Shuttered Schools Are Costly To Keep But Selling Them Can Be Unprofitable

When a school’s doors are closed for good, a building that cost millions to build can sit vacant and unused for years until it’s sold for a fraction of its worth.

The state of the economy, zoning laws and the institutional makeup of the structures all make schools a hard sell. And as long as the district owns the building, it has to pay for maintenance even if no warm bodies are moving through the hallways.

Doug Haring, a city real estate appraiser, said selling schools has become brutally expensive.

“Everything is a lot harder to do today, and that translates into more expense,” Haring said, referring to stricter zoning laws and municipal building code restrictions.

Read more: http://readingeagle.com/article.aspx?id=396633

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