Quote from: RE on May 12, 2024, 06:22 AMThis could be good for RE prices, since it will force the liquidation of a lot of bad mortgages and put a lot of properties up for auction. Mostly commercial, but some residential too.
Right on cue. This bank bought it back for less than 10 cents on the dollar. Next tax filing they have a $100M+ write down on the balance sheet. Pinnacle Bank is not a TBTF bank. If they can't unload this property for a bit more than what they just paid for it, they won't be far behind in declaring bankruptcy.
And the beat goes on.
Now tell me, how many refugees do you think you could shelter in 1M square feet? If you cut it up into 500 sq ft apartments, you could have 2000 apartments there. Meanwhile, they spend more than that putting up tents at the border.
https://www.foxbusiness.com/real-estate/fort-worths-tallest-building-sells-just-12-3m-auction-stunning-price-drop
RE