Atlanta's tallest skyscraper appears to be a symbol of wealth.
Completed in 1992 at a reported cost of $150 million, the Bank of America Plaza stands 1040 feet tall and the top glows orange at night.
At the very peak of the real estate market in 2006, the Los Angeles firm BentleyForbes bought the Atlanta skyscraper for a reported $436 million.
The firm's owners probably had not read the New York Times bestseller Conquer the Crash (first published in 2002). This quote is from the book's second edition (p. 157):
"At the bottom, buy the...office building or business facility of your dreams for ten cents or less per dollar of its peak value."
It's fair to say that "peak value" is precisely what BentleyForbes created. Now it looks like the firm faces an outcome it did not expect:
"Bank of America Plaza, the tallest building in metro Atlanta, is a step closer to going back to its lender.
"A company that specializes in troubled loans is making preparations for a possible foreclosure..."
Atlanta Journal-Constitution (1/6)
When Conquer the Crash first published, real estate was red hot. The sentiment of some was "Get out of real estate? You've got to be kidding."
"We have caught some flak...for not piling on to [the real estate] mania and for warning that disaster was around the corner...Manias always look good on the left side; it's the right side that causes the problems, and, generally speaking, people who don't get out early don't get out at all."
The Elliott Wave Theorist, December 2005
Other office buildings in other cities now face low occupancy rates or foreclosure. Reuters reports that the U.S. office space vacancy rate hit its highest level in 16 years in the first quarter of 2010.
Yet, some economic analysts believe that the worst is behind us and better days are just ahead for the economy...
Our analysis draws a different conclusion. The facts and evidence we see suggests the economic downturn has more to go -- much more.
It's time to learn specific steps on how to financially protect yourself before the economy sinks even deeper into a deflationary depression.
Indeed, you can even position yourself to prosper in the months ahead. How?
Read our Free 8-Lesson 'Conquer the Crash Collection.'
This 42-page Free Report will help prepare you for the worst part of the financial crisis.
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