Posted on 04/27/2023 2:36:54 PM PDT by rxsid
>Open to Offers.
$1
Normally, you would say the San Francisco real estate market will bounce back… But I’m not so sure now
Sky high cost of living? Check.
Rampant crime? Check.
Feces covered sidewalks? Check.
Used needles lining the gutters? Check.
Homelessness on many streets? Check.
Leftist politicians? Check.
and on and on.
Rampant crime? Check.
No way
VIDEO: This is what Target in San Francisco looks like
https://rumble.com/v2jssvo-this-is-what-target-in-san-francisco-looks-like.html
CRE is collapsing. The covid WFH situation doomed it. Major companies have been divesting their real estate holdings. Boeing, for instance, dumped their 900,000 foot commercial aircraft HQ in Seattle, with more to come. They built it in 1992 just for their business, but closed and sold it.
Yeah, saw that the other day. Amazing. Portland isn’t far behind.
Yup. In fact, the article mentions that as well...
"Though business activity in the district was upended by the dot-com bust in 2000 and the 2008 financial crisis, its office towers refilled not long after both of those downturns.
...
That year, the owner tried to sell the office tower. It pulled the listing after bids failed to exceed $180 million, or 60% of the estimated 2019 value, according to people familiar with the matter.
The tepid interest was an early sign that this crisis was different, and that a deteriorating quality of life in the city was contributing to the reduced office turnout."
https://www.wsj.com/articles/san-francisco-commercial-real-estate-office-buildings-471742ea?mod=djemalertNEWS
Same thing happening to commercial real estate / office buildings as happened to brick-and-mortar retail stores. Once people found shopping(now working) online there was no going back. It only gets much worse from here.
Imagine shopping there. One of the first things you'd have to do is go find an employee (with a key) to walk around the store with you to open whatever cases you might want to get something from, or even browse.
What a disaster on so many levels.
S.F., Portland, Chicago and the like, should be "poster child's" for why leftist politicians should never be in power.
Go woke, go broke.
Too bad about San Francisco, it was once a beautiful city.
And this isn’t even the frisco skyscraper that’s leaning over !
I wouldn’t even give a $1 for that timebomb.
Interestingly, in our case...for several reasons, we used to do quite a bit of grocery shopping from Amazon Fresh. Deffinately not 100%, but a majority anyway.
However, that was when there was a $35 minimum for free delivery (minus any tip of course).
Now, they want $150 for the free delivery.
More than quadrupled the minimum amount.
We are now 100% back shopping at our local grocery store.
Why buy? Smarter to become a squatter NOW! You can getting for nothing and even if you lose and get evicted you have a rent free place for YEARS!!! Longer especially if you can hang in and delay eviction until the owners go bankrupt!
No problem! The city can use it as a homeless shelter!
“YOU CAN WORK FROM HOME” check
San Fran should buy it and house the homeless.
Well, poo.
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