A brick apartment building at 11 Summer St., which has 10 small units for rent, sold in 1996 for $100,000.
In 2003, the 107-year-old building changed hands for $206,000. Two years later, it was sold for $315,000.
In September, the building, which the city has long targeted as a problem, sold for $535,000.
Though the new assessments are not yet available, that’s about the number the city used for to set its value for tax purposes.
City Assessor Rich Lasky said it’s a typical example of the way apartment buildings have soared in value during the past decade, often getting snapped up by out-of-state investors.
Another example exists just behind City Hall, where an 18-unit apartment building at 27 Meadow St. sold this year for $930,000. Five years ago, someone sold it for $345,000.
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Copyright 2007. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com
4 comments:
the real cost that should be discussed is the cost of the city providing police, housing and other inspection services to these buildings that are falling apart, fire traps and drug infested.
Great point...
If there was ever a time to invoke emminent domain and take that property - now is the time -- make it all part of Bristol's version of BLUEBACK SQUARE.
I said it before and I'll say it again....
Take all the houses and buildings from Oconnell School to West Street and build the new school there. That will solve many many many problems.
11 Summer St. was last purchased with intent to get a grant from the state to house HIV positive welfare cases in it. From what I understand the plan fell through and they are now back renting it to a number of felons. Actually, one of its tenants was just arrested in Farmington yesterday for a number of burglaries. Nice area...
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