Tuesday, June 19, 2007

Just for Cakeville residents II

Spot called for readers to tell him about tear down and spec home foreclosures in Just for Cakeville residents. He pointed out the property at 54th and Halifax as one. Now, a reader sends in another one:



Spot bets there are more. It is apparent that in a softening real estate market tear down and spec homes can be bad business for the city. In addition to foreclosed properties, there are undoubtedly additional properties where the builder is managing to keep the mortgage current but is letting the property taxes go delinquent until the property is sold.

Spot says, boys and girls, ask the City of Edina how many properties, in the hands of spec builders, are currently delinquent on their taxes and therefore not contributing to the city budget that might be used to, oh, fix the streets.

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