Have you observed in your local market that discerning buyers may discount these spaces and not consider them as true GLA?

You get the benefit of the market jump when it comes back up But I have also found deals in the current market, where there was an information inefficiency in the market and it wasn't clear what a good deal it was to the average observer. 

The bank could also assume that yiu have a lot of those reserves that will be going out in payments to contractors or for materials on the projects that you are just completing.These are just my observations from where the bank may be coming from.

More details/observations below..In 2009 & 2010, I saw a large proportion of sold homes that were in very poor physical condition (REO's etc) and not ready to be occupied, which appeared to be weighing heavily downward on price indeces.

. :)Silicon Valley employees are generally well compensated based on my observation.

Thomas, Based on my observation, Auction.com typically has very low opening/starting bids.

Looks like a rooftop deck maybe?

Many industry observers thought this was a smart purchase as they speculated that Dish Network’s strategy was to revamp the chain into a new concept.

My observation from a distance on properties like these in Baltimore is that they are eventually given, or sold cheaply to non profits that use grant money to over rehab the properties and sell them for top dollar with special terms.

Lastly, I will throw this in as an observation.