Old, abandoned or damaged pieces of commercial real estate can severely hinder the curb appeal of a city. However, they are often a great deal just waiting for a company or developer looking to acquire property that is cheap and has potential. When these blighted properties are scooped up, it is usually to the benefit of both the developer and the community.
Recently, a man purchased a property located along Mt. Airy Ave. in Philadelphia. The property fetched $67,000 in a tax sale, which was equivalent to around half of what the property is currently valued at.
The property had barely been touched since the summer of 2011 when part of it went up in flames. The building served as half of the Black Olive restaurant back when it was still operating. The building was damaged to the point where the interior was exposed to the elements, further damaging it over time and leaving it as “not a pretty sight.”
Perhaps the property’s buyer could not let himself pass up the deal as he admitted he does not have any particular plans for the newly acquired property. He said that the first order of business is to make necessary repairs before he moves ahead with either selling it or renting it out.
The executive director for the Mt. Airy Business Improvement District was understandably happy with the recent sale. She said she was hoping someone would buy it with immediate plans to make repairs that would make it less of an eyesore.
The nitty-gritty details of the property acquisition were not spelled out in media reports, but there is substantial paper work and legal hoops to jump through before purchasing property. It is best to enter in this type of arrangement with a legal professional that knows the ins and outs of real estate law.
Source: NewsWorks.org, “Fire-struck Mount Airy property sold 20 months later,” Aaron Moselle, Feb. 20, 2013