Wednesday, June 24, 2009

Inman Park Properties collapsing

This doesn't particularly surprise me, but Creative Loafing has the run-down on the many properties once owned by Inman Park Properties that have since gone into foreclosure. I had actually been meaning to say something about this, since I noticed the former offices of IPP had "bank owned" posted on the for sale sign outside it.

Anyway, if you are looking for some interesting property, IPP used to own a bit. In particular, I have always thought that the John B. Gordon school in East Atlanta would make excellent lofts.

While I am a bit conflicted about how I should feel, part of me takes a certain piece of satisfaction in seeing these properties foreclose. A lot of these properties are very marketable, and should have been making money. In fact, IPP often bought them at decent prices. But they just sat on them. I presume their "business plan" was to flip them down the road for more money, because they sure weren't doing anything else with the buildings.

In the mean time, areas like East Atlanta had to deal with vacant and neglected properties. IPP has literally let the Gordon school sit and rot. I have had reason to walk by the school every week for the last four or five years, and it makes me sick to see it in the condition it is in. There are little trees poking out of the second story windows.

Why didn't IPP sell these properties when the market was hot? Everything I knew and heard about them was that they weren't willing to part with the property for reasonable prices. So big surprise that everything falls apart. As one of my real estate professors liked to say, "you don't go broke taking a profit."

Still... I have to remind myself that there is a real person behind these foreclosures who is going broke. Watching your real estate fiefdom collapse has to be depressing, and I should probably strive for a bit more sympathy. But what did they think was gonna happen?

2 comments:

  1. My experience with them has been nothing but terrible. As landlords, operators and general owners, they're simply awful.

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  2. I found a 2002 article from when IPP bought "The Castle", it's worth a read. The whole coin collector angle is making more and more sense to me.

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