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?)
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.
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.
The commercial real estate bust, particularly for office space has been writing on the wall since the forced lockdowns showed companies they didn’t need to have office space for everyone, and still function.
Yes Economy is crap under Biden but the office space collapse was coming no matter what