Monday, January 7, 2008

$2 Million Declined for $200,000 House

On the same day that I wrote the previous post (see below) I happened to come upon the infamous Ledo Pizza site on Mass Ave NW. Fortunately on this day I had my camera.

The owner, Mr Spriggs, turned down an offer upwards of $3 million from both Broadway Development and Penzance Company to purchase the 'spike' in the way of their development. At the time many would have called him rediculous for turning down such an offer on a home assessed by the DC Government at $199,000. Well, it didnt seem to phase him. Consistently turning down phone calls and meetings, he continued with his dream.

The two-story row home located quite inappropriately between two of the cities newest additions. This building, located in between the Dumont Condos, currently being built, and Penzance Company's 12 story commercial structure has been closed since construction started. The owner has plans though. He recently took out a $650,000 loan to open a Ledo Pizza on the site and will continue to sit tight while the city gets built up around him.

Good luck Mr Spriggs.


boogster said...'ll take this dude about 50 years to get that $2 million he would've made on this sale. I was told he wanted $7 million. What a joke. At least we get a Ledo's pizza in the neighborhood.

Jesse Kaye said...

You have to give him credit for following his dream...even if it did cost him this amount of money. One source I read stated that he wanted $17 mil. Quite a joke if I may say so.

Lets just hope his ability to make pizza outperforms his ability to negotiate.

Stu said...

A monumental business blunder. I hope he REALLY likes making pizza. Because it will take him three lifetimes to make enough pizzas to match that offer.


Mari said...

Don't discount spite. I'm going to do my own weird little thing and not 'sell out'.... just to piss you off.

Jesse Kaye said...

Who are you referring to Mari?

He could have always negotiated a lifetime lease for one of the retail spaces in the building...and still walk away with $1 mil.

gpliving said...

That building may have only been worth $200K before the buildings went up, but it'll be worth a LOT more after the surrounding buildings are completed - especially if it is renovated.