Article

2023-06-15 -Great Cultural Revolution

San Francisco is dealt another blow as Westfield walks away from downtown mall

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Abu Uluque 2023-06-15 00:00|| || Front Page|| [13 views ] Top

#1 Last week some investment firm walked away from two prime downtown SF hotels; I think the loan in question was $775 million. The dominoes are starting to fall.

Posted by Raj 2023-06-15 00:16|| 2023-06-15 00:16|| Front Page Top

#2 Indeed they did, Raj. CRE should experience of real ass pain over the next 1-2 years. The days of 0.5% Fed rates are long gone.

Posted by DooDahMan 2023-06-15 00:35|| 2023-06-15 00:35|| Front Page Top

#3 We are living in The Lion King with the hackles in charge.

Posted by Super Hose 2023-06-15 06:58|| 2023-06-15 06:58|| Front Page Top

#4 Was one of the nicest places. Beautiful lighting, decor, etc.

Just 50 yards from the Cable Car turnaround point on Market Street.

Posted by lord garth 2023-06-15 07:54|| 2023-06-15 07:54|| Front Page Top

#5 challenging operating conditions in downtown San Francisco

Conditions like needle and poop filled streets? Gangs of smash and grab thugs? No cops? Conditions like those?

Boy howdy how do they do it?

Posted by AlanC 2023-06-15 10:51|| 2023-06-15 10:51|| Front Page Top

#6 Commercial Real Estate in SF may well have a significant future - as dormitory housing for illegals and homeless.

Posted by NoMoreBS 2023-06-15 11:17|| 2023-06-15 11:17|| Front Page Top

#7 If you've invested everything you own in San Francisco real estate, the time to sell out and leave was two or three years ago. Some time before the pandemic anyway. If you're still there you're screwed.

I would think that the rich, rich elite in San Francisco are waiting for the real estate market to hit rock bottom at which time they'll buy it all at bargain basement prices and then make even bigger fortunes when the city recovers.

It's really tough for me to imagine that a city as beautiful and as strategically located as San Francisco could become a ghost town and remain in a permanent state of Detroit. It would violate some basic law of physics. I could be wrong.

But the decline will certainly be disastrous for those without the resources to either flee or wait for the rebound and it won't be pretty for anybody.

In the meantime I would expect the elites to have their own private security details to make sure the filth doesn't break into their mansions. But then, what happened to Paul Pelosi? Well, something weird about that case.

Posted by Abu Uluque 2023-06-15 12:30|| 2023-06-15 12:30|| Front Page Top

#8 Changes need to be made at the state and city levels for things to improve.

Posted by Super Hose 2023-06-15 12:33|| 2023-06-15 12:33|| Front Page Top

#9 Changes need to be made at the state and city levels for things to improve.

Exactly. And my hope would be that at some point even mad men like Gavin Newsom would understand that. Either that or people with clearer vision would get control. I can dream, can't I?

Posted by Abu Uluque 2023-06-15 12:37|| 2023-06-15 12:37|| Front Page Top

#10 Any hope is foolish. I lived and worked there for 5 years in the late 80s while attending SF State. The writing was most definitely on the wall then and all has since come true and more. Nothing will change as the vast majority of those who are left voted for this crap. I'll watch the final bon fire out of state.

Posted by Rex Mundi 2023-06-15 13:14|| 2023-06-15 13:14|| Front Page Top

22:45 DooDahMan
22:35 JohnQC
22:29 JohnQC
22:21 JohnQC
20:59 magpie
19:09 Uneating Phaviper2622
17:28 Regular joe
17:08 jpal
17:00 swksvolFF
16:34 Bobby
16:28 Bobby
16:20 swksvolFF
16:15 AlanC
16:13 swksvolFF
16:07 swksvolFF
16:00 M. Murcek
15:42 Anomalous Sources
15:33 Super Hose
15:31 Super Hose
15:19 Super Hose
15:16 Super Hose
14:42 swksvolFF
14:36 lord garth
14:34 Abu Uluque