Re: [UC] Update on Sansom Street Gentrification, er, Development

[Krfapt]

In a message dated 4/28/2004 9:20:48 AM Eastern Daylight Time, [EMAIL PROTECTED] writes: SUNBURST REALTY L P 1936 SPRUCE ST PHILADELPHIA, PA 19103-6613 I counted 10 properties in the 4400 block of Sansom.  They purchased 7 of the 10 in November 1999 for $537K, which itself is pretty amazing, since the area in 1999 was pretty....tough.  http://brtweb.phila.gov/disclaimer.aspx?st=ad is where I got my information.  It's got a great wealth of information on property in Philly. Gail Interesting, although this is probably outdated. Unless I'm mistaken, Sunburst was one of the names being used by Rigdon Miller around the time you say those properties changed hands (1999). Rigdon went way over his head, ending up going into bankruptcy and letting the properties sit there and get worse. As I recall, they were in poor shape but habitable when he bought them from Mike Drum. By the time the new developer (ostensibly still unknown) bought them, they were in poorer shape and vacant (ostensibly uninhabitable).   One of the remarks made by Barry Grossbach in the discussion following Greg's presentation had to do with hoping the new developer would help the neighborhood recover from the fisaco involving Rigdon Miller. I certainly hope so too (at least as much as anybody because I have properties close by, on and just south of Walnut). But, candidly, I'm concerned based on what little was said by Greg Montenaro at the meeting, that we may be headed for fiasco number two. IMHO, that block of Sansom street would be appropriate for moderate-income housing. The houses are quite large, and they'd work for a decent-size owner's unit and an auxiliary rental apartment. Something in the $100,000 to $120,000 range with an appropriate community-development-type mortgage. Of course, if the shells went for $50,000, it would be hard to imagine that the finished products could be brought in to sell for $100,000 to $120,000.   Al Krigman   Al Krigman