Five properties from the Pennsylvania state inventory will soon be up for sale after recent approval of the 2012 Real Property Disposition Plan. The five pieces of new real estate will add to a plan hoping to save money and generate revenue for the commonwealth by putting these properties onto local tax rolls.
The properties could be a very attractive purchase for both business and casual real estate investors alike. As the biding continues to progress, state officials seem optimistic about the mutually beneficial impact these sales could create for the commonwealth of Pennsylvania as well as the successful bidder.
The sites approved for sale under the Commonwealth plan will include the Embreeville Center, Allentown State Hospital, Weaversville Secure Treatment Facility, Northampton Fort LeBoeuf Museum, and a parcel on the DGS Annex that formerly was Harrisburg State Hospital. Moving forward, the state will soon be conducting land and environmental appraisals in preparation to bring these properties to the market by the spring.
Each real estate investment comes with its own unique set of circumstances. Purchasing the property is just the beginning. It is important to understand what you are getting into before taking interest to the next level.
Many setbacks may occur whiling taking a real estate project from start to finish. Property leasing, purchase and sales agreements, as well as land use and zoning restrictions, are a few of the handful of problems that may surface in a real estate investment. Those looking to purchase and develop real estate may benefit from the hands-on knowledge and experience legal help can provide.
Source: Lehigh Valley Business, "Sale of two state-owned Valley properties planned," Katherine Schneider, Oct. 24, 2012
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