COMMENT OF THE DAY: WHO’S SITTING ON ALL THOSE VACANT BUILDINGS IN MIDTOWN? “I don’t get why there are so many empty buildings in the area. With such high land values (and tax rates), why don’t they sell them? It seems there are a lot of people that can afford the massive expense of sitting on a property (taxes, insurance, minimal upkeep to keep the city fines away, taxes, etc.) I’m sure a lot of instances it’s someone asking too much for a property. But if it’s still sitting after YEARS on the market (and YEARS of expense), something should tell you that you have it priced too high. I don’t know… I guess I’d just start freaking out if only a few months passed and an empty property of mine was just sitting there. I have had multifamily properties on the market but they’re full and [bringing] in income while on the market so I’ve never been in a rush. But a vacant building? *shudder*” [Cody, commenting on How You Can Help Large-Scale Graffiti in Midtown Get Off the Ground]
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I would guess that there are so many vacant buildings because the area, despite steadily increasing amenities, is still undesirable. There are numerous shelters east of main, which brings an unsavory element to midtown.
A lot of those buildings have nominal value and might even be argued as a liability against the value of the land because they’ll have to be demolished to put the site to its highest and best economic use. The owners only defer demolition because that would be an up-front cost.
Being outraged at the existence of derelict buildings in a neighborhood in Midtown is about as useful as being outraged at a vacant lot in Midtown. Suffice it to say, however, Rome wasn’t built in a day.
his comment is nevertheless correct. assuming the property has been on the market for several years, then it is clear that the owner is asking too much (regardless of demolition or vagrant issues).
Every parcel and every building is always for sale. Some buyers and/or sellers are merely more motivated than others.
BR, the area east of Main is very nice (that’s my hood you’re talking about). It’s only two blocks east of Main in a couple spots where there are vagrants that hang around because no one else is there. Look at the area where Natachee’s now is. Before it, vagrants hung out along the entire block and around the corner. Now that that development is in, they have moved along. htownproud is right… asking price is too high.
The area east of Main has really taken a hit on the last year. More vagrants, more trash, etc. San Jacinto has sure nosed dived.