Weak housing market? I don't think so....

[GregWeld]

Originally Posted by GregWeld

I'm trying to buy a 70MM building..... the builder (Starbucks) spent $422 per sq foot to build - and the asking price is $243 per square foot... it's a 287,853 sq ft building.

There are no "trick" financing deals -- and the winning bidder will have financing in place and a buttload of cash or they won't even look at the offer. And there are plenty of people willing to bid. No shortage of buyers just a shortage of REAL buyers.

AN UPDATE JUST IN CASE ANYONE CARES...




So for all of you trying to buy "short sales" etc..... I had posted this up and we've been working on bids etc for a few weeks now... the building SOLD for 125 MILLION..... we started bidding at 70MM.... There were multiple players on this building. The bidding requirements were "stiff" and no nonsense. They (Starbucks) wanted a top notch buyer - with CASH... and financing guaranteed... No "recession" in the commercial market here in Seattle if the building is class A and occupied with long term tenants! This building was only 64% occupied and needed an additional 6MM in TI's!