2 ms·
> To whom? Yes to Westfield's bottom line > Why is the difference meaningful to anyone who isn't the corporation already planning on exiting the market? > hav
by cscurmudgeon 3y ago
> To whom? Yes to Westfield's bottom line
> Why is the difference meaningful to anyone who isn't the corporation already planning on exiting the market?
> have replied this as if it has self-evident corollaries
They are sort of self evident for locals and folks who have dealt with any form of real estate in CA. But happy to explain.
It matters to cities. Foreclosed assets go for lower price than before and thus reduce property tax revenue (which is based on the value the property was purchased for).
It matters to consumers. As a consumer in the bay area, I know WestField SF will be neglected. Meanwhile WestField in San Jose, even after it changes hands, will continue to thrive.
- gingerrr 3y ago> As a consumer in the bay area, I know WestField SF will be neglected. I guess this one was too self-evident, as that feels like it was a truism even before the foreclosure considering the overall direction the entire area has already been headed for over a decade and the stores within the mall that have already closed. Do you see the foreclosure itself having had a unique impact on these feelings? To me, public sentiment has already been very negative. > Foreclosed assets go for lower price than before Makes total sense! Wasn't thinking what happens after the next sale re: property taxes, good point. Thanks for explaining!
- cscurmudgeon 3y ago> Do you see the foreclosure itself having had a unique impact on these feelings? To me, public sentiment has already been very negative. Unfortunately, these things are self-perpetuating. > Thanks for explaining! Mp!