Trace Mayer

Bankrupt Banks and How Asset Values Are Deteriorating

oldtimertoo, I clarified the conversation with my colleague and he responded the building is ~120,000 sq. ft. and in Del Mar, CA.

While I would not consider Oceanside 'an armpit of a place', that title is reserved for places like Barstow, Omaha or El Paso, it being in Del Mar makes a little more sense as Del Mar is, in my opinion, one of the nicest places in the world although it can get a little expensive.

As I responded in the second comment, rather than 'give away CA real estate' they would rather demolish it. I suppose it keeps the comps up and TARP juice flowing.

www.youtube.com/watch?...


On May 01 11:25 AM oldtimertoo wrote:


> Maybe you screwed up some facts, but there is no way an office building
> in Oceanside would ever be worth $640/sf. That is more of a Manhattan-type
> valuation. Suburban CA office prices tend to run in the $200/sf
> range, and less in undesirable places like Oceanside.
>
> A lack of comps makes values uncertain, not zero. Please give me
> a call if anyone decides to start giving away CA real estate. I'll
> be happy to take it off their hands.

Bankrupt Banks and How Asset Values Are Deteriorating

fatcat, I think we are in agreement. The condominium example also applies to a lot of these houses. I got distracted and forgot to mention how banks are actually demolishing brand new homes because they are worth less than worthless. Great way to use TARP money! Anyway, hopefully a comment will do the point justice.

www.youtube.com/watch?...

On May 01 02:44 AM fatcat wrote:

> Agree with your article completely...one thing is wrong....a house
> in Detroit ,boarded up and carried on the banks books...is a tangible
> asset,but is worth zero...they won't even repo it,because they would
> have to pay taxes and city mandated repairs and maintainence...better
> to leave it in the mortgage holders name.
>
> Sad...

Some Bank Behemoths Now Sub-Single Digit Midgets

Big K, of course AIG is and it goes very deep.

Another Big Bank Failure: More Likely Than Not to Occur

Reggie, ad hominem attacks are merely from the intellectually bankrupt.

I think you are spot on about the zombie banks seeking capital anywhere they can find it like vampires. It was a good general article.

I would recommend proofreading or editing as it was a difficult to finish.


On Dec 31 05:04 AM Reggie Middleton wrote:
> I see the well mannered, polite crowd still frequents the SA boards.
> I luv y'all too.
>
> As a commenter inferred earlier, your criticisms will hold much more
> weight if delivered with just the slightest modicum of professionalism.