Actually, it's great economic news. Everything is fine and we are in the midst of the greatest economic growth period in our history. Millions of new jobs since Slo Joe was elected. Plus no mean tweets.
Definitely some predatory loans out there. People approved for well more than what they can afford. Family member got into a home a year ago, was borrowing money for the first 8 months just to make the mortgage payment which was 130% more than the rent they were paying, with virtually no savings.
Actually, it's great economic news. Everything is fine and we are in the midst of the greatest economic growth period in our history. Millions of new jobs since Slo Joe was elected. Plus no mean tweets.
Don't forget the billions he's reduced the deficit by?
Definitely some predatory loans out there. People approved for well more than what they can afford. Family member got into a home a year ago, was borrowing money for the first 8 months just to make the mortgage payment which was 130% more than the rent they were paying, with virtually no savings.
Were the loans signed at gunpoint?
If the lenders turn folks down they are racist. If they give a loan they are predators
The scary part is that this is with some crazy shite like this going on... https://nationalmortgageprofessional.com/news/rocket-launches-program-discount-1st-year-mortgage-payments Rocket’s announcement follows temporary rate buydowns announced last month by its crosstown rival, United Wholesale Mortgage. UWM announced that its temporary rate buydowns would lower borrowers’ interest rates by up to 2% for the first two years of a mortgage.
The scary part is that this is with some crazy shite like this going on... https://nationalmortgageprofessional.com/news/rocket-launches-program-discount-1st-year-mortgage-payments Rocket’s announcement follows temporary rate buydowns announced last month by its crosstown rival, United Wholesale Mortgage. UWM announced that its temporary rate buydowns would lower borrowers’ interest rates by up to 2% for the first two years of a mortgage.
The scary part is that this is with some crazy shite like this going on... https://nationalmortgageprofessional.com/news/rocket-launches-program-discount-1st-year-mortgage-payments Rocket’s announcement follows temporary rate buydowns announced last month by its crosstown rival, United Wholesale Mortgage. UWM announced that its temporary rate buydowns would lower borrowers’ interest rates by up to 2% for the first two years of a mortgage.
I agree with the "disagree". Look at how hard the grifters on the left chase money. From Bernie and his wife to AOC to Michael Moore to Rev Al Sharpton to barry. People would be happy if you owned nothing, but they sure are grifting hard for their take.
Definitely some predatory loans out there. People approved for well more than what they can afford. Family member got into a home a year ago, was borrowing money for the first 8 months just to make the mortgage payment which was 130% more than the rent they were paying, with virtually no savings.
Were the loans signed at gunpoint?
If the lenders turn folks down they are racist. If they give a loan they are predators
I wish they were so I'd at least have an excuse for my family member. Had an honest conversation with the family member but they were desperate to be in a certain area close to friends with much better jobs, in a house bigger than what they needed.
Definitely some predatory loans out there. People approved for well more than what they can afford. Family member got into a home a year ago, was borrowing money for the first 8 months just to make the mortgage payment which was 130% more than the rent they were paying, with virtually no savings.
Were the loans signed at gunpoint?
If the lenders turn folks down they are racist. If they give a loan they are predators
I wish they were so I'd at least have an excuse for my family member. Had an honest conversation with the family member but they were desperate to be in a certain area close to friends with much better jobs, in a house bigger than what they needed.
Definitely some predatory loans out there. People approved for well more than what they can afford. Family member got into a home a year ago, was borrowing money for the first 8 months just to make the mortgage payment which was 130% more than the rent they were paying, with virtually no savings.
Were the loans signed at gunpoint?
If the lenders turn folks down they are racist. If they give a loan they are predators
I wish they were so I'd at least have an excuse for my family member. Had an honest conversation with the family member but they were desperate to be in a certain area close to friends with much better jobs, in a house bigger than what they needed.
Buying a house is huge commitment. And scary.
And racist. Think how many poc should have had it for free
What Are Older Office Towers Worth In The New Era? Second San Francisco Office Tower Sells For 70% Off Original Listing Price
BY TYLER DURDEN TUESDAY, JUN 06, 2023 - 03:05 PM Authored by Wolf Richter via WolfStreet.com,
The burning question arose over the past two years what these largely empty older office towers in San Francisco are worth.
The market had frozen over.
There were no transactions because no one knew what anything was worth as San Francisco’s office market has morphed in just a few years from being one of the hottest office markets in the US with a vacancy rate of 7% in 2019 and some of the highest rents in the US, to being put on ice by working-from-home. About 33% of all office space is now on the market for lease – worse even than Houston, which was for years the worst office market in the US.
So now there’s the second deal in about a month — though the sale hasn’t closed yet. Wells Fargo found a buyer for one of its office towers in San Francisco, the 13-story 355,000-square-foot 1960s-era tower at 550 California, across the street and around the corner from its headquarters tower on Montgomery.
Wells Fargo had purchased the tower in 2005 for $108 million. It is vacating the building. Last year, it listed it for $160 million, but then pulled the listing after receiving bids reportedly below $40 million. Earlier this year, it engaged real estate investment bank Eastdil Secured to relist the tower.
And it has now made a deal – the name of the buyer has not been disclosed – for about $42.6 million to $46 million ($120 to $130 per square foot), according to sources cited by the San Francisco Business Times. That would be 71% below the original asking price and nearly 60% below the purchase price in 2005.
What Are Older Office Towers Worth In The New Era? Second San Francisco Office Tower Sells For 70% Off Original Listing Price
BY TYLER DURDEN TUESDAY, JUN 06, 2023 - 03:05 PM Authored by Wolf Richter via WolfStreet.com,
The burning question arose over the past two years what these largely empty older office towers in San Francisco are worth.
The market had frozen over.
There were no transactions because no one knew what anything was worth as San Francisco’s office market has morphed in just a few years from being one of the hottest office markets in the US with a vacancy rate of 7% in 2019 and some of the highest rents in the US, to being put on ice by working-from-home. About 33% of all office space is now on the market for lease – worse even than Houston, which was for years the worst office market in the US.
So now there’s the second deal in about a month — though the sale hasn’t closed yet. Wells Fargo found a buyer for one of its office towers in San Francisco, the 13-story 355,000-square-foot 1960s-era tower at 550 California, across the street and around the corner from its headquarters tower on Montgomery.
Wells Fargo had purchased the tower in 2005 for $108 million. It is vacating the building. Last year, it listed it for $160 million, but then pulled the listing after receiving bids reportedly below $40 million. Earlier this year, it engaged real estate investment bank Eastdil Secured to relist the tower.
And it has now made a deal – the name of the buyer has not been disclosed – for about $42.6 million to $46 million ($120 to $130 per square foot), according to sources cited by the San Francisco Business Times. That would be 71% below the original asking price and nearly 60% below the purchase price in 2005.
What Are Older Office Towers Worth In The New Era? Second San Francisco Office Tower Sells For 70% Off Original Listing Price
BY TYLER DURDEN TUESDAY, JUN 06, 2023 - 03:05 PM Authored by Wolf Richter via WolfStreet.com,
The burning question arose over the past two years what these largely empty older office towers in San Francisco are worth.
The market had frozen over.
There were no transactions because no one knew what anything was worth as San Francisco’s office market has morphed in just a few years from being one of the hottest office markets in the US with a vacancy rate of 7% in 2019 and some of the highest rents in the US, to being put on ice by working-from-home. About 33% of all office space is now on the market for lease – worse even than Houston, which was for years the worst office market in the US.
So now there’s the second deal in about a month — though the sale hasn’t closed yet. Wells Fargo found a buyer for one of its office towers in San Francisco, the 13-story 355,000-square-foot 1960s-era tower at 550 California, across the street and around the corner from its headquarters tower on Montgomery.
Wells Fargo had purchased the tower in 2005 for $108 million. It is vacating the building. Last year, it listed it for $160 million, but then pulled the listing after receiving bids reportedly below $40 million. Earlier this year, it engaged real estate investment bank Eastdil Secured to relist the tower.
And it has now made a deal – the name of the buyer has not been disclosed – for about $42.6 million to $46 million ($120 to $130 per square foot), according to sources cited by the San Francisco Business Times. That would be 71% below the original asking price and nearly 60% below the purchase price in 2005.
Comments
If the lenders turn folks down they are racist. If they give a loan they are predators
https://nationalmortgageprofessional.com/news/rocket-launches-program-discount-1st-year-mortgage-payments
Rocket’s announcement follows temporary rate buydowns announced last month by its crosstown rival, United Wholesale Mortgage. UWM announced that its temporary rate buydowns would lower borrowers’ interest rates by up to 2% for the first two years of a mortgage.
And in commercial real estate news...
Glad we have the "adults" in charge...fire up the printing presses...
Close the fucking border.
If only @oregonblitzkrieg were here to confirm.
https://www.zerohedge.com/markets/what-are-older-office-towers-worth-new-era-second-san-francisco-office-tower-sells-70
What Are Older Office Towers Worth In The New Era? Second San Francisco Office Tower Sells For 70% Off Original Listing Price
BY TYLER DURDEN
TUESDAY, JUN 06, 2023 - 03:05 PM
Authored by Wolf Richter via WolfStreet.com,
The burning question arose over the past two years what these largely empty older office towers in San Francisco are worth.
The market had frozen over.
There were no transactions because no one knew what anything was worth as San Francisco’s office market has morphed in just a few years from being one of the hottest office markets in the US with a vacancy rate of 7% in 2019 and some of the highest rents in the US, to being put on ice by working-from-home. About 33% of all office space is now on the market for lease – worse even than Houston, which was for years the worst office market in the US.
So now there’s the second deal in about a month — though the sale hasn’t closed yet. Wells Fargo found a buyer for one of its office towers in San Francisco, the 13-story 355,000-square-foot 1960s-era tower at 550 California, across the street and around the corner from its headquarters tower on Montgomery.
Wells Fargo had purchased the tower in 2005 for $108 million. It is vacating the building. Last year, it listed it for $160 million, but then pulled the listing after receiving bids reportedly below $40 million. Earlier this year, it engaged real estate investment bank Eastdil Secured to relist the tower.
And it has now made a deal – the name of the buyer has not been disclosed – for about $42.6 million to $46 million ($120 to $130 per square foot), according to sources cited by the San Francisco Business Times. That would be 71% below the original asking price and nearly 60% below the purchase price in 2005.
Buy a home for 40 grand and flip it
Maybe we could partner? Gay for business purposes.
Social credit score bump.