The right to appeal the size of a condemnation commission's award is one of the safeguards in the law for both parties.

Jim Roos is a known slumlord who runs the most rundown tenaments in the city, squeezing money out of tennants, and the hides behind some kind of false ministry claiming to be helping people. This guy is a real slime ball and I hate to see him win any victory.

$50k for that property? A steal!

No steal....

A few years ago a 12-16 unit apartment building (not sure the exact size), located at the SE corner of Lawn Avenue and Chippewa, directly across the alley from the Jack-In-The-Box restaurant on Kingshighway and Chippewa, was sold to a Californian investor for something like $150,000, maybe $250,000. The per unit cost was in the neighborhood of $10,000-$20,000.

The property was a problem property for the neighborhood-not so much for the behaviour of the tenants, as for the way the owner maintained the exterior. It was so bad, that on one Operation Brightside Blitz Day, we did an alley sweep of the alley between the Lawn Avenue apartments and the Kingshighway businesses. At this particular building, trash was everywhere in the landscaping and grounds of the property. We cleaned it up too.

The California investor must have heard the ads and thought, "geez, an operating X-unit building for $200,000 +/- , what a steal! I'll take it". Compared to real estate prices in California, our Missouri prices are dirt cheap. And so another long distance, absentee ownership situation was born.

The problem was the building needed tens, if not hundreds of thousands of dollars in deferred maintenance work. No such good deal anymore. Net result? It's up for sale again, and the cycle of deterioration continues.

The point here is that $50,000 for a 4-family may *sound* like a good deal, but until you know the full cost of ownership and management, you have no way of knowing.

RB

No steal....

A few years ago a 12-16 unit apartment building (not sure the exact size), located at the SE corner of Lawn Avenue and Chippewa, directly across the alley from the Jack-In-The-Box restaurant on Kingshighway and Chippewa, was sold to a Californian investor for something like $150,000, maybe $250,000. The per unit cost was in the neighborhood of $10,000-$20,000.

The property was a problem property for the neighborhood-not so much for the behaviour of the tenants, as for the way the owner maintained the exterior. It was so bad, that on one Operation Brightside Blitz Day, we did an alley sweep of the alley between the Lawn Avenue apartments and the Kingshighway businesses. At this particular building, trash was everywhere in the landscaping and grounds of the property. We cleaned it up too.

The California investor must have heard the ads and thought, "geez, an operating X-unit building for $200,000 +/- , what a steal! I'll take it". Compared to real estate prices in California, our Missouri prices are dirt cheap. And so another long distance, absentee ownership situation was born.

The problem was the building needed tens, if not hundreds of thousands of dollars in deferred maintenance work. No such good deal anymore. Net result? It's up for sale again, and the cycle of deterioration continues.

The point here is that $50,000 for a 4-family may *sound* like a good deal, but until you know the full cost of ownership and management, you have no way of knowing.

RB

rundown tenaments?

hello mccormack baron, lra, park east properties, etc.

Rick,

Good points. But Roos' buildings weren't "purchased" by the Garden District Commission for rental properties with operating liabilities -- they were purchased for clearance for a large construction project. The value of the properties as plain real estate was thus artificially high, and the Commission should have taken that into greater consideration.

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