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 Post subject: real estate fantasy meets reality
PostPosted: May Sun 06, 2012 3:30 pm 
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Joined: Jul Sun 08, 2007 9:40 pm
Posts: 2498
Location: Muscletown, USA
There's a huge historic property for sale right down the street from the museum where I work. Early this week, our CEO tells me that the price is $50K. So I go the listing web site and it says $195K. I email my CEO with this info and she emails back that they emailed her with the $50K price. So my common sense goes out the window and I call up the agent, whom I know, and set up a walk thru with him and my wife. I've been in the building before, but the walk thru is mind numbing. 12K square feet, central air, new HW boiler for all the radiators. Every window in the oldest part of the building has interior pocket shutters that work perfectly. Every door has hardware to die for. Medallions on the ceilings, alarm system, etc. etc. The place is unbelievable. The downside is no garage and for the last 50 years it was used as the Visiting Nurse Assoc. So all of the rooms with their 10' ceilings have florescent lights. Because it was owned by the local hospital, the maintenance was incredible. But, not being a residence, there's no shower. Just rest rooms with multiple stalls on every floor. This place is huge! It's like Gone With the Wind.
It turns out that the price is $195K. My CEO misread the email that said "reduced $50K" She said "my bad". :roll: Of course, my wife and I are still thinking about this place. The taxes (even if reassessed) are outrageous and the utilities would kill you. But what a place, even for the correct price. Check it out:

http://www.loopnet.com/xNet/Looplink/Pr ... 2578682023


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 Post subject: Re: real estate fantasy meets reality
PostPosted: May Sun 06, 2012 4:03 pm 
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Joined: Nov Sat 22, 2008 3:04 pm
Posts: 1893
Location: Gormley, Ont., Canada
I can't help but dream about that property's potential. Even the realistic price is fantasy if you compare it to prices within the greater Toronto area. $200K here might buy you a 2 room condo...maybe! $50K was certainly too good to be true.

Bruce Webster

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 Post subject: Re: real estate fantasy meets reality
PostPosted: May Sun 06, 2012 4:09 pm 
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Joined: Nov Sat 22, 2008 3:04 pm
Posts: 1893
Location: Gormley, Ont., Canada
Just for giggles, look how stupid real estate is getting in Toronto.

http://www.thestar.com/business/article/1160462--toronto-parking-garage-costs-more-than-a-car

Bruce Webster

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 Post subject: Re: real estate fantasy meets reality
PostPosted: May Sun 06, 2012 4:30 pm 
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Joined: Mar Fri 14, 2008 1:40 pm
Posts: 8420
Location: SE USA
I had a real estate fantasy once back in 1980. I had just returned from a vacation in St. Vincent (Caribbean) and I saw an ad in the Wall Street Journal about a small guest house for sale at $10K. I immediately called one of my buddies there and asked about it. He knew the place and it was pretty rough and had gotten a bad reputation. He thought 10K was remotely possible but doubted it.

So I called the owner and sure enough it was a misprint. It was supposed to read $100K ! My buddy said that was about as far on the high end of the scale as 10k was on the low.

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 Post subject: Re: real estate fantasy meets reality
PostPosted: May Sun 06, 2012 11:05 pm 
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Joined: Jun Wed 01, 2011 9:05 am
Posts: 6736
Location: "Amish Country", PA
GREAT price... buy it, put some showers in and rent the **** out of it!! :lol: :lol: :lol:

You could prob break even in a couple years. :shock:

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 Post subject: Re: real estate fantasy meets reality
PostPosted: May Mon 07, 2012 12:09 am 
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Joined: Jan Thu 01, 1970 1:00 am
Posts: 3565
Location: Jim Thorpe Pa
If that was in my town, it would be gone in a flash .... 8) .... Buy it and rent space to fellow radio collectors to store their consoles :shock:

Image

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