LA’s Third-Tallest Tower Sells for 45% Below 2014 Price

[Slow Learning Elf]

The same house that's 5MM in a suburb of NYC (1 hour commute) is 1MM where i live (3 hours outside the city).

“Noel Holcroft : I have a friend who lives in the country, and it's supposed to be an hour from 42nd Street. A lie! The only thing that's an hour from 42nd Street is 43rd Street”
(The movie “The Holcroft Covenant” has been out for 38 years, but this quote is as true as ever)

 

[savoir]

Aon Center, the third-tallest tower in Los Angeles, has sold for $147.8 million — about 45% less than its last purchase price in 2014 — as office values continue to suffer from high vacancies and financing costs.

The sale is the largest office deal this year in downtown Los Angeles, which has been among the hardest-hit US office markets since the pandemic as remote work becomes more popular and escalating interest rates drive down values, wiping out owners’ equity.

https://www.bloomberg.com/news/arti...d-tallest-tower-sells-for-45-below-2014-price

Now, that price is TRULY DEFLATIONARY!

Downtown LA has gone to hell but that is a bit shocking. I wonder which party paid the new ridiculous ULA tax.