Burnett Plaza foreclosure: Has Fort Worth's downtown real estate really ‘bottomed out'? [Yahoo! Finance]
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Source: Yahoo! Finance
News that Fort Worth's tallest building “sold” for a fraction of its appraised value last week sparked doomsday headlines for the city's commercial real estate market. The Daily Mail wrote that Burnett Plaza sold for an “astonishingly low” price, while real estate news outlet The Real Deal wrote that “ Fort Worth's office market may have just bottomed out.” The stories were based on a report that the 40-story office building, bought for more than $130 million only three years ago, had sold in foreclosure for just over $12 million . The tower was built in 1983 and boasts over 1 million square feet of office space. The foreclosure transaction was originally reported by the Dallas Business Journal. But what the stories inferred from the foreclosure transaction was not entirely accurate, experts said. ? More top stories from our newsroom: ? Judge grants Timberview High School shooter relief on 2 new charges ? Over 400 apartments could be coming to far north Fort Worth ? Cau
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