I can't believe a brick, 12-suite building has little or no value but that is the propblem. This East Cleveland property just needs a full rehab. The lender just wants to get whatever they can get at this point. We could ask how the property got to this point but the better question might be, Where do we go from here?
Interesting, taxes are 2 1/2 years overdue but the county has not filed a tax foreclosure. There is a notice on the door from the city asking the owner to care for the lawn but the weeds are over waist high.
What do we do with this property? Economics theory suggests that we need to allow the market to reclaim this property and return it to it's Highest and Best use. Easier said than done...
If you are interested in this foreclosed, commercial property, let me know. It is a great question what will happen here.
Friday, July 31, 2009
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