City Eyes Selling Dearborn Towers in Florida
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.
March 6th, 2010 at 7:23 am
Why did O’Reilley wait 3 years after approval (2007) to decide to list the property? He wanted to wait until the market hit rock bottom and we would get nothing for it? More lack of management. Does this City have to hit rock bottom before we vote for new people?
March 6th, 2010 at 11:25 am
Try resurrecting the City first with attracting new businesses, instead of selling the Towers in this terrible market.
March 6th, 2010 at 8:31 pm
New people on the city council and Mayor, in Dearborn, HAH!
March 8th, 2010 at 12:52 pm
I asked a question of Deep approximately a week ago when it was reported in the P and G that O Reilly had appointed some thirty members (many of them long, long time cronies) to a task force created that would be looking into the future direction of Dearborn. I haven’t heard anymore about that task force. I can only wonder if the task force has had input on this matter. If Dearborn gets $5.8 million for that building, I will be suprised. I want to know what plans there are for buildings and economic development in Dearborn and not some run down building in Clearwater, Florida.
March 8th, 2010 at 7:05 pm
Perhaps the Church of Scientology will buy it up for Travolta and Cruise et al. Clearwater is afterall their HQ city and they’ve been buying up a lot of commercial property there of late. Come to think of it, kind of a weird twist that the cult is based on Ron L. Hubbard – wasn’t that the name of a former mayor?