Posted on 08/20/2023 9:50:58 AM PDT by knighthawk
Vacant properties in San Francisco's downtown area are being snapped up by investors at heavily reduced rates.
A run of crime and homelessness in the area sparked a mass exodus as businesses and residents abandon hope of a revival.
Office vacancies dipped to a low of 31 percent this year while developers stepped back from mammoth construction projects.
(Excerpt) Read more at dailymail.co.uk ...
Now you know why liberals are destroying cities.
“…A run of crime and homelessness in the area sparked a mass exodus …”
Watch that disappear once enough of the properties gets into the “right” hands.
Correct. Wonder how many of the buyers are Chinese.
Even if you buy it at a 70% discount, it is hard to make money on an empty office building. Of course, they will slash rents, which will pull the remaining tenants out of the other office buildings, causing those buildings to end up in foreclosure.
I am not savvy about economics or about real estate, but I predicted several years ago that this would happen.
You’ve got a point, but it’ll take YEARS before these destroyed cities come back....if they ever do!
Blackstone limo seen in area?.
Take your pick:
A. Don’t try to catch a falling knife.
B. Buy when there’s blood in the streets.
I’m going with ‘A’.
But Baron Rothschild got rich with ‘B’.
The investors will get screwed when the city locks down once again.
Well, you don't see Mexicans flooding in with millions of dollars to buy real estate in SF. Chinese have been pulling money out of China and parking it elsewhere in real estate, whether it be Canada, USA or Europe. If coastal cities have downtown real estate at a 70% discount, the Chinese will park their money here.
Why be a property owner in San Francisco at ANY price?
If these properties are being snatched up by foreigners, you can expect law and order (under authoritarianism) to return with a vengeance. I don't think the Chinese owners will tolerate open drug markets and vehicle break-ins.
When the elites finish building their bunkers in Maui.
They will be able to shop, dine and spend the nights in the rebuilt San Francisco.
Everything we were told was a lie.
Everything we are being told, is a lie!
Everything we will be told, will be a lie!
Which they will then buy.
I can’t help but think you’ve nailed it there.
I may be wrong, but over the next decade it’s likely
those properties will be destroyed by invaders off the
street.
We may see them have to be torn down.
That’s what I was wondering. Is it really a good deal?
Q: What is a building that went down 90% in price?
A: It is a building that went down 80% and then another 50% after that.
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