Elks Building Price Drop
Were you on the fence about buying the Elks Building? The $5 million price tag may have been a bit too much. Well, there’s been a price drop. The building, purchased by Williams & Dame last year for $4.65 million is now officially listed at $3.25 million. Is this your dream come true?
Somebody? Anybody? Please?
Link to Commercial MLS
Filed under: Developments, General
6 comments
N Nick November 13, 2008
That’s actually a pretty sweet deal. Considering the current economic circumstances (and assuming the price doesn’t drop again in the near future), we’ll probably never see it available at that price ever again.
J Jesse November 14, 2008
I thought Williams and Dame weren’t going to go forward with thier plan for the Elks building because they thought they’d lose about $2 million if they finished it – it didn’t “pencil-out”.
Here’s $1.3 million price drop from them and noone ever offers full price. Can the city kick in $700,000 to get the Elks done?
Pssstt… Gintz Group… look here…
S Squid November 14, 2008
It’s unsell-able at virtually any price. The cost of renovating far outstrips what you can make out of the building. You could halve the current price and still not get any takers. Nobody now can get financing anyway.
The City should just buy it and fix it up for some civic purpose at a loss. No worse than the $700B bailout. Or Chambers Bay for that matter.
N Nautical November 14, 2008
I’d love it if McMenamin’s would purchase it and give it back some of it’s original glory. However, this would possibly be one of their biggest purchases and renovations, so I doubt they’ll do it.
S Squid November 14, 2008
Nautical @4: of course, we’d all love that or something like it. The sad truth though is that unless you find a business that wants to lose money, it ain’t gonna happen.
Only government can take on money losing projects and stay “in business” and it is sometimes in the community’s best interest that they do so.
T Thorax O'Tool November 17, 2008
Why don’t we just have a bunch of us get together and buy it, and when we can’t meet the mortgage, just have Uncle Sam bail us out.
I mean, they do it for irresponsible, foolish super-rich Wall Street Bankers. Why not a a bunch of us? Rename the building as the “Elks Investment Bank” and we can reap the City’s own “financial services zone” tax benefits AND get a dump truck of free money from Uncle Sam.
It’s a win-win situation!
Stupid thing is, it actually could work.