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Vanity: Bidenomics: Fort Worth Office Building Goes from $137m to $12.3m…
Vanity (Twitter) ^

Posted on 05/10/2024 12:29:17 PM PDT by TigerClaws

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And this is in Texas - a state doing better than the rest of the country.

Maybe they can use it to house our new “visitors”….

1 posted on 05/10/2024 12:29:17 PM PDT by TigerClaws
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To: TigerClaws
See! Biden is giving us bargains!! Paying off college tuition's and drastically reducing the price of buildings, he's the working mans friend.

gagging sarcasm

2 posted on 05/10/2024 12:32:19 PM PDT by BipolarBob (I drink coffee because my doctor said meth was bad for me.)
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To: TigerClaws

And another big thank you to the morons who closed the country down for a cold virus and started the work from home crap.


3 posted on 05/10/2024 12:38:14 PM PDT by Dave911
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To: TigerClaws

I was thinking this could be an outlier. But here in a Central Texas suburb, someone built a small strip mall with enough space for 10 small businesses. They completed the building in early 2023. It remains completely empty over a year later. Not one tenant.


4 posted on 05/10/2024 12:39:48 PM PDT by CatOwner (Don't expect anyone, even conservatives, to have your back when the SHTF in 2021 and beyond.)
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To: TigerClaws

I dont think this goes through, because most states require it bring 2/3 of appraised value.


5 posted on 05/10/2024 12:39:56 PM PDT by job
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To: TigerClaws

“Burnett Plaza, the tallest building in Fort Worth, has been sold at foreclosure auction for $12.3 million.

It previously sold in 2021 for $137.5 million.”

##############################

Then CLEARLY there is fraud on the part of the original seller who WILDLY overvalued the property, AND on the part of the buyer who OBVIOUSLY overpaid in order to get the tax loss.

/s (but that is now the world we live in, amirite?)


6 posted on 05/10/2024 12:52:42 PM PDT by Eccl 10:2 (Prov 3:5 --- "Trust in the Lord with all your heart, and lean not on your own understanding")
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To: job
"I don't think this goes through, because most states require it bring 2/3 of appraised value."

In a free market something is only worth what someone is willing to pay for it. Given the glut of empty commercial buildings I am certain that there are some lenders that would be happy to unload commercial properties at a dime on the dollar to get some good money rather than hold onto for years to a depreciating asset that requires upkeep expenses and tax payments.

7 posted on 05/10/2024 12:55:44 PM PDT by wildcard_redneck (He who sacrifices freedom for security deserves neither.)
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To: BipolarBob

Yes! Inflation is way down!


8 posted on 05/10/2024 1:05:13 PM PDT by ProtectOurFreedom (“When exposing a crime is treated like a crime, you are being ruled by criminals” – Edward Snowden)
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To: TigerClaws

Looks like a central jail in Los Angeles or Manhattan...

I don’t think I would have paid more than $11.9 million


9 posted on 05/10/2024 1:39:01 PM PDT by Vendome (I've Gotta Be Me https://youtu.be/wH-pk2vZG2M)
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To: TigerClaws

This is commercial real estate. That segment is hurting badly all over the country. No where is safe in this segment.


10 posted on 05/10/2024 1:39:46 PM PDT by Texas resident (Biden=Obama=Jarrett=Soros)
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To: TigerClaws

Dallas /Ft. Worth a “bluer” part of Texas? I have cousins near Houston, but we never happen to talk politics.


11 posted on 05/10/2024 1:40:00 PM PDT by desertsolitaire (Doomed to be Cassandra-like?)
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To: TigerClaws
“Burnett Plaza, the tallest building in Fort Worth”

Not to be confused with current The Tower, which in 2000 became the worlds tallest bird house at 35 stories after a tornado blew out all its windows and damaged the interior.

FYI; Burnett is pronounced Burn-It.

12 posted on 05/10/2024 1:41:46 PM PDT by Deaf Smith (When a Texan takes his chances, chances will be taken that's for sure.)
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To: job

I am thinking this is an inaccurate representation. My guess is they paid 12.3 million and have to assume either some of the outstanding debt or at least the back taxes.


13 posted on 05/10/2024 2:20:26 PM PDT by Vermont Lt (Don’t vote for anyone over 70 years old. Get rid of the geriatric politicians.)
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To: TigerClaws

The Wang Towers in Massachusetts were sold at auction for $525,000 in 1994. They were bought by a group of young people who worked in real estate for John Hancock. Their families mortgaged their houses to come up with the money. It sold for over 200 million just before covid. Not sure what it is worth now.


14 posted on 05/10/2024 2:40:56 PM PDT by ladyjane
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To: TigerClaws

This is what a depression looks like. Unfortunately, it’s just the beginning.


15 posted on 05/10/2024 3:15:45 PM PDT by DownInFlames (p)
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To: TigerClaws

All office buildings in key markets are getting creamed from a valuation standpoint. COVID showed that employees could work from home thus reducing the need for office space.


16 posted on 05/10/2024 3:22:13 PM PDT by Metrobank
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To: desertsolitaire

“I have cousins near Houston, but we never happen to talk politics.”

Houston is a leftist trainwreck. There is a scandal breaking right now where 100’s of thousands of sexual assaults were not even investigated by HPD. Chief quit in the last couple of days under a cloud of lies and scandal.


17 posted on 05/10/2024 3:45:11 PM PDT by Clay Moore (My pistol identifies as a cordless hole punch. )
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To: Metrobank
COVID showed that employees could work from home thus reducing the need for office space.

I dunno. You have a lot of useless employees at corporations.

Elon Musk showed us that when he bought Twitter and laid off 80% of the workers and did not miss a beat.

18 posted on 05/10/2024 3:48:51 PM PDT by MinorityRepublican
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To: Metrobank; All

“All office buildings in key markets are getting creamed from a valuation standpoint. COVID showed that employees could work from home thus reducing the need for office space.”

**

BINGO! COVID showed it was far cheaper to have workers just work from home.

It also showed businesses the complete lack of work most employees were doing and they downsized as a result.

Combine that with New York, Chicago, and other Democrat paradises being overrun with crime and inflated prices...

We’ll see a ton of real estate foreclosures.... resulting in bank failures / bailouts.

Some will try to pivot to condos (if they can address plumbing issues) and that’ll impact the residential market.

Texas is doing better than just about every other state. So if they’re having these problems ... rest of the country is going to as well.


19 posted on 05/11/2024 8:51:20 AM PDT by TigerClaws
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To: Dave911

You miss listening to LaQuisha in the cubicle next door screeching on the phone all day explaining to her friends why her “good boy” got in trouble with the law again...

Lol.


20 posted on 05/11/2024 8:54:48 AM PDT by cgbg ("Our democracy" = Their Kleptocracy)
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