Talking About Familiar Sounds In Luzerne County Real Estate

This article originally appeared in the Times Leader on December 16,2008 by Jennifer Learn-Andes

Luzerne County paid $700,000 for a Hazleton bank building that a new appraisal has valued at $625,000.

The appraised value was disclosed during Monday’s commissioner work session because county commissioners plan to vote Wednesday to sell the West Broad Street property. Bids will start at $625,000.

Mericle Commercial Real Estate Services will publicly list and advertise the sale for at least 60 days before the bid due date, commissioners said.

Commissioners Maryanne Petrilla and Stephen A. Urban proposed selling the building because it would be costly to renovate and several potential county office occupants are locked into multiyear rental agreements in other facilities.

Urban expressed displeasure during the work session that the county paid more than the building is worth.

Commissioner Greg Skrepenak and former Commissioner Todd Vonderheid had voted to buy the building in May 2007 from Val-Mar Holdings for $605,000 through eminent domain, but a court panel later ordered the county to pay $700,000.

Their original plan to lease the building for $2.58 million over 10 years was scrapped after public outrage. Val-Mar is owned at least in part by county planning commission member Frank DeGaetano.

Urban had opposed the lease and purchase, pointing out that Val-Mar bought the building for $330,000 in December 2005 and had done little, if any, work on the structure.

Does anyone know that real estate in Northeastern Pennsylvania doubled in value in less than three years? Are your homes worth twice what you paid if you purchased your home in 2005? Who were the judges sitting on the court panel who determined the value? Just some curious questions.

If you want to view a for sale notice click here.