Tuesday, January 29, 2008

Bank of Kentucky Buys the Nevada Building

Today the Nevada building sold at auction to the Bank of Kentucky. While I am not sure the full motivations of the Bank of Kentucky, the purchase appears to be speculative. According to the article in the Enquirer the bank felt that it can sell for higher than $240,000 (the price paid) and feels there is interest at the higher price. Despite this, it appears there are no solid buyers the bank has lined up for the property.

There were multiple bidders for the property and I know at least one had a strong vision for the property - including the street-front retail space. I hope that a buyer is found with a solid vision for the property that fits with the needs of the community. I am hopeful the bank is patient to look for the right owner and not just jump at the quickest offer that provides a return.

1 comment:

Keith said...

Unless they want to locate a branch or business office there they must believe it's worth significantly more. The thing is, if I remember correctly, wasn't it listed for the longest time at ~$250k?