[Durham INC] Rolling Hills, please help me with the math?

[Melissa Rooney]

I agree with Ken. 

On another note, I'm interested to hear if people think the city council would 
seriously consider subsidizing realtors who successfully sell these boarded up 
houses, perhaps with the caveat that they are visibly renovated within one 
year...

These places are priced as low as $4000...not much financial incentive for 
realtors to show them to prospective buyers. 

But I am learning of more Durham realtors who want to sell these houses because 
they want to see them return to their full potential.

It'd be a small price for the city to pay considering the tax revenue that 
renovating and reselling/leasing/living in these homes will provide. Certainly 
worth at least as much in taxes as giving the green light to developers for 
building new homes in environmentally sensitive land in rural and suburban areas 
;) Given the fact that the infrastructure is already in place for these old, 
boarded (and sometimes incredibly beautiful) houses, I've no doubt that the 
revenue generated from their sale and renovation would be substantially more 
than the rural and suburban cookie-cutter homes...

Melissa (Rooney)




________________________________
From: Ken Gasch <Ken at KenGasch.com>
To: inc listserv <inc-list at durhaminc.org>
Sent: Fri, March 11, 2011 7:20:19 AM
Subject: [Durham INC] Rolling Hills, please help me with the math?

From today's Herald Sun: "The first phase of the project, 132 mostly rental 
units on a site next to Lakewood Avenue, would cost an estimated $20.5 million. 
"

That is a little over $150,000 for each unit.  No wonder the St. Louis developer 
is not willing to put up any of their own capital. I wouldn't drop a dime into 
that project. It must be that "new math" I have read about.

We have boarded up houses all over Durham.

Respectfully,

Ken Gasch
REALTOR®/Broker
Seagroves Realty
www.KenGasch.com
C: 919.475.8866
F: 866.229.4267


      
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://rtpnet.org/pipermail/inc-list/attachments/20110311/e983a3ff/attachment.html>