The stupidest thing the City can do is sell ANY property to another gov agency for less than full market value. To get full value the property MUST be marketed thoroughly through the commercial real estate community. If another agency puts in the best offer-fine-sell-and pay a full commission. There is a reason you hire professionals-to get the highest price possible. Having said that-the higher the price-the lower the commission. No one pays a 6% commission on any property over 1 million dollars. Over 2 million the commission should drop to 4%. 2-10 million is a 3% commission. 10-20 million 2%.

Posted by Billy Bob Henry | reply to this comment
May 29, 2007 10:28 am

No one gets a 5% commission on an 18 million dollar deal-more like 2% max. I had a listing for 7.5 million that paid 2%.

Posted by Bill Bob Henry | reply to this comment
May 29, 2007 10:34 am

The point about saving the city money if another government or government agency buys a property is well taken. However a good agent can also help the city achieve higher net proceeds should such a government/agency not be the buyer. Clearly it's in the interest of the city to work with skilled agents in the case of a non-governmental party buying the property. Here's a way the city can do both and serve the interests of the tax payers best: For those properties where there is likely interest from government, permit bidding for a 120 day period. Then have the properties appraised but don't permit the appraiser to see the bids. If the bids equal or exceed the appraisal, sell the properties to the bidder. If the bids fall short, list them with an agent who knows how to market, and how to negotiate!

Posted by Bruce | reply to this comment
May 29, 2007 10:54 am

Maybe the city can start selling all of our wetlands sense some of our council members and mayor don't seem to understand that wetlands ARE water. Great article in todays UT... check it out link

Posted by Norman | reply to this comment
May 29, 2007 7:11 pm

Before CCDC buys a building they need to pay back my City all the money they owe!!!!!!! As for brokers and sale of property that's an easy one. All property should be put up for public auction with a minimum bid. If it doesn't sell during auction....the agents get a go at it.

Posted by Norman | reply to this comment
May 29, 2007 7:11 pm

If the CCDC has the funding for the World Trade Center (an asbestos-filled dump of a building), then it should first consider assuming the debt service on the PETCO Park bonds. After all, PETCO Park was sold to the voters as "the key" to downtown redevelopment. With all the tax increment funds being generated, CCDC should do more than purchase a building that should be sold to someone who can refurbish it or raze it and build something useful in that space. If CCDC is involved, then the taxpayers pay for the purchase AND the remodeling or re-building. It's time these games involving CCDC stopped and they did what they were set up to do. In the alternative, it should disappear.

Posted by Buddy in Mission Valley | reply to this comment
May 29, 2007 10:24 pm

Did the city really pay $20 million for an acre of park land that it can't buy because it belongs to the federal governmemnt? The way I read it is that the redevelopment of the Naval 14 acre parcel is leased land. Did Billy Bob Henry the Flunkie collect a commision on that sale as well? I did'nt know you could sell leased land if you do not own it.

Posted by Frank Nitti | reply to this comment
May 30, 2007 5:06 am

Norman, regarding the link, one point in the article linked, charter changes require a vote of the people.

Posted by Gloria | reply to this comment
May 30, 2007 8:55 am

Frank Nittiwit- so you cannot sell leased land??? Really???? Tell me Franky-what is a "ground lease"?????????????? Better not tell that to the people that own the lease that the ground the Empire State Builing sits on.....

Posted by Billy Bob Henry | reply to this comment
May 30, 2007 9:53 am

• Users may post more than one comment, but should not pose as multiple users. Multiple posts from the same IP address but with a different user name on each will be reviewed to determine whether abuse has occurred.
• Posts with overly personal attacks or unsubstantiated allegations may be edited or deleted.
• Please be patient with the posts -- there may be a delay before they appear on the site -- and make sure to enter the code in the "image verification" box.