Prices drop on blighted properties
Prices have been reduced on two east side properties that the City of Warren Redevelopment Authority controls.
Karlene Smith with Real Living Real Estate Experts updated the RDA at their Wednesday meeting.
The properties are located at 908 and 910 Pennsylvania Ave. E. and 102 Center Street
Smith told the RDA that they have been marketing the property but that no offers have been received.
“We’ve had people look at them,” she said. “(We) get people that think they’re going to finance.”
But Smith said the properties would need to be in better condition to be financed unless financed through a commercial-type loan though, she added, that investors see those properties as a lot of work.
She suggested that the properties on Pennsylvania Ave. – one of which is a vacant lot – would be best marketed combined.
“That’s a really difficult property to sell,” she said. “We’re reaching out to several counties that surround us.”
Authority member Tricia Durbin asked if Smith has seen properties similar to 908 Pennsylvania Ave. sell.
“Yes, for $10,000,” Smith said.
The current listed price for 908 is $22,000 and $6,000 for 910, the vacant lot.
The Center St. property is listed at 18,000.
“Location has a lot to do with it,” Smith said. “Pennsylvania Ave. isn’t the hottest location.”
She said the one advantage the property has is that the vacant lot could be turned into off street parking.
Terry Williams, Director of Codes, Permits, & Recreation Services, asked Smith if she had a suggestion for a “lower, more attractive price.”
“Anything you guys would be willing to do would be beneficial,” she responded, noting that there have been people through the Pennsylvania Ave. properties and more through the Center St. property.
Williams asked what their reaction has been.
“Too much work,” Smith said, noting that the work would be “out to the studs and back out again. New electric. New plumbing. New everything. It’s rough anywhere (but it) could be rehabbed.”‘
The RDA ultimately decided to combine the two Pennsylvania Ave. properties and drop the total price to $19,500 and the Center St. property to $14,500.