City of Fulton Gets Full Value for Home it Rehabbed
by Contributor | February 18, 2011 9:22 am
The City of Fulton is three-for-three.
The third home rehabbed by the city in 2010 sold this week and the city again got the full market value for the home.
City Aldermen approved the sale of 508 State St. to Jennifer L. Bookhout for $80,000.
The city, under Mayor Ron Woodward, is taking a novel approach to homes seized by the city for failing to pay property taxes. Normally, those homes are sold at auction for the amount of the back taxes. Instead, Woodward began using a mix of city employees and contractors to rehab some of the seized homes. Multi-family homes were turned back into single-family homes. And the homes were all brought up to city code.
The city then worked with a local real estate agent to sell the homes. Woodward said that in all three cases, the city got market value or more for the homes.
Woodward has said he intends to plow profits into rehabbing more seized homes.
When he took Oswego County Today on a tour of seized homes in 2009 as the program was beginning, he aid that 508 State St. didn’t look bad from the street, but had several issues inside the home. And a barn behind the home had to be torn down.
“I was surprised (the home) sold over the winter,” said Woodward this week, noting that winter is slow time for home sales.
“We got that house sold in pretty quick order considering the real estate market’s pretty dead,” agreed Alderman Pete Franco, who is a real estate agent. He said getting full price for the home was a testament to the quality of the work done on the home.
See a slideshow from our June, 2009 tour of seized homes:
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