CTA puts out 'for sale' sign

[leonard hamilton]

Years ago the CTA owned property along North Avenue and sold it for $1. It is now one of the most profitable malls in the state.

[OhPuhleese]

Why would anyone be stupid enough to buy from these Daley cronies? As soon as the economy gets better they will scream eminent domain and take it back...at a price much lower than you paid, with Daley's blessing.

[mike h]

Bridgeport wrote:

As I look into my crystal ball I see a Daley crony paying pennies on the dollar for property!!

or maybe "quarters" L.O.L.

[da truth]

so much for inside deals

[john williams]

Ethan wrote:

despite the negative criticisms, this is a very good idea. We should be glad that the CTA is finally getting around to dumping un-used property. The maintenance and insurance savings were not part of the article but certainly play a role in the decision to unload the properties.
Instead of jumping on the whine wagon, let's thank the CTA for making the right move instead of the wrong one.

Yes , over all it is a good idea that the CTA sell un used property and raise money. However their timing is terrible. they are trying to sell real estate in a declining rel estate market.

To be effective such a strategy requires that a seller be aware of market conditions and be very flexible on price. Unfortunately these are qualities that the CTA does not posses. They probably have an inflated opinion of the value of their real estate based on the real estate market in 2004-2006. Therefore much of their real estate will go unsold unless they are able to find bigger fools to pay their inflated fictional prices.

Since the CTA is a government owned and run company , they will be not be forced to compromise on price as would a private company. Therefore this sale program is unlikely to raise significant amounts of cash, unless of course they find a lot of Madoff type idiot buyers.

One thing in the CTA's favor - there are suckers born every minute.

[Shtugotz]

Bob in Chicago wrote:

Al Capone died from declining health in Miami, genius.

Ya think?

[Uptown Resident]

Numerous empty, blighted CTA properties in Uptown at Wilson, traveling up Broadway, but none are listed. What gives?

[Bridgeport]

Uptown Resident wrote:

Numerous empty, blighted CTA properties in Uptown at Wilson, traveling up Broadway, but none are listed. What gives?

Pretty simple, none of Daley's pals want those properties yet.

[Pete]

I'm sure the listed prices will be too high to get anyone interested... until the right politically connected crony comes along and gets the property for almost nothing.

[john williams]

Pete wrote:

I'm sure the listed prices will be too high to get anyone interested... until the right politically connected crony comes along and gets the property for almost nothing.

you got that right