"Those giant buildings sold way under value are in markets with jacked economies so it doesn't really mean anything (Dallas, SF, St Louis...)
well hello there friends, here's a new player entering the game from NYC
https://fortune.com/2024/06/10/commercial-real-estate-crash-new-york-city-office-building-discount-short-sale/
well hello there friends, here's a new player entering the game from NYC
https://fortune.com/2024/06/10/commercial-real-estate-crash-new-york-city-office-building-discount-short-sale/
@feld Are they getting shorted? They probably are *now* lol
@sullybiker
https://archive.is/8SyvB
https://archive.is/2024.05.04-093548/https://www.sfchronicle.com/sf/article/s-f-office-building-value-19438429.php
https://www.marketwatch.com/story/former-wework-office-building-in-san-francisco-sees-value-slashed-by-about-66-d933801c
https://www.foxbusiness.com/real-estate/fort-worths-tallest-building-sells-just-12-3m-auction-stunning-price-drop
https://archive.is/8SyvB
https://archive.is/2024.05.04-093548/https://www.sfchronicle.com/sf/article/s-f-office-building-value-19438429.php
https://www.marketwatch.com/story/former-wework-office-building-in-san-francisco-sees-value-slashed-by-about-66-d933801c
https://www.foxbusiness.com/real-estate/fort-worths-tallest-building-sells-just-12-3m-auction-stunning-price-drop
@sullybiker if the banks are allowing this to happen they're preparing for a massive reset in the economy, not just real estate.
@feld It's an old story; overvalued assets with loans written against them, then translated into nuclear derivatives.
@sullybiker no, not quite the same. You can't just write down the value of a single building that much without affecting the entire market. Banks will fail because of this. Their LTV ratio is going to get super fucked.
