> Vicky, my question is how they advertised that the McCaffery building was
> for sale? I do not know anyone who knew the building was up for sale.
Any
> building at 7th and Hennepin that has retail space for a restaurant and
room
> for 11 housing units has got to be worth more than 2.5 million. The Strib
> article says they bid the �Minimum� amount. Why was the minimum that low?
Craig Here
I'm tempted to drive on down and take a look. It seems real cheap to own a
piece of DT for that much. My first hunch is that this would have went for
much more if word got out farther and deeper. Lets borrow a page from our
big sisters at HUD.
Open suggestion to Council Mayor and MCDA I've followed and went to several
HUD multi-family auctions in the past few years. Most out of state and some
right here in Minnesota. Here's some things to consider.
1. Check out the constantly updated website at
www.hud.gov/offices/hsg/mfh/pd/mfplist.cfm
2. I've attended several auctions. The final sale price always exceeds the
minimum by large amounts. Usually multiples.
3. The amount of people attending the auctions, is always large. Apparently
the word is getting out.
4. Each time after a sale I've run the numbers based on the sale price.
Here is my conclusions:
- The buyers are paying a little too much or way too much for the
property.
- Or they are willing to bust their hump that hard to make things work
for years needed to recover their investment
- The taxpayer is getting the best deal possible for the bankrupt or
vacant property.
-The email and electronic bulletin board works fantastically.
Here is the suggestion for us in Mill City. All Sales and RFP's need to be
emailed to an ever expanding email blast list. MCDA should carry a link of
website for the properties on inventory and when the auction is. Check out
Henn county's tax forfeit auction page
www.co.hennepin.mn.us/taxsvcs/gstxtfla.htm
More exposure leads to higher sale prices.
Currently I get blast from MCDA for "What's New". If the blast list gets
larger and larger, more will know of sales and opportunities. The new
additions to the RFP and prop for sale should be as explicit as possible.
The goal is to get more buyers, sell for higher prices, more money for
treasury. I know we have to publish a legal minimum in Finance & Commerce,
so be it. But we could market a whole lot more and farther with the
internet.
Craig Miller
Rogers, MN
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