03-29-2017, 10:26 AM
It's not that uncommon for a property being sold as-is to have restricted access to buyers, or only to be viewed from the outside. If there are contamination or structural issues, that's often the case.
I imagine this is a unique situation in regards to the restriction that the property be sold for more than the taxes owing. It would take a long time to rack up a tax bill equal to the value of a property, in most cases. A million dollars would probably not be an unreasonable price to pay for this property. It's the remediation requirements that change the economics of it.
It would be nice to be surprised and to see this purchased by someone with deep pockets who wants to restore it and sell condos (or whatever). I doubt it. I think the municipality should be proactively zoning this for something denser, and doing the work ahead of time to clear up any heritage issues that might arise. Four story residential will not justify the clean-up costs, and especially if somehow someone is made to keep part of the building (which is right now not structurally sound).
I imagine this is a unique situation in regards to the restriction that the property be sold for more than the taxes owing. It would take a long time to rack up a tax bill equal to the value of a property, in most cases. A million dollars would probably not be an unreasonable price to pay for this property. It's the remediation requirements that change the economics of it.
It would be nice to be surprised and to see this purchased by someone with deep pockets who wants to restore it and sell condos (or whatever). I doubt it. I think the municipality should be proactively zoning this for something denser, and doing the work ahead of time to clear up any heritage issues that might arise. Four story residential will not justify the clean-up costs, and especially if somehow someone is made to keep part of the building (which is right now not structurally sound).