Whereas some land costs skyrocket, Metropolis sells property for large loss

Whereas some land costs skyrocket, Metropolis sells property for large loss

It’s possible you’ll bear in mind a bit of property that the Metropolis of Sault

Whereas some land costs skyrocket, Metropolis sells property for large loss

It’s possible you’ll bear in mind a bit of property that the Metropolis of Sault Ste. Marie wished to unload at 903 Base Line Rd., again on the finish of September. It could be arduous to keep in mind that solely two years prior, the Metropolis paid greater than six instances the worth for the property.

It was appraised at $22,500 and was to be offered for twice the worth due to James Caicco’s recommendation from Century 21 in September.

The Metropolis declared it “surplus property owned by the Metropolis is in want of disposal.”

The land was the bodily aspect that represented the failure of Elementa Group, one other multi-million-dollar investor that sparked the Metropolis’s curiosity, in addition to the curiosity of Steve Butland and Debbie Amaroso and after it was given 5 extensions by the Metropolis, utterly didn’t ship.

The Metropolis had additionally paid to supply providers to this plot of land, a determine which was by no means calculated or thought of as a price to the Metropolis.

The final court docket proceedings which have been to settle the chapter of Elementa, had effectively over $2-M owing, and that was simply in authorized charges.

So the Metropolis purchased the land again in January 2020 for the worth it offered it to Elementa for, $270,000.

When the abutting property proprietor, Enbridge Fuel Distribution wished to purchase the property final September, there wasn’t a lot of a dialogue at metropolis council.

The property’s estimated worth was $22,500, twelve instances lower than it was purchased for under two years earlier.

The Metropolis requested James Caicco, a dealer for Century 21 Alternative Realty Inc. for his opinion on the property.

Caicco advisable the property be offered for $44,500.

Enbridge was ready to buy the property for the worth advisable by Caicco and it did.