When a property loses over one billion dollars in value, cities, counties and schools also lose a lot of revenues. This is only one property in San Fran. It will take till the end of summer before we know the full extent of the loss of property values—and loss of revenues. San Fran is collapsing, and now it is not in slow motion.
“San Francisco’s biggest mall has now lost nearly $1 billion in value, it’s been revealed. The financial firm Morningstar Credit Analytics says that since 2016, the former Westfield Mall’s value has dwindled in worth, losing $910 million dollars in value.
As first reported in The Real Deal, the mall was recently appraised at $290 million. That’s significantly down from its $1.2 billion valuation in 2016, according to Morningstar.”
San Fran is already facing a billion-dollar deficit. This makes it worse.
SF’s former Westfield Mall has lost nearly $1 billion in value
by: Alex Baker, KRON, 1/18/24 https://www.kron4.com/news/bay-area/sfs-former-westfield-mall-has-lost-nearly-1-billion-in-value/
SAN FRANCISCO (KRON) — San Francisco’s biggest mall has now lost nearly $1 billion in value, it’s been revealed. The financial firm Morningstar Credit Analytics says that since 2016, the former Westfield Mall’s value has dwindled in worth, losing $910 million dollars in value.
As first reported in The Real Deal, the mall was recently appraised at $290 million. That’s significantly down from its $1.2 billion valuation in 2016, according to Morningstar.
There has been a series of high-profile store closures at the 1.45 million-square-foot property. Last summer, the mall’s anchor tenant, Nordstrom, closed after more than 34 years.
In June, Westfield, the company which had owned and operated San Francisco Centre on Market Street for more than two decades, pulled out. Westfield cited a steep decline in shoppers and “challenging operating conditions” as reasons for it pulling out.
Several other retailers have also ceased operating at the mall, which is currently at just 25% occupancy.
