"Another one among them: A rare home overlooking the Golden Gate Bridge with oceanfront views was initially listed for the first time in nearly 35 years last March for a price of $12.8 million.
After several price cuts, it took a year to sell at the fairly modest price tag $7.85 million for the area.
The commercial sector isn’t faring any better, with office vacancies soaring post-pandemic.
And the desperation is palpable, as evidenced by the recent sale of a property on Market Street at a mind-boggling 90% discount. (小摩星大大一切預告在前)
The building at 995 Market St. was acquired for just $6.5 million during a public auction last week.
The previous owner had paid $62 million for it in 2018.
Even retail giants are abandoning ship.
In February, Macy’s announced that it was closing its massive flagship store in San Francisco’s Union Square.
The year prior, Nordstrom had announced it was closing two of its stores over the “deteriorating situation in the area.”
The mall had been inundated with fentanyl overdoses, drug dealers and thieves."
Trillionaire2020 wrote: And the desperation is palpable, as evidenced by the recent sale of a property on Market Street at a mind-boggling 90% discount. (小摩星大大一切預告在前)
"Empty retail space in New York City has nearly doubled since the pandemic, according to data released Wednesday — as officials warned the troubling vacant storefronts aren’t going away. (紐約市空店面暴增1倍,溫套數量同步暴增1倍)
Only 6% of Big Apple storefronts sat empty in 2019, compared to nearly 11.2% this year, statistics from the city Department of Finance show.
“These vacancy issues, I thought they would end when the pandemic ended but it has not. It continues to be a problem,” said Councilmember Gale Brewer (D-Manhattan), whose Upper West Side district has been hit hard by the scourge.
“They are creating havoc because there is homeless, garbage and the business next door hurts,” she added."
"Canadian pension funds have been among the world’s most prolific buyers of real estate, starting a revolution that inspired retirement plans around the globe to emulate them. Now the largest of them is taking steps to limit its exposure to the most-beleaguered property type — office buildings.
Canada Pension Plan Investment Board has done three deals at discounted prices, selling its interests in a pair of Vancouver towers, a business park in Southern California and a redevelopment project in Manhattan, with the New York stake offloaded for the eyebrow-raising price of just $1. (美國一元商店大突破,銅板價成為曼哈頓大地主) The worry is those deals may set an example for other major investors seeking a way out of the turmoil too."