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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (7301)12/12/2002 5:18:17 PM
From: Elroy JetsonRead Replies (1) of 306849
 
A good example of this problem in Los Angeles are the landmark Arco Towers.

The Japanese home builder, Shuwa Investments, bought this 2.2 million square foot high-rise complex in 1986 for $650 million. They are expected to complete a sale in 2003 for close to $180 million. That $470 million loss doesn't even include the major upgrades Shuwa made to the property.

Japanese investors lost more than $1 billion on the sale of the Bonaventure Hotel in downtown Los Angeles.
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