The wipeout of CRE valuations is going to be epic. Banks, PE locusts, & pension funds saddled with the toxic-waste CMBSs on these buildings are toast.

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On Tuesday, we asked: Is this the start of a commercial real estate firesale in crime-ridden Baltimore City?

And to our surprise, it appears so.

Let’s begin with our report on Tuesday when The Baltimore Sun revealed a 30-story office tower at One South Street in downtown Baltimore that was sold in June for $24 million, a 63.6% discount versus the tower’s 2015 sale of $66 million. This was the first sale of its kind in the post-pandemic era.

https://www.zerohedge.com/markets/baltimore-hit-office-tower-price-crash-firesale-erupts

h/t Simian_Stacke