IS THIS A SIGN OF THE TIMES

Transactions like this are indications of tough times ahead.
The story:
Burnett Plaza, the tallest building in Fort Worth, Texas, has been purchased via foreclosure auction for $12.3 million just three years after it was sold for more than $137.5 million, according to the Dallas Business Journal.
The 40-story behemoth was bought back by Pinnacle Bank Texas in the auction held on the steps of the Tarrant County courthouse on Tuesday.
Pinnacle had claimed in public filings that the tower's former owner, Burnett Cherry Street LLC, an affiliate of New York-based Opal Holdings LLC, defaulted on a $13 million loan used to purchase the building in 2021.
The property was most recently appraised at $104.5 million by Tarrant Appraisal District, according to the Dallas Business Journal. Tenants include General Motors Financial, Kimley-Horn and Associates, Huckabee, as well as Freese and Nichols.
It is shocking that the holding company would have defaulted on the loan, and it is shocking that nobody else was bidding on the property. Houses have sold for far more. Martha Steward and her daughter were reported to have recently paid $12 million for a condo in New York City.
It will be interesting to learn who purchases the building from the bank and what they pay for it. If this becomes a typical transaction, the Biden policies will be even more devastating than were the FDR and Jimmy Carter economic policies. There will be tremendous pain to recover. People like Biden and Newsom in California who are only interested in power and control, bring pain to all.