Houston Builder ABANDONS Skyscraper | Foreclosure EXPLODES

Houston Builder ABANDONS Skyscraper | Foreclosure EXPLODES

Subdivision Analysis Form:
0:00 - Intro
5:27 - Abandoned Skyscraper
9:55 - Office Building Foreclosure
13:10 - Hilton Hotel Apartment Conversion
17:29 - Commercial Multi Family Foreclosure
21:01 - Conclusion

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[Matakui]

Wearing that blazer in the texas heat and humidity is absolutely BONKERS!!!!

[janicem.]

Wyatt is doing an excellent job reading. Bravo, Wyatt!

[whou]

Lived in Houston for over 50 yrs. Boom/Bust is the name of the game. Always has been. Now is bust time. The great thing about such foreseeable a boom/bust cycle is that there are opportunities.

[sheraspencer]

Absolutely bonkers! Love seeing the father/son duo! ❤

[jerryrichardson]

I live in Houston, I knew things weren't great, but this was a bit of a surprise, thanks.

[stevenevangelist]

That is crazy. What a waste. When you owe the bank $1 million. You got a problem. When you owe the bank $100 million. The bank has a problem.

[bobloblaw]

City of Houston should require a performance bond to complete buildings that big. Or at least a bond for demolition in the event of bankruptcy and incomplete construction.

[ogles]

Drove through the DfW metroplex this week and saw two major apartment complexes that were under construction that look as if they got about half way to getting them completed and were abandoned a year or two ago.

[markphillips]

Laughing at the Champions School of Real Estate sign on the forclosed building. Priceless

[danlowe]

The examples given demonstrate exactly why office to residential conversions do not work. The brand-new building shown is $107M for 750, 000 sq. ft which equals $143/sq ft. The proposed conversion of the Hilton is $77.5M ($37.5M purchase price and $40M renovation cost) for 192, 181 sq ft which equals $403/sq ft. It's nearly 3X the cost to convert and this is why it sounds great but simply is not practical.

[marktreston]

My office is right next to the Hilton. That "Mixed use" building you mentioned is for low income.

[wooduniversity]

Look at what happened to Texas real estate in the 80s and 90s. History repeats itself.

[mbillc]

Absolutely bonkers! Loving the father son video!

[sciencelabvideosl]

What is interesting is that this is THE MUSEUM DISTRICT!!! THat is prime real estate in Houston!

[jaca]

It's messed up for the housing and commercial property in all areas. Oh, Wyatt did a good job reading the article.

[raytaylor]

if this sort of thing continues all over this country, then it is a sign of extreme distress and means one thing. great depression 2.0

[LouisPassau]

If you understand how large scale landlords and developers really make their money, this wouldn't seem strange. If you think it sounds crooked, you'd be correct. Projects started under low interest rates got clobbered when they went up. Add in decades of overbuilding, particularly in the office sector, and you have an avalanche of foreclosures.

[suemilkbone]

Wyatt did a great job! You two make a great team 🙂

[MarkD-ndlg]

If I remember correctly the property at 1001 w.loop South was part of the S&L crisis of the late ‘80’s and auctioned by the RTC…if so then taxpayers will have dealt with it once already.

[adventureswithjose]

I could see those hotels coming down to make room for something better, but they'll probably remain. That office building I don't see going anywhere anytime soon. Those apartments aren't in a very desirable area of Houston but someone will pump and then dump them once they get their money out of them. The high rise will probably sit there and rot until another developer takes over the project..