Posted on 05/19/2023 8:55:13 AM PDT by DUMBGRUNT
Mr. Ramsey said he was well aware of the structural issues when he bought the penthouse, but was confident they could be resolved and felt it was an opportunity to take advantage of depressed prices. Since Mr. Perkins paid $9.4 million for the unit as raw space in 2009 and spent another $9 million building it out, Mr. Ramsey said, he felt he was getting a great deal.
...Now that the building is stabilizing, Mr. Ramsey said he expects the problems are largely over and that the building will draw new buyers. He said reports of rising crime and quality-of-life issues in San Francisco played little role in his decision to sell.
(Excerpt) Read more at wsj.com ...
—”Is the can in the elevator?”
Most elevators are very sensitive to being out of plumb and shut down.
Better on a stair landing?
—”It’s not even worth $14m in Zimbabwe money!”
I’m usually not too far from your posted positions, but...
Clearly, this is the greater fool theory of investing at work.
Time will tell.
Be great for a Bond movie
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.