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309 Aberdeen Dr $69,900
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bchasteen View Drop Down
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    Posted: Jul 30 2010 at 1:02pm
Spacious, 3 bedroom home w/ 2 full baths, full unfinished basement, 1 car detatched garage, fenced rear yard. Study area, and solarium/mud room .
 
 
309 Aberdeen Dr, Middletown MLS#: 1223801
 
 
Barbara Chasteen
Realtor, Residential Specialist
Accredited Staging Professional Relocation Specialist
Past President-Middletown Board of Realtors
ERA Real Solutions Realty
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Points: 3483 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Jul 31 2010 at 9:17am

This is a roughly 2,000 SF, 3 BR, 2 Ba home that seems to be in move-in condition for $69,900.

Yet, only a few blocks away at 2605 Elmo Place, a 1,515 SF 3 BR, 1½ Ba home that needs at least $45,000 worth of rehab was purchased by the city for $105,000. In your professional opinion, does this make sense???

Why not raise the price of this Aberdeen home, smash it up a little bit, and sell it to the City???

If you’d care to do so, please comment at: http://www.middletownusa.com/forum/forum_topics.asp?FID=12
“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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bchasteen View Drop Down
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Points: 58 		Post Options Post Options   Thanks (0) Thanks(0)   Quote bchasteen Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 10:15am
Per MLS 2605 Elmo sold for $59,400  1/25/2010
Barbara Chasteen
Realtor, Residential Specialist
Accredited Staging Professional Relocation Specialist
Past President-Middletown Board of Realtors
ERA Real Solutions Realty
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Points: 7008 		Post Options Post Options   Thanks (0) Thanks(0)   Quote VietVet Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 12:52pm
Wait a minute. The city bought 2605 Elmo for $105 thou and it sold for $59 thou? How does one invest like that and not lose their shirt? Who is making these purchases for the city and taking the loss on a repetitive basis? Who has authorized this stupidity? Why is this blatant misuse of city money being tolerated within the halls of the city castle?
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bchasteen View Drop Down
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Points: 58 		Post Options Post Options   Thanks (0) Thanks(0)   Quote bchasteen Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 3:07pm

From what I seen from a few minutes of research, the city paid $59,400 not $105k

Mike, please share your source for the $105k
Barbara Chasteen
Realtor, Residential Specialist
Accredited Staging Professional Relocation Specialist
Past President-Middletown Board of Realtors
ERA Real Solutions Realty
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Points: 3483 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 3:08pm
Originally posted by Mike_Presta Mike_Presta wrote:

This is a roughly 2,000 SF, 3 BR, 2 Ba home that seems to be in move-in condition for $69,900.

Yet, only a few blocks away at 2605 Elmo Place, a 1,515 SF 3 BR, 1½ Ba home that needs at least $45,000 worth of rehab was purchased by the city for $105,000. In your professional opinion, does this make sense???

Why not raise the price of this Aberdeen home, smash it up a little bit, and sell it to the City???

If you’d care to do so, please comment at: http://www.middletownusa.com/forum/forum_topics.asp?FID=12

This was a bad link!!!  Here is the link that I intended to post:  http://www.middletownusa.com/forum/forum_posts.asp?TID=3079
“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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Points: 3483 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 3:17pm
Ms. Chasteen:  The $105K was also verified by another Realtor that I don't want to ID until I check to see if I misread what was written:
2605 Elmo - Appears a direct purchase from American Savings Bank  $105,000
1016 Gage - Bill Hobbs, Coldwell Banker Oyer (6 days on market) $128,700.
2210 Arlington - Reva Owens/Bill Hobbs, Coldwell Banker Oyer (7days on
market) $34,650
915 Malvern - Direct purchase from American Savings Bank $16,000
100 Red Bud - Bill Hobbs, Coldwell Banker Oyer (30 days on market) $64,350
3523 Jewell - Kal Mughrabi, Coldwell Banker Heritage (21 days on market)
$34,650
“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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Nelson Self View Drop Down
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Points: 144 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Nelson Self Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 5:27pm
Ms Chasteen -
 
Only a couple of days ago (July 30th), I posted the following residential real estate projects that the City is administering via the $2,144,000 HUD Neighborhood Stabilization Program - Round One (NSP-1) grant.  As you will note from the following data posted on the City of Middletown - Community Revitlalization Department website, one can surmise that $59,000+ might have been spent to purchase this property.  However, what is troubling is the nearly $150,000 total project budget (including major rehabilitation, etc.).
 
When employed by the City of Middletown in 2007 - early 2009, I had the pleasure of working with honest, community-minded Middletown Board of REALTORS members such as Paul Renwick, Walter Leap, etc.  They both served on the now-defunct 13-member HUD Consolidated Planning Planning Committee and can share some very interesting, otherwise unknown information about little problems with you.
 
The bottom line to all of this is:  it appears from City of Middletown published information that large sums of HUD dollars are being spent on selective real estate transactions??
 
 NSP-1 Purchase/Rehab/Resale Report (6/30/2010)
 
Location:   2605 Elmo
Total Projected Budget:   $149,989
Program Funds Drawndown:   $59,848.25
Project Status:   Rehab Underway
 
Location:   1016 Gage
Total Project Budget:  $217,942
Program Funds Drawndown:  $128,217.96
Project Status:   Rehab To Be Bid Out
 
Location:   2210 Arlington
Total Project Budget:   $35,000
Program Funds Drawndown:   $34,848.27
Project Status:  Rehab To Be Bid Out
 
Location:   915 Malvern
Total Project Budget:   $15,076.48
Program Funds Drawndown:   $14,116.48
Project Status:   Rehab To Be Bid Out
 
Location:   100 Red Bud
Total Project Budget:   $148,582
Program Funds Drawndown:   $66,266.04
Project Status:   Rehab To Be Bid Out
 
Location:   3523 Jewell
Total Project Budget:   $139,955
Program Funds Drawndown:   $36,289.15
Project Status:   Rehab Underway
 
SOURCE:  City of Middletown, Community Revitalization Department Website; May-June 2010 HUD Neighborhood Stabilization Program - Round One Progress Report.
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Points: 58 		Post Options Post Options   Thanks (0) Thanks(0)   Quote bchasteen Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 7:27pm
Mr. Self,
 
If you want to call me please do, I need to check out all this before making any comments. I do feel that I'm a  honest, community-minded member of the  Middletown Board of REALTORS. Feel free to ask Mr. Renwick and Mr. Leap both  are members of the Board of Directors. We would be glad to listen to your concerns in person if that would make you happy. Please contact me to discuss this futher. I will not respond on a pubic message board without more info. Thanks!
 
Barbara Chasteen
Realtor, Residential Specialist
Accredited Staging Professional Relocation Specialist
Past President-Middletown Board of Realtors
ERA Real Solutions Realty
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Points: 144 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Nelson Self Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 7:39pm

As was said by Mike Presta, a respected local member of the Middletown Board of REALTORS recently provided a few people the information on recent sales of residential property to the City of Middletown.  The only information that I have to go on is from the City's own website.

I would welcome the opportunity to meet with Paul Renwick, Walter Leap and you.  During my two years with the City of Middletown I worked very, very closely with local members of your organization plus mortgage bankers and target neighborhoods residents.  In 2008 alone we utilized HUD funds (HOME Program) to assist 60 low to moderate income first-time home buyers in purchasing homes.  We also began the highly popular first-time affordable home buyers pre-purchase education classes in November 2007.  We also jointly sponsored several homeownership promotion events with the Middletown Board of REALTORS as well.
 
Affordable homeownership was then a priority of the City.  It can (and should) be once again!  Spending well over $100,000 and as much as $200,000+ to acquire and rehab houses is a gross waste of hard-earned taxpayers money!
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Points: 3483 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 10:17pm
Ms. Chasteen:
I have a call into my source, but it has not yet been returned.  I will not reveal my source without permission from that source,  I cannot comment further until I see if I somehow misunderstood what I posted above.  It was my understanding that what I posted were the dollar amounts and circumstances of purchases BY the city.
 
I would like to attend the meeting with Messrs. Self, Renwick, Leap, and yourself.  If you all would agree to favor me with an invitation, it would be greatly appreciated.
“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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Points: 144 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Nelson Self Quote  Post ReplyReply Direct Link To This Post Posted: Aug 03 2010 at 11:41pm

What a City?
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Points: 4187 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 04 2010 at 6:45am
As per the City of Middletown NSP-1 Spreadsheet

Jan 28, 2010 – City of Middletown acquired 2605 Elmo for $58,289.76
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Points: 144 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Nelson Self Quote  Post ReplyReply Direct Link To This Post Posted: Aug 04 2010 at 8:33am
The real questions to all of this are quite simple:  1) Does the City of Middletown have City Council approved Residential Acquisition/Disposition Policies and Procedures for HUD-funded activities administered by City staff; 2) If not, is it advisable for City staff to determine fair and reasonable compensation when acquiring and/or disposing of HUD-funded residential properties; and, 3) Is it really true that up to $75,000 in HUD funds may be written off (LOST) as part of any single real estate real estate transaction as per a senior Community Revitalization Department administrator.
 
It seems quite clear that some reasonable written, City Council adopted parameters need to be in place.  Otherwise, City staff can continue wasting HUD funds on extravagant purchase and rehabilitation activities.
 
THE BOTTOM LINE TO ALL OF THIS ISN'T WHETHER $59,000 OR $105,000 WAS SPENT PURCHASING THIS PROPERTY.  THE ONLY PERTINENT ISSUE IS THAT THE CITY IS SPENDING ALMOST $150,000 FOR THE PURCHASE AND ACQUISITION OF THIS SINGLE-FAMILY HOME.  IT MAKES ONE WONDER HOW MUCH NSP-1 FUNDS THAT THEY PLAN TO LOSE (SUBSIDIZE) WHEN A REHABBED 2605 ELMO IS PUT BACK ON THE MARKET FOR RESALE?
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Points: 58 		Post Options Post Options   Thanks (0) Thanks(0)   Quote bchasteen Quote  Post ReplyReply Direct Link To This Post Posted: Aug 04 2010 at 8:50am
I have some calls out myself and waiting to hear back. Thanks for voicing your concerns.
Barbara Chasteen
Realtor, Residential Specialist
Accredited Staging Professional Relocation Specialist
Past President-Middletown Board of Realtors
ERA Real Solutions Realty
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Points: 58 		Post Options Post Options   Thanks (0) Thanks(0)   Quote bchasteen Quote  Post ReplyReply Direct Link To This Post Posted: Aug 04 2010 at 8:51am
By the way does anyone want to purchase the house on Aberdeen?
Barbara Chasteen
Realtor, Residential Specialist
Accredited Staging Professional Relocation Specialist
Past President-Middletown Board of Realtors
ERA Real Solutions Realty
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Points: 4187 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 05 2010 at 9:50am

I believe I have found the answer why the City would buy a house on Gage & Elmo and do a $100,000 worth of rehab. Ya know those poooor city worker need a nice place to live.

HOUSING SUBCOMMITTEE

MINUTES - February 5, 2010

Members Present: Dan Picard, Anita Scott Jones

Others Present: Larry Mulligan, City Manager Gilleland, Community Revitalization

Director D. Adkins, Clerk Parr

Housing Incentives for Public Employees

Mr. Adkins distributed information gathered about incentive programs offered in other municipalities. He said sixteen of Middletown’s 84 firefighters are residents and thirty of 80 police officers live within the City. Many communities used to have requirements for residency and the Supreme Court has overruled that. He asked committee members to look at the information and they can have further discussion. There was discussion about taking this to the bargaining units during contract negotiations. Staff is exploring ideas that would bring youth and people back to the City. Discussion included a lottery of NSP homes that could be spread broader based and create some excitement in the program. Staff will continue to look at programs
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Points: 288 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Bobbie Quote  Post ReplyReply Direct Link To This Post Posted: Aug 05 2010 at 12:56pm
IMO - it would be illegal to offer special incentives to police/fireman that was suggested.
 
If I remember it was a few years ago that Miss. Gillilend wanted all city employees excluded from being able to use the downpayment program that was established by the city. 
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