Fire Damaged and Collapsing: Rescuing a Ruined Property
Over fifteen years of municipal code enforcement efforts yielded no results in gaining the owner’s compliance to remedy the issues afflicting this property. In fact, conditions only worsened as the home became the subject of a fire and multiple break-ins. Each time the house was broken into, it was the City who had to expend precious municipal resources to board up and secure the home. The fire made the property more dangerous and increased the likelihood that the structure would collapse. Nevertheless, transients continued to squat inside the house and it became a major source of crime and blight in the neighborhood.
Renovation Work Pays Off and Over $100,000 of Sale Proceeds are Disbursed to the Owner
A Superior Court Judge determined that appointing CRG as the Receiver was the only viable option to restore this property before someone was seriously injured or killed onsite. Municipal code enforcement inspectors found at least 80 violations of health and safety laws at the property prior to our appointment and it was in such bad shape that we seriously considered demolishing it. However, we determined that there was value in the property beyond the cost of construction and, as we were renovating another blighted property across the street, it could benefit from economies of scale with our contractor. We were able to completely overhaul the home and transform it from a burned-out shell to a desirable place to live. Eventually, we sold the property to a responsible buyer who is committed to maintaining it. After the renovation costs were paid, the sale of this property left the owner with over $100,000 of proceeds.
