XPost: talk.politics.misc, alt.business, alt.politics.usa

https://www.dailymail.co.uk/news/article-13409753/burnett-plaza-fort-worth-texas-building-sold-price-drop.html

The tallest building in Fort Worth, Texas has sold for a mammoth
price drop.

Burnett Plaza was purchased in a foreclosure auction for
$12.3million just three years after it was sold for more
than $137.5million.

The 40-story building was bought by Pinnacle Bank Texas
during the auction at the Tarrant County courthouse on
Tuesday.

According to public records, Pinnacle claimed that the
building's previous owner, Burnett Cherry Street LLC,
an affiliate of New York-based Opal Holdings LLC, failed
to pay a $13million loan that was used to purchase the
tower in 2021.

This is the latest in the country's commercial real estate
ticking time bomb problem as office buildings across the
country remain empty or sell at drastically low prices.

. . .

This is becoming a BIG problem for banks/lenders. SO much
money was put into these giant office buildings - but now
that model of biz is fading away. It's partially because
of remote working, but not ONLY because of that. Smaller,
more affordable, better-placed, biz offices are becoming
the norm. The "prestige" thing of a huge glittering
building just doesn't quite fit the 2020s.

SOME of these structures can be re-fitted into apartment
buildings ... and at present there IS fair money in those.

Now, in ten or twenty years, perhaps the giant glittering
building with yer logo on it may come back into favor.
Alas we have to WAIT and SEE. MEANWHILE a LOT of investments
and loans for such are gonna be a serious drag.

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