Thursday, 04 April 2013 14:41

Town of Malta Sells Historical Collamer House for $130,000

By Staff Report | News

MALTA — The Town of Malta signed a contract April 3 to sell the town’s last available historical property, 450 East High Street, for the price of $130,000, which is $20,000 below the original asking price. 

The deal was made five months after the house became available on the market. The house went under contract once in November, only for the buyer to back out after a delayed response from the Historic Preservation Review Commission regarding changes he wanted to make to the property. The historic, 2,300-square-foot Collamer House land sits on 1.6 acres was originally built in 1832 for residential use. 

The property then went back on the market until just a few weeks ago, when three different offers were made and presented to the town. 

Of the three offers presented, one was too low and one offer was made for full-price, but the middle offer was chosen because the buyer had no contingencies and could close the deal more quickly than the full-price offer, according to a representative of Pinnacle Realty, the company that sold the property. 

One of the potential buyers wanted to turn the house into a bookstore, while the other wanted to use it as a commercial rental space. The buyer that won the negotiations will use the house as a residential space only.

The house will need to be restored, as it currently does not have a working kitchen and will need other various improvements.

Though the property sits on 1.6 acres, the buyer agreed to subdivide it with the town, keeping only half an acre of land while the town will use the other 1.1 acres for park land at Collamer Park. The park currently has public basketball and tennis courts. 

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