR LEASE signs. Within three blocks, I counted five.
That's A LOT!!
For EACH sign, that means there's one less SMALL BUSINESS renting/leasing in that business complex. Perhaps the business moved to another location {wishful thinking.} Or, perhaps, the business couldn't afford to remain open.
When I see FOR LEASE signs I wonder if the owner was forced to lay off employees . . . those employees have got to look for other jobs, go on unemployment, dip into their savings, etc. Not to mention the owner and/or owners of the company. They've got a mortgage to pay.
In reading Gary Woltal post's, Do You Know What Homeowners Need? he writes about compassion. Then, he goes on to write about what might have caused the distressed homeowner to be . . . well . . . distressed!
It's NOT only homeownersw who is distressed. It's the business owner when they can't keep their doors open. They cut staff, costs, and then when that fails . . . the FOR LEASE sign is posted.
How many FOR LEASE signs are up in your area??
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Carla,
On the commerical side, we see quite a few for lease signs. You're driving around and suddenly that office/shop/restaurant is just GONE!
On the residential side, some Lease adverts in our MLS, but mostly still straight resale. BUT they did recently add lease as an option for the MLS input form. Huge numbers around here asking about leases or lease/options. One of the first questions we ask our sellers, will you lease?