Appraise before buying
Why is the city overpaying for these properties at 25 W. Market St.? Has there been an appraisal completed on these properties?
As a real estate appraiser who completes appraisals on commercial downtown buildings, I find the purchase price incomprehensible. There absolutely no way the purchase price of these buildings in similar condition with no income can be supported by today’s market.
Market data reflects a sales range for a commercial downtown building of $185,000 for a superior property in the city of Fremont to a low of $13,500. All of these comparable sales have transferred within the last year, which is common and typical requirement of lender or bank.
In the city of Tiffin, there have been only a few commercial downtown building sales in the past few years. These sales reflected a price ranging from $34,500 to $89,000. I would strongly recommend that the city of Tiffin obtain an appraisal from a disinterested and unbiased third party. This would make sure the city not overpaying for these properties. I would also recommend that the appraisal is completed by an appraiser outside the county.
Adams A. Engle, Tiffin certified
general license real estate appraiser