Thursday, November 10, 2005

Want An Office Building?

The St. Louis Post Dispatch has this report. "Two office buildings in west St. Louis County have been foreclosed, but several brokers say it should not be taken as a sign of weakness in the market."

The offices, known have lost major tenants in recent months. In both cases, GMAC Commercial Mortgage held the notes. Both are considered Class B office buildings. 'I don't think you could call those buildings bellwethers,' said Jack Reis."

"The office market in St. Louis has been especially attractive lately to out-of-town investors."

4 Comments:

At 2:35 PM, Blogger Chip said...

Nissan might.

What a shame, though. Nothing but bad news for GM. It feels like my uncle is taking a hit.

 
At 2:44 PM, Blogger Ben Jones said...

Chip,
Like the article said, there has been speculation in commercial space too. When Texas had it's RE bust, strip centers and office building went down in price even more than homes in some areas. After all, you can't even live in a vacant strip center.

 
At 5:35 PM, Blogger Chip said...

I think, then, that underreporting of the speculation in commercial space will make a really juicy article or two in the big weekly mags, once they are hungry for it. All of this just augments my cynicism.

But at least I tuned in to your bubble blog just in time to cash out and sit tight in a wonderful luxo-condo that I never could have afforded to buy. I owe you much more than just a case of beer. Do you like malt scotch?

 
At 11:07 PM, Blogger Pointlines said...

I can thank you for using your site to convince my wife that it definitely is not time to buy (we just sold our house back in August).

If Chip sends you the Scotch, I will throw in gift card to Outback Steakhouse....

 

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