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12/20/11 Workbook

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NOLA View Drop Down
MUSA Immigrant
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Joined: Dec 13 2011
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Post Options Post Options   Thanks (0) Thanks(0)   Quote NOLA Quote  Post ReplyReply Direct Link To This Post Posted: Dec 22 2011 at 9:05am
Mike, that wouldn't surprise me at all to totally restore the building. It suffers from abuse, water and other damage. I would estimate it would be about $750,000 to get the building to a state where it could "
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TonyB View Drop Down
MUSA Citizen
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Joined: Jan 12 2011
Location: Middletown, OH
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TonyB Quote  Post ReplyReply Direct Link To This Post Posted: Dec 22 2011 at 9:27am
Mr. P,

The $3 to $4 million figure is a reasonably accurate figure for a restoration of the theater portion of the building. There's no telling what kind of damage that has been done to the "Commercial" part of the building. It also should be noted that curtains, lighting and sound equipment, and safety inspections for the "fly" system will be needed. I'd say that $5 million is closer to what it will take for a full restoration of the entire building.
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Mike_Presta View Drop Down
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Joined: Apr 20 2008
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Dec 22 2011 at 8:08pm

Well, I guess I was wrong.  I guess that this is a hot property—so hot, in fact, that someone decided to buy it for far above the $59,000 asking price!!!

On 21 DEC 2011, the deed was passed to BAYVIEW LOAN SERVICING LLC for $100,500!!!

“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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Mike_Presta View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Dec 22 2011 at 8:19pm
PARID: Q6511005000035
BAYVIEW LOAN SERVICING LLC63 S MAIN ST
Sales
Sale DateSale TypeSale AmountValidityTrans #SellerBuyer
21-DEC-11LAND & BUILDING$100,500.00FORCLOSURE10080HALL EDWARD R JRBAYVIEW LOAN SERVICING LLC
06-FEB-08LAND & BUILDING$341,598.00VALID1188ROSS JOHN WHALL EDWARD R JR
07-DEC-06LAND & BUILDING$362,000.00VALID15141COMMERCIAL BUILDING CORPROSS JOHN W
19-JAN-00LAND & BUILDING$.00IN-VALID-0234COMMERCIAL REALTY CO THECOMMERCIAL BUILDING CORP

“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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NOLA View Drop Down
MUSA Immigrant
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Post Options Post Options   Thanks (0) Thanks(0)   Quote NOLA Quote  Post ReplyReply Direct Link To This Post Posted: Dec 22 2011 at 8:55pm
http://bayview-loan-servicing.pissedconsumer.com/

Sounds like they may be someone te city would like to do business with.
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Mike_Presta View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Dec 23 2011 at 6:21am

Well, well, well… I see that our new best friends, Bayview Loan Servicing, seem to be buying some other foreclosed property around town.  On December 22, they acquired title to 1701 and 1707 GERMANTOWN ROAD.  I can’t imagine why these folks from Florida would be interested in this property…unless they have inside information from executive sessions at City Hall that there might be some development going on out that way in the near future??? 

NAH!!! They probably just can’t bear to see a poor town quaint village up here in the rust belt struggle the way we are. Yeah…that’s it!!! That’s the ticket!!!

 

“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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Vivian Moon View Drop Down
MUSA Council
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Dec 23 2011 at 7:20am

Mike
Haven’t they purchased any property on
Central Ave yet?

BTW…Did I see a FOR SIGN on the Duncan Oil Property at the tracks?
Hmmm I guess they aren’t going to build a Mini-Mart.

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TonyB View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TonyB Quote  Post ReplyReply Direct Link To This Post Posted: Dec 23 2011 at 11:09am
Evidently, City Council wasn't the only ones unaware about plans for the Opera House. I find it a trifle suspicious that the day after council appropriates the money to MMF, the property they were supposedly going to purchase with the money winds up in the hands of an out-of -state mortgage company for almost double what MMF offered. Does that mean that MMF will have to have more money to purchase the property? Did this company have some inside information that allowed them to purchase the property knowing that they could make a profit from the city on the sale? Could this be part of the plan by MMF to purchase the property? Something is going on here that merits a more critical analysis. I just hope that the taxpayers haven't been taken to the cleaners (again) by this whole affair.
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middletownscouter View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote middletownscouter Quote  Post ReplyReply Direct Link To This Post Posted: Dec 28 2011 at 12:12pm
It says validity "Forclosure" and lists the previous owner. Could this simply be the record of the title being moved from the previous owner who went into forclosure into the hands of the Bank?
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TonyB View Drop Down
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Joined: Jan 12 2011
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TonyB Quote  Post ReplyReply Direct Link To This Post Posted: Dec 28 2011 at 1:16pm
Scouter,

I don't think that the bank would have listed a purchase price since it would be a repossession. I guess if the bank takes possession it doesn't have to list the title transfer with the county.

What I find interesting is that not one word of this has been transmitted by the Journal. I take that to mean that either this is not "good news" or this is the MMF plan. I'm surprised there has been no follow-up by the Journal to that story. Doesn't say much for their investigative journalism or their ability to inform the public.
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ground swat View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ground swat Quote  Post ReplyReply Direct Link To This Post Posted: Dec 28 2011 at 2:43pm
It"s only 75k, needs to be six figures for the news people to get involved. There busy covering shoppers returning gifts!
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Mike_Presta View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Jan 07 2012 at 5:07am

Here is an interesting piece of news:

There seems to be more interest in commercial property on Germantown Road!!

As of January 5, the former DAVEY’S MARKET (in the 1500 block of Germantown Road at the corner of the intersection with Wilbraham Road) has been purchased by N & G TAKHAR OIL LLC.

“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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