Thursday August 1, 2024
While everyone is worried about inflation what about deflation?
I spotted this story of how a building worth $232 M in 2006 just sold for $8.5 M.
The auction for 135 West 50th opened earlier this week with a starting bid of $7.5 million. On Wednesday, with seconds left and only a single bid of $8.5 million, a gray box that read “reserve not met,” referring to the seller’s minimum price, suddenly turned green and changed to “reserve met” after that price was lowered. According to Ten-X, the reserve price is generally set at around three times the starting price.
As the clock ticked down to zero, the auction was extended — three times — for a total of 10 minutes and 30 seconds. The auction finally ended with a sale price that was about 2.5% of what the sellers had paid for it.
Or consider what has happened to once popular shoe seller, NIKE
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