Commercial landlords baffle me

[barkley]

LOL. I just checked Google maps. On a 3 mile stretch of the main drag though my community we have:
Five Starbucks

in the very small town near me there are 2 starbucks in the same parking lot. not a huge parking lot. on JUST the 2 mile in total length main street there are 7 individual dedicated coffee places (4 drive through). JUST one street's worth.

Same in Seattle. Many banks closing. The remaining branches downtown that used to have 20 tellers windows now have 1 or 2. Place is usually deserted. Now when we go to visit our mother in law in Sequim that has a large % of retired residents there are tons of banks.

we are making it up for you here on the eastern side of the state except it's credit unions-they are popping up all over the place. existing ones opening new branches, ones from other regions/states opening branches. used to be that wells fargo was the prominant bank located in some large chain grocery stores-they largly vacated and now it's a credit union.

 

[MillauFr]

Not sure what you mean by this but most community bank presidents earn around $200m plus bonus and benefits

How can they afford to pay the CEO $200m? Even Bob Iger is ONLY makes $27m per year.

 

[Chili327]

How can they afford to pay the CEO $200m? Even Bob Iger is ONLY makes my $27m per year.

It's all the "Fee" fees.

 

[goofyernmost]

My thought is that there are a lot of things concerning buildings that happen that I think we just don't understand. Even though I don't remember seeing any old banks closing up in the 12 years I have lived here, there are a lot of them abandoned and left empty from before. My guess is some had gone the wrong direction during the housing bubble that adjusted in 2008. The same thing is happening now which just proves that humans never learn anything and must make the same mistakes over and over again.

However, I don't have any connection with any of those places so I don't really know what happened. One of the biggest puzzles to me was the chain of restaurants under the signage of "Golden Corral". When I moved to NC the Raleigh area had about 4 fairly close by, now there are 2. There was a relatively new modern one just about 2 miles from me and just another mile more was the headquarters for the chain, same street. When Covid hit it hit buffets particularly hard. The new one closed down and never reopened. I suspected that being a Franchise, whomever was the franchisee didn't have the capital to ride it out, but I thought that since this was the closest to the Headquarters that there was in the country they would have made a strong attempt to operate it until they could find another organization to start it back up again. as a franchise. They didn't. Instead, they sold or leased the building to a retail store.

At the same time the headquarters moved out of the building that they owned for 40 years and put it up for sale, moved to a fleet of offices about 6 miles away where they are presently operating and the old building is still empty and I assume it is still costing money to maintain and keep it sellable and they are now paying rent someplace else. I'm sorry but I am having a hard time understanding why that was beneficial. They must know, I just don't. Could be a tax thing I would guess.

 

[tvguy]

My thought is that there are a lot of things concerning buildings that happen that I think we just don't understand. Even though I don't remember seeing any old banks closing up in the 12 years I have lived here, there are a lot of them abandoned and left empty from before. My guess is some had gone the wrong direction during the housing bubble that adjusted in 2008. The same thing is happening now which just proves that humans never learn anything and must make the same mistakes over and over again.

However, I don't have any connection with any of those places so I don't really know what happened. One of the biggest puzzles to me was the chain of restaurants under the signage of "Golden Corral". When I moved to NC the Raleigh area had about 4 fairly close by, now there are 2. There was a relatively new modern one just about 2 miles from me and just another mile more was the headquarters for the chain, same street. When Covid hit it hit buffets particularly hard. The new one closed down and never reopened. I suspected that being a Franchise, whomever was the franchisee didn't have the capital to ride it out, but I thought that since this was the closest to the Headquarters that there was in the country they would have made a strong attempt to operate it until they could find another organization to start it back up again. as a franchise. They didn't. Instead, they sold or leased the building to a retail store.

At the same time the headquarters moved out of the building that they owned for 40 years and put it up for sale, moved to a fleet of offices about 6 miles away where they are presently operating and the old building is still empty and I assume it is still costing money to maintain and keep it sellable and they are now paying rent someplace else. I'm sorry but I am having a hard time understanding why that was beneficial. They must know, I just don't. Could be a tax thing I would guess.

The trend here is self storage places going into abandoned buildings. Two old K-marts are now indoor storage, and one of the phone company exchange offices is too.

 

[MillauFr]

The trend here is self storage places going into abandoned buildings. Two old K-marts are now indoor storage, and one of the phone company exchange offices is too.

Yeah self storage is another business model I don't understand how it survives. People spending thousands and thousands of dollars to store old junk that isn't worth $20.

 

[Sweettears]

How can they afford to pay the CEO $200m? Even Bob Iger is ONLY makes $27m per year.

Small m stands for thousands

 

[Turn the Page]

Our downtown historic district is riddled with empty storefronts. Like many have said, most of the downtown area is owned by just a handful of people and at least one is on record as saying he wants to keep the spaces empty to take the tax write off. He's a jerk anyway.

 

[MillauFr]

Small m stands for thousands

k is thousands

 

[Sweettears]

k is thousands

Not in financial reporting

 

[tvguy]

Not in financial reporting

You sure?
https://www.linkedin.com/pulse/k-m-when-referring-per-thousand-linda-spurlock/

 

[NYCgrrl]

K as a symbol for $1000 has become a norm in the RE industry whether financial reportage or product. I do recall seeing m used but this M is kinda ruling the world, lol

 

[Sweettears]

I guess I’ll have to go back and refill the 100’s of sec reports I have filed

 

[Sweettears]

You sure?
https://www.linkedin.com/pulse/k-m-when-referring-per-thousand-linda-spurlock/

This is interesting but there is no “per” in the noted usage.

 

[Sweettears]

Regardless my point, which seems to have been lost in discussion, is that it is not unusual for a community bank president to earn $200,000 as a base salary.

 

[tvguy]

Regardless my point, which seems to have been lost in discussion, is that it is not unusual for a community bank president to earn $200,000 as a base salary.

According to Glassdoor the "base" pay range in my city for Community Bank Presidents is $114,000 to $194,000 with $81,000 to $152,000 in "additional" pay. They don't define additional pay.

 

[Sweettears]

According to Glassdoor the "base" pay range in my city for Community Bank Presidents is $114,000 to $194,000 with $81,000 to $152,000 in "additional" pay. They don't define additional pay.

That’s pretty accurate. I’m in metropolitan Chicago. Might be a touch higher

 

[barkley]

The trend here is self storage places going into abandoned buildings. Two old K-marts are now indoor storage, and one of the phone company exchange offices is too.

we have our share of storage place but what gets to me are the otherwise vacant lots with filled pods storage units. not talking lots used to store empy pods-those are well marked, lighted, secure lots with signage advertising them along with the vehicles to deliver/pick up. just random nasty lots on well traveled roads with little clusters of pods and singles spaced at a distance from one another.

 

[MillauFr]

According to Glassdoor the "base" pay range in my city for Community Bank Presidents is $114,000 to $194,000 with $81,000 to $152,000 in "additional" pay. They don't define additional pay.

I just don't understand why a CEO of a community bank would accept less than $200k per year in a moderate to high cost of living area. That is a high pressure job. Way more than 40 hours per week. No way I would accept less than $500k for that. For $200k per year what can you afford? A 1 bedroom condo in Lodi?

 

[tvguy]

I just don't understand why a CEO of a community bank would accept less than $200k per year in a moderate to high cost of living area. That is a high pressure job. Way more than 40 hours per week. No way I would accept less than $500k for that. For $200k per year what can you afford? A 1 bedroom condo in Lodi?

A friend in the banking industry says it is brutal in his industry now. There are 100 MBAs applying for every job. Banks just don't need to pay high salaries anymore.
And with AI, you may not even need people anymore.