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the value of the building might be dropping but the value of the land keeps going up. eventually somebody will buy it to tear down and build condos.
by notatoad 5y ago
the value of the building might be dropping but the value of the land keeps going up. eventually somebody will buy it to tear down and build condos.
- thaumasiotes 5y agoThe value of the building drops all the time. The value of the land is also dropping, as described. Loss of foot traffic is a blow to the value of the land, not the building. Who wants a condo in the middle of nowhere? The replace-it-with-condos plan requires the area to be growing, not shrinking.
- notatoad 5y agoWe're not talking about the actual middle of nowhere here. There are plenty of towns or smaller cities in the Midwestern US or the Canadian prairie that are still nice places to live but have downtown commercial districts which have shrunk over the last couple decades, and are now adjacent to functional main streets and held vacant by landlords who think commercial tenants will at some point be willing to pay the same high rents again. Amazon, e-commerce, and remote work mean towns can be growing at the same time as their central business districts are shrinking.