A low price doesn't make a good deal. Legacy assets like office buildings are flooding Phoenix, Seattle, and Houston after losing value. One building sold for $75 million eight years ago and just went for $10 million, raising the question: what do you actually do with it?
Just because it looks like a deal doesn't mean it is. We're starting to see legacy assets. This has happened in Phoenix, Seattle, Houston, a couple other markets that we've been looking at. An office building, it is, that 8 years ago sold for $75 million and last week traded at $10 million. And you're like, what a great opportunity. And it's like, well, maybe, but what the hell are you going to do with it? Well, we're going to turn it into a club. There's something there that you can do with it, but just because it looks like a deal doesn't mean it is.
