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Hagerstown slashing prices of city-owned houses

Six properties to be offered at 25 percent below appraised value

Six properties to be offered at 25 percent below appraised value

February 27, 2008|By DAN DEARTH

HAGERSTOWN - The City of Hagerstown will sell six city-owned homes at 25 percent below their appraised value because of the sluggish housing market.

On Tuesday, the City Council voted 5-0 to approve selling the houses at a discount.

"These homes are not moving," Councilwoman Penny M. Nigh said after the council meeting. "These houses have been pretty much dormant."

The houses are part of the city's Single Family Homeownership Program, in which the city buys and renovates old homes before reselling them.

The homes are at 119 Randolph Ave., 236 N. Locust St., and 212, 214, 441 and 443 N. Jonathan St.

Hagerstown Community Development Manager Larry Bayer said earlier this month that the city typically sells homes in the Single Family Homeownership Program at their appraised value, but they aren't moving in today's lethargic economy. Hopefully, the discounted prices will attract buyers, he said.

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The longer city officials wait to sell the homes, the less money the city will have to put back into the Single Family Homeownership Program, Bayer said.

The city usually sold four to six houses a year since the Single Family Homeownership Program began in 1991, Bayer said. Only two homes were sold in 2007, and no homes have been sold so far this year.

The council also agreed to offer a commission of 1.5 percent to 2 percent to Realtors if a client buys one of the six homes.




The houses and their prices



The six city-owned homes that will be sold at discounted prices:

· 212 N. Jonathan St. - $63,700

· 214 N. Jonathan St. - $63,700

· 441 N. Jonathan St. - $97,500

· 443 N. Jonathan St. - $97,500

· 226 N. Locust St. - $138,750

· 119 Randolph Ave. - $90,000

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