Thursday, September 23, 2010


Blogroll Me!
At the corner of Hudson and High Street here in Columbus Ohio, sits a building that is falling in on itself not ever being finished or generating income. It has been sitting in it's near finished and slowly deteriorating state for 6 years.
This is truly an example of an "eyesore"; and on real estate property that theoretically should have been generating a lot of income in the past 6 years.

Each and every time I have driven by this building I have wondered about it's original purpose. It sort of looks like apartments, and it sort of looks like office space. On the other side of the street is a small shopping area that used to be Papa Johns Pizza (moved to another location). Next to that, a tax place that is only open for a few months a year, and in the front of that a Blockbuster Video that is scheduled for a chapter 11 bankruptcy very soon and will inevitably close its doors. Very soon this block will look like a ghost town if some relevant business doesn't move in soon.
I think that places like this that are eroding before our eyes, are a sign of how things really are in spite of what spin the media would have us believe. It is a little premature to call the end of the recession before the collapse of commercial real estate comes into play. It is happening, has been happening...but the banks don't want this on their books so they are allowing these businesses to continue operating without paying rent. Soon the commercial real estate bubble will pop and the double dip recession will rear it's ugly head seemingly saying "I'm back"!

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