[RP TownTalk] Town thinking about selling off land

[ABragg7393 at aol.com]

Jim is correct on the selling price and the square footage of the lot on  
5000 block of Tuckerman.  I don't agree that you can make a judgement on  
price by looking at one property.  This particular property Jim is talking  
about was a very distressed property, but there is also some history that goes  
with it.  This property was sold in March of 2010 for $53370.  In  April 
2010 it was put back on the market (no work being done and it was a  mess.  
mold, fleas, dirt, clutter, old food, etc. etc.) and sold for  $83000.  Not a 
bad return on investment for one month.  $29630.   Don't know where you can 
get that kind of return on your money these days.   See, you can make money 
in real estate!
 
An appraiser would likely compare the lots to other finished lots in the  
area, not distressed real estate.
He would also take into consideration the prime location backing up to the  
park.  He would also give consideration to the building on one of the  lots.
I don't believe in selling anything without an official appraisal.
Audrey
 
 
In a message dated 10/7/2010 12:44:45 A.M. Eastern Daylight Time,  
jcolema3 at aol.com writes:

The lots  comprise 15,375 sqft. The sold price of the nearest property in 
the 5000 block  of Tuckerman Street in June of this year was $83,000 for 
11,349 sqft. This  leaves roughly 7.31 per sqft based on this price. The 
equivalent value for the  combined properties in question is $112, 450 
approximately. This estimate  obviously oversimplifies the question of building value 
but does work as a  thumbnail snapshot. I think that we are all in agreement 
about the fact that  all of our properties are undervalued but my estimate 
leaves some doubt about  whether your conjecture is correct on the possibility 
of this being a back  room deal. If it is, the town is getting the good end 
of this deal.   


I think the appropriate question is whether this is in the long term  
interest of the town or not based on many factors outside the value of the  
property. 




On Wed, Oct 6, 2010 at 10:55 PM, Melissa Avery <_m.avery at rocketmail.com_ 
(mailto:m.avery at rocketmail.com) >  wrote:


 
Quote from Patch regarding the towns administrations idea of selling  off 
one of the last remaining bits of land actually owned by Riverdale  Park.
 
"There will be a public hearing on Oct. 25 at 7:30 p.m. regarding  whether 
the town should take park and planning's offer to buy the property  near the 
old boys and girls clubhouse for $150,000."
 
This should be a referendum. 
A decision of this magnitude should not be left up to back room deals.  

$150,000 for two lots on the park?
Does who ever proposed this deal think it's 1975?
 
Melissa


 







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