“PoP – wanted to bring to your attention this article in today’s Examiner. http://www.dcexaminer.com/
A few months ago PoP featured this building and there was some discussion about it. I live down the street and Jim Graham called me earlier this week to tell me pretty much the same info that is in this article.”
“The District agreed to pay triple the assessed value for a dilapidated apartment building in Columbia Heights that the government plans to preserve as affordable housing, infuriating one D.C. leader who described the structure as little more than a shell.
But Neil Albert, D.C.’s deputy mayor for planning and economic development, put a temporary, last-second hold on the deal Tuesday after The Examiner raised questions about the price tag.
“We’re taking a closer look in the office to make sure that the price and the appraisal adds up, given the current market conditions,” said Sean Madigan, Albert’s spokesman.
The Department of Housing and Community Development struck a deal to pay $3.1 million for a vacant 32-unit building at 1483 Newton St. NW that was recently valued by the city’s tax office at nearly $1.1 million. Another appraisal, this one performed for DHCD, put the market value at roughly $2.9 million.”
Now I have a crazy opinion here. I think this building has been vacant and an eyesore for so long that, well, frankly, spend $3.1 million for it! I know, we shouldn’t waste our valuable taxpayer money. But you know what sometimes it worth it to just get the ball rolling. It sucks being taken advantage of but hell we lose money all the time (just think about the huge DC real estate tax scandal). And if I lived across the street from this building I’d be so tired of the stagnation. I know this is not going to be a popular opinion. Dang, this isn’t a very compelling argument. I haven’t even convinced myself. I’m just frustrated. I know the city shouldn’t throw money away and I’m glad they’re looking into the matter. But dang it would be nice to see this side of Newton fixed up. That’s all I’m saying.