Archive for the ‘Real Estate’ Category

McGuffey Elementary School Saved From Destruction

West Main Intermediate School in Newark, Ohio.

Steve Anderson purchased the former West Main Intermediate School for $90,000 at auction saving it from destruction.

It’s not to difficult to point out the waste by Newark City Schools. I’ve seen it more than a few times, but most notably when they tore down an elementary school on Deo Drive recently fully renovated with a new roof, windows, parking lot, HVAC system, and more. A few excuses were given like asbestos in the building, someone could buy it and let it fall into a state of disrepair and hurt surrounding property values, and that the lot was worth more with the building removed. Many don’t believe any of the excuses. It would seem common sense that a large solid brick structure with a gymnasium would be valuable to someone. The fact that the lot still sits empty on Deo Drive after many years is evidence that an empty lot isn’t of use to anyone.

AutomaticI was pleased to discover from Cultural Offering that blogger and real estate investor Steve Anderson bought the former West Main Intermediate School from Newark City schools for $90,000. This is great news. I’m sure that Mr. Anderson has paid far, far more than most by supporting Newark City Schools with property taxes he’s paid on his numerous properties in their district. I’m hoping that he gets a great return on his investment. This also means one less empty lot or eyesore in the area. 

The idea of finding an investor should be automatic! Of course, there’s no way to skim from a simple sale to a private investor. There is no demo crew to hire at an inflated price, no disposal fees to pay, no way for salvage crews to scavenge numerous items that are like new from recent improvements. There is just a buyer with an interest in making a profit and creating a usable facility for business. Sure, there’s not a huge profit in the $90,000 sale, but over time, there could be far more collected from any business that takes place here.

I find it interesting that the city claims it needs office space and is contemplating spending a massive amount of money on a new office building. They’ve torn down more office space than they need in a few locations. Private businesses have no problem making use of these structures as we can see with the old Mound School that Jobes, Henderson and Associates and Layton Services uses for their office space. After many years of private ownership, the old school still looks better than most buildings surrounding it and they’ve been great neighbors for those living in the area.

Mound School converted to offices in Newark, Ohio.

The former Mound School in Newark, Ohio successfully transformed into office space.

So, it’s been proven before that these solid old structures still have value to the taxpayers. Most likely, it will be proven again. Granted, the timing may not be exactly right for the sale of these structures. As the federal government drags down the private funds by providing the grants required to build new schools, there is less purchasing power available from the private sector to get high bids for the old schools. Over time, the money does come back the community and the sentimental value of the buildings remains intact.

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Weiant-Wherle House For Sale

So maybe the $15,000,000 asking price for the Longaberger Mansion is a little steep. There is another smaller mansion for sale at 444 Hudson Avenue, the Weiant-Wherle House, for $328,500. It’s a 4000 square foot 6 bedroom historic home with a  carriage house and gazebo. 

The listing is old and the house might be sold by now, but the description and photos were interesting. Weiant was the owner of the first telephone company in Newark and he owned a massive greenhouse complex east of Newark. Wherle owned the the Wherle Stove Company in Newark. 

This would seem like a good home to find get the entrepreneurial spirit. 

UPDATE – This house is no longer listed for sale when I last checked on December 18th, 2011. 

Incredible Video For the Longaberger Mansion

Looking for a country home near Newark, Ohio with good deer hunting and a ballroom capable of holding 300 guests? For $15,000,000 this fine home could just what you’re looking for. 

I do take issue with the end where the narrator states that the quality of detail is a testament to why Eschman Estates has been aptly titled “One Of the Great American Estates”. This mansion was the product of a simple country gentleman, Dave Longaberger, his dream, and the labors of a great workforce that produced a fine product in it’s day. 

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Newark, Ohio Apartments

Newark, Ohio apartments are getting more difficult to find. The foreclosure rate and decreasing income of Licking County, Ohio residents hit by a bad economy are driving up the demand for less expensive housing. What used be a very simple task of finding an apartment with the amenities and price range for a renter’s needs keeps getting more

Newark, Ohio Apartments

Newark, Ohio Aparments Getting Harder To FindImage via Wikipedia

difficult. Renting is also appealing to the aging demographics in Newark, Ohio, which adds to the demand also.

Newark’s choices for apartments used to be easier. Decent apartments looked decent and bad ones were obviously bad. That line is getting more blurred now as complexes begin attempting to fill the government backed renters. I know, you’re a bad person if you say anything against those on assistance because they’re not bad people. The problem is that the law protects the bad people on assistance that have all day to do whatever they please around the neighborhood. They’re protected in ways that many of us are not because of the difficulties involved with evicting them or turning them down for government subsidized housing.  Ask anyone who has lived never government subsidized housing if they would like to move to an area without it.

It used to be unheard of to hear of any serious crime in Heath’s apartments, but now there are numerous incidents and a very small police force to respond. Crime is up and the number of people that are an obvious problem are seen everywhere in Heath, Ohio.

Since you can’t tell by usual observation, realtors, apartment managers, and other usual reliable sources, there is only one way to find out what the neighborhood is really like and that’s to visit frequently and network. If you visit a complex that you’re considering a few times, you’ll get the feel for it and nothing beats the word-of-mouth about the location from those that live there. Police are a great resource for finding out how much they frequent a complex.

A good idea for starters is to look for the smaller complexes on the outer edges of town. Many seeking peace and quiet live here. Quiet farm houses on the edge of town can be rented as farmers struggle to keep the farms. Larger well kept complexes are risky, but still a better bet than the common areas. It’s not unusual to even find land contract and “rent-to-own” deals that are results of desperate owners and eager investors in a slow market.

The last thing you want to do is to jump in with both feet into a complex that appears ok on the surface, but quickly turns into a hassle area when you move in. Keep in mind that some of these complexes with the most trouble try to enforce your right to even protect yourself with a gun in the apartment! Take the time to snoop on the prospective neighborhood.

Don’t get me wrong, there are many great rentals available. You’ll find them easily. It’s just that some unsuspected problems and being locked into a lease are becoming more and more of a problem at the current time. A little research before signing the lease can save you a year of regrets.

Here is a list of Newark, Ohio apartment complexes and real estate agents to assist in searching.

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