The City of Dearborn is getting ready to test the real estate market, deciding to put the Dearborn Towers in Florida on the sales block, according to a recent story in the Dearborn Press & Guide.

Dearborn Mayor John B. O’Reilly, Jr., tells the paper that he would like to get the 88-unit apartment building in Clearwater, Florida on the market “within the next month.”

Many of you will recall that in 2007 voters approved a measure that gave permission to the city to sell the towers. Well, it appears that time is now.

As most homeowners in Dearborn know, this isn’t the best time to be selling real estate. The same holds true of the Dearborn Towers. But with tightening city budgets this is one way for the city to generate some revenue and perhaps erase from the books a 50-year-old building that could soon need some major updates and repairs. In 2007, the Florida property was valued at between $8 million and $8.3 million, stated one informal appraisal, according to the paper. Another appraisal in March 2008 put the value of property at about $5.6 million.

The property’s value has since dropped to $2.8 million, according to the most recent appraisal, the Press & Guide reports. The value could climb to $5.8 million if rents in the building were raised to levels of surrounding buildings, the paper says.

The task of actually selling the property could take between six and 18 months, the paper reports.

“The good news is we’re not in a hurry to sell,” O’Reilly tells the paper. “We’re not going to jump at the first offer that comes along.”

For the full Press & Guide story and to watch a video interview with Mayor O’Reilly about the sale, click HERE.