Atlanta
(2009-06-09)
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" it's a matter of figuring out not only what it has been, but what it can be."
It's his job to sell this place, and that takes imagination. Right now, it looks a little run down. Some stained, torn carpet is what attracts my attention. But Kramer, vice president with CB Richard Ellis, pays that little attention.
"The first thing you notice is all the glass wrapped around the front, which is excellent for retail."
Notice, he said "retail." Some of the 13 closed dealerships Kramer has listed could remain new car lots. More likely they'll become retail stores. Plans for one even include a church. Or, a developer could buy the property just for the land.
As far as price
"What the seller is asking really makes no difference."
Translated--it's a buyer's market.
(sound of a garage door opening "So now we're in a big open area ")
This 34,000 square foot building on seven acres--a good example. Inside what used to be the service department, Kramer talks money.
"The asking price on this is 3 million, 900-thousand dollars."
As far as selling price, he whispers "don't ask."
"It'll be a real slow recycling of automobile dealerships."
That's automotive analyst and Virginia Commonwealth University professor George Hoffer. He says many of the dealerships could sit, abandoned and decaying, for potentially years.
"When they do get developed, they tend to get developed for multiple purposes, which lots of times the neighborhood doesn't care for."
...places like used car lots, auto repair shops, or window tint operations.
And if you think it's tough selling a house right now, Hoffer says it's nothing like unloading a car lot.
"...fewer buyers, fewer sellers, more difficult to finance."
Hoffer says Chinese and Indian automakers will soon enter the US market, which could soak up some of the excess. In the mean time, Nelson Kramer can tell you where to get a good deal on a car. lot.
Jim Burress, WABE News.
© Copyright 2009, WABE
