Saturday, August 9, 2008

Status of the Nevada Building??

It has now been 6 months since the Bank of Kentucky purchased the Nevada building (see this past post for background) and it continues to sit empty. I am reminded of some of the discussion about the purchase at the time including:

  • The Bank of Kentucky could sell the building for more than the $240K they paid at auction
  • They would do needed repairs to the building
Neither of which appear to have materialized. In fact the building has arguably lost value as the broader economy and more specifically real estate has continued to experience price declines and a shrinking market. While I am not privy to any plans the bank may have, I believe that for the good of the community the bank needs to cut their losses and sell to an interested developer willing to invest in the Midway.

1 comment:

  1. This building is in HORRIBLE shape. I toured it before the auction. If the Bank of Kentucky feels that they can get top dollar for this building, in this type of real estate market, they are dreaming. I hope they act as a good neighbor and cut their losses by selling it NOW for anything they can get for it - to someone who knows how to do a quality rehab job. In my opinion, the only people that will buy this building for the price they are asking for it now are people that don't know what they are doing. If someone buys the building thinking they can band-aid it together, it will be nothing but a money pit and end up in foreclosure again. That is definately not what the Midway needs.