Posted on 05/10/2024 12:29:17 PM PDT by 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.
Maybe they can use it to house our new “visitors”….
gagging sarcasm
And another big thank you to the morons who closed the country down for a cold virus and started the work from home crap.
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.
I dont think this goes through, because most states require it bring 2/3 of appraised value.
“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.”
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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?)
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.
Yes! Inflation is way down!
Looks like a central jail in Los Angeles or Manhattan...
I don’t think I would have paid more than $11.9 million
This is commercial real estate. That segment is hurting badly all over the country. No where is safe in this segment.
Dallas /Ft. Worth a “bluer” part of Texas? I have cousins near Houston, but we never happen to talk politics.
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.
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.
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.
This is what a depression looks like. Unfortunately, it’s just the beginning.
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.
“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.
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.
“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.
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.
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