As the mainstream press drones on and on about for foreclosures, a well written article in the New York Times talks about foreclosures of senior living projects, entitled “Elder-Care Home Foreclosures, Without Warning”. The article highlights the need for financial due diligence that should be done on senior housing/living providers prior to moving into those facilities for consumers. One of the more interesting tidbits are the comments about the “dirty side” of the business associated with the sale of distressed senior housing that the author wrote about as adjunct piece to the article in her blog. The blog states that:
“The commercial real estate website loopnet.com advertises a six-bed board and care facility for elderly in “the heart of San Francisco,” whose owner “needs to sell.” The ad calls the asking price of $155,000 “a steal,” citing a $14,000 monthly income from its six residents and a five-year term of “interest-only payments.” However, the ad warns, “Do Not Approach Care Home as Staff are unaware of the sale.”
Both the story and blog entries are worth a read.