Amazing real-estate bargain, or what am I missing here?
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Didn’t read the article but my guess is it probably carries bad debt with it, likely crazy high costs for repairs required, and most likely if it’s meant to be office space…office space is in trouble because so many people won’t set foot in an office ever again. So if it is set up as office space and the goal is to make it into residences…that costs crazy money as well! It’s probably a dead horse requiring millions poured into it to come back to life, hence the price drop.
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Stunning!
My one line “No shit, Sherlock @Your_Full_Name!” explanation:
It’s worth exactly what the highest bidding buyer is willing to pay for an illiquid asset that the seller wants to sell at a given and fixed point in time.
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Not long a go a watch a documentary about the commercial real state. Summary: it was seized pre-covid full onsite work and now with a lot of people working fully/partially remote. There are a huge gap between offer and demand.
Switzerland commercial RE, Companies normally has long leasings, so the impact will be more spread over the years.