Morning Headlines: School District Lists Two Properties As Pending Sale
Ten of the twenty shuttered school buildings that were put on the market early this year have been listed as pending sale. However, two of these properties may not merit the label just yet.
The Passyunk Post’s Albert Stumm reports the buildings in question are the former Edward Bok Technical High School, whose 338,000 square feet is listed at $1.7 million (and requires up to “$55 million in structural repairs”) and Vare Elementary, which offers 54,000 square feet and was up for $2.5 million.
Following a May open house, Bok got “several offers,” while Vare will supposedly be converted into apartments. At least, that’s Stumm’s best guess since no concrete proposals have been mentioned for either property. So why the “pending” title?:
The “pending” part of this apparently occurred because the district has narrowed down the offers to a very short list of suitors, possibly two a piece, and wanted to discourage additional interest.
• Bok and Vare schools listed as having ‘pending’ sales [Passyunk Post]
In other news…
• Pa. ranked No. 4 state with cheapest mortgage rate [Philly.com]