Yahoo Finance reports something stunning concerning commercial real estate, check it out.
Burnett Plaza, the tallest building in Fort Worth, Texas, has been purchased via foreclosure auction for $12.3 million just three years after it was sold for more than $137.5 million, according to the Dallas Business Journal.
As well as being the tallest in Fort Worth, Burnett Plaza is also considered the largest, with over one million square feet of commercial office and retail space, according to its website.
Built in 1983, sold for less than 10 cents on the dollar! Another casualty of the Covid-19 pandemic, and the work-from-home movement that now seems nearly irreversible.
Also, the second tallest office tower in St. Louis, formerly the One AT&T Center, is considered a "blighted area."
In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million. (snip) On a per-square-foot basis, the tower’s value over 18 years dropped from about $140 to $2.50, according to CoStar data.
It may not be too radical to foresee urban downtowns becoming haunted high-rise slums. In hindsight, these stories may represent two of the tipping points. How long before empty buildings become squats for the unhoused, or for the Biden illegals? Hat tip to Stephen Green posting at Instapundit for the links.
