Posted on 04/27/2026 7:12:06 AM PDT by SmokingJoe
A 20 story tower in San Francisco valued at $320 million dollars went up for auction
There wasn’t a single bidder. Not even for $1
The property is now vacant, because no one wants to make the investment in Democrat run San Francisco
High crime rates and homelessness are cited reasons for office buildings like this to not see purchasers
Bidding for the property started at $80 million, but no offers. A massive decline in value
WeWork used to be a major tenant occupying nearly 200,000 sq ft in this same building
(Excerpt) Read more at x.com ...
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Perhaps Taiwan might be allowed to buy California.
For all intents and purposes, it would be the CCP buying it, they have so many moles in Taiwan.
This is happening not just in San Francisco. Private investors in their right minds are not investing capital in these high tax, regulation clogged, anti capitalist Democratic strongholds. Economic well being depends on continual investment. Unless the Democrats take control of Congress and place overt and covert subsidies in spending bills to their urban strongholds, they will erode and become even more unlivable.
At first I thought this was about the sinking skyscraper .
The 58-story Millennium Tower in San Francisco has largely stopped sinking and leaning following a completed $120 million perimeter pile upgrade, which anchored the building to bedrock by August 2025.
While the fix halted further significant movement and reversed some tilt, the skyscraper still leans approximately 27 inches off-vertical, with ongoing monitoring in place.
How many Detroits are there in the future?
The city should buy it and turn it into housing for the homeless.
The area is already a s*** hole, which is the reason no one wants to buy the building.
i’m guessing that the property taxes on a building proven to be worth zero will be zero ... plus, it’s a deadly comparable that other building owners could use to claim massive reductions in the taxable value of their own skyscrapers in SF ...
interesting, though, that SF believed it was not worth bidding even $1 to buy it for converting into “homeless” housing ...
Is this the building that was having structural issues. i.e., falling down?
I visited that downtown area and walked to Fisherman's Wharf and bought some taffy and ate at a restaurant on a pier that I think has since closed.
I took a trolley partway back that evening.
I had no car rental, due to horrific car break-in stats I had heard before arrival—10 minutes before windows got broken, as I recall.
I enjoyed an affogato at a coffee shop. Otherwise, the mall near the Moscone building was already headed downhill. In my mind, I recall free needle programs, around that time, but did not see them.
Someone should start a “Poop Tourism” business where visitors can be taken around to parking desks to let people pee and poop while standing or sitting on expensive cars.
It may already be available, and I just haven't found it, yet.
You've got to love the opportunities San Francisco provides!
Agree; used to go there on business regularly. It was amazing to me how they took a city with the world’s leading views and weather and turned it into a dump. The last time I went was about 10 years ago; took the train from the airport and when I got out into a central SF station, you had to walk across young men taking drugs and seated in your way in the aisles. The whole area reeked of urine. Union Square, which used to be one of the nicest shopping areas in the world, has lost a ton of stores due to crime and shoplifting and the mall there is now empty, Nordstrom’s SFO long gone. Liberals ruin everything they touch.
seems crazy given that the current vacancy rate for downtown office space in SF is around 31%, and projected hotel occupancy rates are around 66% sans Superbowl type events ...
Historical recession observation is that assets drop to a third of the high and then fairly quickly retrace to 2/3rd of the high.
This is close to the model.
I remember an article years ago about an investor who bought up most vacant buildings in, hmm, Colorado somewhere, after the real estate crash from the S&L kaboom. Said he bought brand new structures for about 10 cents on the dollar, and it didn’t make any difference how overbuilt the city was, he filled up a few of his new properties with low priced leases, cannibalizing the whole market without any prospect of competition. As the economy recovered, he either benefited as more businesses popped up and needed space, or sold 1/10 of his buildings to recover 100% of his capital.
The final lender that was owed the money is acquiring the building by default, on the $130 million still owed on it. That’s less than 1/2 of what the building sold for in 2019. At that discounted value they might be able to attract some business tenants on lower priced leases.
Wouldn’t that made SF really affordable?
Detroit used to be the richest city in the World.
Then, one day, rather surprisingly, they elected a Democratic mayor.
They never elected Republican mayor again and the city started long downward slide!
Due to the current work remote options for many of those in the SF Bay area and many metropolitan areas, you can work just about anywhere in the civilized world, live well and work remote.
We may have seen a peak period for high rise buildings for a while, skylines may not alter that much for some time.
Last I was there was about 10 years as well when I was beta testing software for Autodesk. I had family in Palo Alto at the time so looked forward to visiting. One person at the company flew in from Georgia and insisted on seeing down town and the Golden Gate Bridge. We all collectively groaned. It was filthy and disgusting. Bums every where. The alleys were open sewers with feces every where. I wouldn’t visit again even in a tank. And I remember when we were kids the elders would just drop us off at the wharf and we would wander around completely safe. Democrats ruin everything.
Can you say death spiral?
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