Estimate Seems High for D.C. School Sale
Reath, Viki, The Washington Times (Washington, DC)
Officials in the District should wait until they have the money in the bank before they start spending big bucks in anticipation of hefty profits from selling off surplus schools, according to some real estate observers.
Fern Barrueta, vice chairman of Carey Winston/Barrueta, doubts that the 210,000-square-foot Stevens Elementary School at 1050 21st St. NW is worth the $21 million school officials estimate it will bring.
Stevens is the most valuable property among 18 schools appraised by Smithy Braedon Oncor International for the D.C. school system's emergency board of trustees, which has proposed closing and selling 15 of the schools. They board is scheduled to make a decision April 9.
Mr. Barrueta said the $21 million estimate works out to $100 a buildable square foot, and that's way …
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Publication information: Article title: Estimate Seems High for D.C. School Sale. Contributors: Reath, Viki - Author. Newspaper title: The Washington Times (Washington, DC). Publication date: March 31, 1997. Page number: 15. © 2009 The Washington Times LLC. COPYRIGHT 1997 Gale Group.
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