sandy beach Posted April 30, 2023 Report Share Posted April 30, 2023 “In San Francisco, the office vacancy rate ‘is about 30 percent, or about 35 million square feet that is not currently being used,’ Colin Yasukochi with commercial real estate firm CBRE told NBC News Bay Area. ‘And that’s the highest that we’ve ever seen in San Francisco.’ A former San Francisco WeWork building has seen its property value slashed by about 66 percent, according to Trepp, which tracks CRE data. The building at 25 Taylor Street was once almost entirely leased to WeWork, the formerly highflying co-work startup. The building was valued at $28.1 million in 2014, but was recently appraised at $9.5 million, according to Trepp.” Link to comment Share on other sites More sharing options...
fxfox Posted April 30, 2023 Report Share Posted April 30, 2023 18 minutes ago, sandy beach said: “In San Francisco, the office vacancy rate ‘is about 30 percent, or about 35 million square feet that is not currently being used,’ Colin Yasukochi with commercial real estate firm CBRE told NBC News Bay Area. ‘And that’s the highest that we’ve ever seen in San Francisco.’ A former San Francisco WeWork building has seen its property value slashed by about 66 percent, according to Trepp, which tracks CRE data. The building at 25 Taylor Street was once almost entirely leased to WeWork, the formerly highflying co-work startup. The building was valued at $28.1 million in 2014, but was recently appraised at $9.5 million, according to Trepp.” No wonder nobody wants to work downtown anymore with all the clochards, drug addicts and other braindead housing in their tents on the sidewalk. They gotta sack the mayor and throw her into prison. 1 Link to comment Share on other sites More sharing options...
sandy beach Posted April 30, 2023 Report Share Posted April 30, 2023 Is that a lot? NYU Stern School of Business Interest rate risk beyond MBS: The estimated losses on securities are only part of the total unrealized losses banks suffered from the rise in interest rates. Loans, like securities, also lose value when interest rates go up. Total loans plus securities as of December 2022 was $17.5 trillion. Applying the average duration of loans and securities (3.9 years), the total unrealized losses on total bank credit as of December 2022 is $17.5 × 3.9 × 2.5% = $1.7 trillion. This is only slightly less than total bank equity capital of $2.1 trillion in 2022. Hence, the losses from the interest rate increase are comparable to the total equity in the entire banking system. https://pages.stern.nyu.edu/~pschnabl/research/DSS_SVB.pdf Link to comment Share on other sites More sharing options...
sandy beach Posted April 30, 2023 Report Share Posted April 30, 2023 This is going to get worse and worse as digital bidding on distressed residential property gets easier and easier especially on high end residential properties. U.S. regulators tackle money laundering in the luxury home market https://legal.thomsonreuters.com/en/insights/articles/u-s-regulators-tackle-money-laundering-luxury-home-market Link to comment Share on other sites More sharing options...
Jimi Posted April 30, 2023 Report Share Posted April 30, 2023 2 hours ago, sandy beach said: “In San Francisco, the office vacancy rate ‘is about 30 percent, or about 35 million square feet that is not currently being used,’ Colin Yasukochi with commercial real estate firm CBRE told NBC News Bay Area. ‘And that’s the highest that we’ve ever seen in San Francisco.’ A former San Francisco WeWork building has seen its property value slashed by about 66 percent, according to Trepp, which tracks CRE data. The building at 25 Taylor Street was once almost entirely leased to WeWork, the formerly highflying co-work startup. The building was valued at $28.1 million in 2014, but was recently appraised at $9.5 million, according to Trepp.” https://www.loopnet.com/Listing/25-Taylor-St-San-Francisco-CA/24293206/ 1 Link to comment Share on other sites More sharing options...
sandy beach Posted April 30, 2023 Report Share Posted April 30, 2023 50 minutes ago, Jimi said: https://www.loopnet.com/Listing/25-Taylor-St-San-Francisco-CA/24293206/ MOSCA!: Make office space cheap again! 1 Link to comment Share on other sites More sharing options...
Jimi Posted April 30, 2023 Report Share Posted April 30, 2023 1 hour ago, fxfox said: No wonder nobody wants to work downtown anymore with all the clochards, drug addicts and other braindead housing in their tents on the sidewalk. They gotta sack the mayor and throw her into prison. I'm not personally familiar with the squalor into which NYC fell in the 1970s & 80s. But the city became notorious for crime & murder. On a related note, in 1993 residents voted in the first Republican as Mayor more or less since WWII. https://en.wikipedia.org/wiki/List_of_mayors_of_New_York_City Conceding for argument's sake that all the policy goals pursued in San Francisco are noble & pure, it seems apparent on my aperiodic visits that the execution of that policy has been, to put it generously... "spotty." In some ways, the situation is not as bad as it is caricatured by rightwing media, which otherwise loves demonizing the place; but it is also far worse than those running the city and their starry-eyed supporters will admit. Quality of life there is down. I've walked my younger son past junkies shooting up on our way back from his doctor's appointment far afield from the Tenderloin or downtown. I've walked down long BART corridors at the Civic Center station lined with junkies, some cooking & others shooting. For its part, San Francisco established itself as a safe-zone on the eve of an opioid wave. I've watched youtube interviews of addicts from other parts of the country who moved to SF because they knew they could get their fix and not get hassled - acknowledging that if they shot up in public back home the way they can on Market Street, they'd go straight to prison. As a result.... Quote There are about 24,500 injection drug users in San Francisco — that’s about 8,500 more people than the nearly 16,000 students enrolled in San Francisco Unified School District’s 15 high schools and illustrates the scope of the problem on the city’s streets. It’s also an increase of about 2,000 serious drug users since 2012, the last time a study was done. https://www.beatiteap.com/san-francisco-drug-addicts-outnumber-students/ If you've ever known any addict of anything, you know solutions are not simple. Supply of affordable housing is another component that has rendered urban California less attractive. With recession looming, the situation seems poised to get worse before it gets better. But I would say much like NYC in the 1970 & 80s: only the foolhardy bet against San Francisco. And if its denizens surprise the nation eventually by voting in a Republican mayor, I'd buy up all the possible real estate I could manage. 2 Link to comment Share on other sites More sharing options...
Jimi Posted April 30, 2023 Report Share Posted April 30, 2023 25 minutes ago, sandy beach said: MOSCA!: Make office space cheap again! Had to look up which building in downtown SF was now valued at under $10m. Cheaper than this home across town.... https://www.redfin.com/CA/San-Francisco/2880-Green-St-94123/home/1020891 1 Link to comment Share on other sites More sharing options...
sandy beach Posted April 30, 2023 Report Share Posted April 30, 2023 14 minutes ago, Jimi said: Had to look up which building in downtown SF was now valued at under $10m. Cheaper than this home across town.... https://www.redfin.com/CA/San-Francisco/2880-Green-St-94123/home/1020891 Incredible! Link to comment Share on other sites More sharing options...
DrStool Posted April 30, 2023 Author Report Share Posted April 30, 2023 11 hours ago, fxfox said: Yes right. I remember that part of the press conference very well. Poopwell lied, 100% sure. This is NOT NEWS. I pointedly remarked at that moment that he was lying. Once a lying bastard coward, always a lying bastard coward. He has shown himself to be that repeatedly during his tenure. Why anyone ever had any faith in that guy mystifies me. Yet Yellen, who was one of the bravest Fed Chairs in history, the ONLY ONE SINCE VOLCKER to do the right thing, is repeatedly the subject of bitter criticism that has not one iota of truth to it. She may be a horseshit Treasury Secretary, but as Fed Chair she did the right thing despite Bernanke's trap, and despite Powell reversing her policy by orders of magnitude. Bernanke was a master criminal. Powell is an idiot criminal. Link to comment Share on other sites More sharing options...
DrStool Posted April 30, 2023 Author Report Share Posted April 30, 2023 On 4/29/2023 at 9:14 PM, sandy beach said: Perfectly normal: Well, without an explanation I must wonder what this is about. Link to comment Share on other sites More sharing options...
DrStool Posted April 30, 2023 Author Report Share Posted April 30, 2023 So, looking at the Balance sheet, there's a $45 billion NEGATIVE Liability. A negative liability is an asset. WTF are they saying? It's a riddle, wrapped in a mystery, inside an enema. Link to comment Share on other sites More sharing options...
Jimi Posted April 30, 2023 Report Share Posted April 30, 2023 1 hour ago, DrStool said: This is NOT NEWS. I pointedly remarked at that moment that he was lying. Once a lying bastard coward, always a lying bastard coward. He has shown himself to be that repeatedly during his tenure. Why anyone ever had any faith in that guy mystifies me. Yet Yellen, who was one of the bravest Fed Chairs in history, the ONLY ONE SINCE VOLCKER to do the right thing, is repeatedly the subject of bitter criticism that has not one iota of truth to it. She may be a horseshit Treasury Secretary, but as Fed Chair she did the right thing despite Bernanke's trap, and despite Powell reversing her policy by orders of magnitude. Bernanke was a master criminal. Powell is an idiot criminal. You've made me think differently about Yellen. Link to comment Share on other sites More sharing options...
fxfox Posted April 30, 2023 Report Share Posted April 30, 2023 1 hour ago, Jimi said: I'm not personally familiar with the squalor into which NYC fell in the 1970s & 80s. But the city became notorious for crime & murder. On a related note, in 1993 residents voted in the first Republican as Mayor more or less since WWII. https://en.wikipedia.org/wiki/List_of_mayors_of_New_York_City Conceding for argument's sake that all the policy goals pursued in San Francisco are noble & pure, it seems apparent on my aperiodic visits that the execution of that policy has been, to put it generously... "spotty." In some ways, the situation is not as bad as it is caricatured by rightwing media, which otherwise loves demonizing the place; but it is also far worse than those running the city and their starry-eyed supporters will admit. Quality of life there is down. I've walked my younger son past junkies shooting up on our way back from his doctor's appointment far afield from the Tenderloin or downtown. I've walked down long BART corridors at the Civic Center station lined with junkies, some cooking & others shooting. For its part, San Francisco established itself as a safe-zone on the eve of an opioid wave. I've watched youtube interviews of addicts from other parts of the country who moved to SF because they knew they could get their fix and not get hassled - acknowledging that if they shot up in public back home the way they can on Market Street, they'd go straight to prison. As a result.... https://www.beatiteap.com/san-francisco-drug-addicts-outnumber-students/ If you've ever known any addict of anything, you know solutions are not simple. Supply of affordable housing is another component that has rendered urban California less attractive. With recession looming, the situation seems poised to get worse before it gets better. But I would say much like NYC in the 1970 & 80s: only the foolhardy bet against San Francisco. And if its denizens surprise the nation eventually by voting in a Republican mayor, I'd buy up all the possible real estate I could manage. Thanks a lot Jimi. I had in mind the other day to ask you about the situation in SF since you live in the area. Always good to get info first and not filtered by left or right wing media. I saw the same youtube videos you mentioned and was really shocked. I thought it would get better once pandemic is over, but it seems it even got worse. A negative image of s city or a part of a city lasts for a very long time. In Germany every kid knows „The Bronx“, although no one was ever there. If a place looks a bit rotten, we always said and say till today:“Looks like da Bronx!. To have and maintain a positive image is very important for a city. Right now SF still has a positive image, it has a unique „aura“. but if these problems go on for another 10 years then maybe not. But it will rise again from the ashes, that‘s for sure. Link to comment Share on other sites More sharing options...
DrStool Posted April 30, 2023 Author Report Share Posted April 30, 2023 5 hours ago, fxfox said: No wonder nobody wants to work downtown anymore with all the clochards, drug addicts and other braindead housing in their tents on the sidewalk. They gotta sack the mayor and throw her into prison. How would throwing the mayor into prison solve the problem of clochards, drug addicts and braindead in cities? You know in the US, there's virtually no social safety net for these people, unlike most European countries. Link to comment Share on other sites More sharing options...
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