You’ve heard it right? You can put lipstick on a pig – but it’s still a pig!
You can slap a coat of color on a run-down, neglected item and, on the surface, it’ll look better.
But when you’re in the economic development business, it’s different than selling a “fixer-upper or a clunker.” You ought to fix it first; a reader pointed out this to us and we’ll share it with you.
The Columbia Economic Development Corporation (CEDC), a not-for-profit entity that has been the property flipper for the borough, thinks it’s perfect to show one of its properties in perfect condition. In a sense, its showing an “after and before” scenario.
The street scape afterward is gorgeous, no doubt. Problem is, the properties (Hotel Locust and Hotel Columbia) are shown after a re-do, as are the two properties to the left. Lord knows, the four properties desperately need a re-do.
Cimarron Investments, LLC owns the property on the corner at 301 Locust Street and has undertaken a caring re-do there.
The street scape is the from the CEDC’s facebook page; the Hotel Columbia and Hotel Locust properties are unchanged (except for normal weather-driven wear and tean) since the “Columbia EDC targets vacant hotels for revitalization” article in 2014. Note the photo in the article. Also unchanged are the two properties to the left in the photo.
Here’s a post at the facebook page: Seeking someone to purchase and renovate this property in the 500 block of Locust Street.
Maybe this info on house flipping will be beneficial to the CEDC since they seem to have difficulty flipping without grant assistance.
“House flipping is, essentially, buying a house or property with the intent to sell it for a profit. But the logistics can get pretty complicated. There are a lot of decisions to make from the beginning. Where should you buy? If you purchase a house in an up-and-coming neighborhood, you’re banking on the neighborhood increasing in value. If you decide to buy in a new development, you’ll want to attract higher-end home buyers who want the luxury features and space offered in the suburbs. If all goes well, you could make a nice profit. But if something goes wrong — faulty budgeting, timing issues, a crime spike in that up-and-coming neighborhood — you could be stuck with a house you can’t get rid of.”