Jul
06

Schools for Sale: Prime Sites To Be Listed

By

– The Post and Courier

Those interested in buying some of the Charleston County School District’s real estate will have a chance later this year.

The school board has agreed to put some of its most valuable unused property on the market despite the weak economy. The decision doesn’t obligate the board to sell its buildings or land, but it does enable officials to see what kind of price its property could fetch. Any profit from a sale would go toward building up the district’s rainy day fund.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.postandcourier.com/news/2009/jul/06/schools_sale_prime_sites_be_listed88279/
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BLOG NOTE:
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We are going to be seeing more of this, as the economy slumps and tax revenue is down. There are many school districts with land purchased for new schools but no money to build. Integra Realty Resources – SC has recently appraised two vacant schools. In our experience, the buildings rarely contribute any value, as the sales are based upon land value only. This is based upon sales of older facilities, say 30 to 50 years old.
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Michael Dodds, MAI, CCIM, MRICS
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