Monday, January 16, 2006

El Vado Up For Sale Again...New Owner Hoping for a $2 Million Profit

WEST CENTRAL--What a sad lesson in greed. When MaryAnn and I talked to the former manager of El Vado last October she said the property was for sale and the asking price was $1.3 million. The property sold. And, after some "issues" with the mayor and others concerning tearing down a property on the national register of historic places, the property is for sale again. This time, three months later, the price has climbed to $3.25 million! This is according to Lynn Koch of La Puerta real estate, who is the agent handling the sale.

Update! A commenter apparently from a blog called Route 66 News states that the actual sales price was around $670,000.

Now I would admit that the owner is entitled to some profit...after all, he assumed some risk in buying the place. But a $2,000,000 profit on a three-month turnaround seems just a little excessive. Remember, this is a 32 room facility on 1.26 acres that was deemed unprofitable at $1,300,000.

It sure seems like the owner is not only asking the city to bail him out of an idea that wouldn't fly with the community, he wants to get rich beyond what he would have made if his set of condos had been built. Sin Verguenza. Shameless.

I remember him saying how bad that property was and the city should be glad he was going to tear it down. Now listen to him sing his $3,250,000 tune. This should be interesting.

4 comments:

mjh said...

This *is* a disgusting development. A mad grab for profit beyond all restraint. I'll bet he keeps the best neon as the final insult. peace, mjh

Anonymous said...

The selling price was lower than that. It was between $660,000 and $670,000. The story's at www.route66news.org

Also, the city council should vote on El Vado getting city landmark status in the next few weeks. But since the Landmarks Commission last month recommended El Vado be a city landmark, the current owner can't do jack to the property -- except sell it.

johnny_mango said...

Thanks Anonymous. I'll change the post to reflect your information.

BH in IL said...

Thanks for your interest in El Vado, a genuine Albuquerque/66 landmark if there ever was one! How sad to see that picture of the motel behind a chainlink fence. I'm sure you're aware there are hundreds of Route 66 enthusiasts in this country and abroad who are keeping a close eye on what happens regarding El Vado. The local pressure on the City is very important to the motel's preservation, too -- thanks for keeping some feet to the fire.