The Observation Deck

Today I was out observing Lakewood and stumbled on to the police serving papers on a house that had been vacant for years. While I talked with the neighbors, who 4 years ago came over from Italy and loves Lakewood. It seems that from the time she bought her house two years ago, she has not seen one person ever at the house.

The basement was open and cats had been living in there. When I got back to the office I spoke with some one that knew all about the house. Back taxes, 3 mortgages, damage, etc. He mentioned he would have to pay the taxes, acquire at least on lien, and hope to out bid others at the other foreclosures. Seemed like a tough way to go.

I could not help but wonder if there wasn't some sort of way Lakewood couldn't acquire these homes and use them as incentives for Police, Fire, and School Teachers to move to Lakewood? Seems like a no brainer.

Any thoughts?


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No a bad idea, but on the face of it I dont think it is a financially reasonable business for the city to get into.

We would have purchase the property from the bank following the foreclose, then make any required repairs (including subjecting the property to FHA standards if said city employees are new owners), then market and sell the house.

After all of that I am thinking that it is likely that we would lose money on the proposition.

How can we make it profitable?

Peace,
~Charyn

Charyn Varkonyi wrote:No a bad idea, but on the face of it I dont think it is a financially reasonable business for the city to get into.

How can we make it profitable?

Peace,
~Charyn

Charyn


As the city has pointed out to us in the recent parking lot debacle. When asked why the city would pay so much to a private individual $150,000-$200,000 for a parking lot that would only provide the city with a possible $2,500 a year in money. The city does not always need to see a financial return of their projects.

As one person pointed out at the warrant serving as we ponedered aloud in the driveway. There is roughly 500 teachers, police and fire that do not live in Lakewood. What would the city be willing to do if a company came here and asked for help, and that they could bring in as many as 500 new tax paying good neighbors?

Dare I say we would see TIFs, abatments, financial help, etc.

What if it was done like Habitat for Humanity. The city helps secure the property, the new owner would get sweat and work equity. I would think it would help us bring in some of the best. Pay, and help buying a home in the city they work in?

While talking on the phone with another Observer as I had said, he thought there was a profit to be made. Small but it was there.

I am not saying the city buys the house, fixes it up and gives the house away. It used used as incentive, tax abatement, no interest loan, whatever.

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