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At this point is there anyone who doubts there is a real estate bubble in US?
Business Insider
A San Francisco office building was worth $300 million before the pandemic. Now, it could sell for only $60 million — a perfect example of why downtowns are in trouble
Buyers will start bidding soon for the 22-story office tower that sits at 350 California Street which runs through San Francisco's financial district.
In commercial real estate maybe. Covid and zoom made hybrid work the future of work. And hybrid work needs less space.
But homes are still under build IMO. Since ‘08. And add to that all the people with sub 3% mortgages who don’t want to move. I’m one of them. Flagstar Bank going to regret my 2.8% until 2051. 😂
SFO is bearing the brunt of the downturn given skewed exposure to tech, which pivoted a lot more to remote than other industries, I am guessing. Wondering about other gateway cities like Chicago and NYC.
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