"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.
@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.
@feld The story of how that happened will be told, and it will be interesting. Hopefully it doesn't ripple out an destroy large parts of the sector, but they got away with 2008 so they'll probably get away with this, because we'll foot the bill. Again.
