McShane Home Update
October 23, 2012
October 23: The McShane home is safe! Indiana Landmarks won the auction with a bid of $120,000; bidding started at $50,000. There were a number of interested parties — some that wanted to demolish the home, some that wanted to save it but build additional homes on the property — and Landmarks hung in there to win.
July 31:The McShane home has been listed with Ruiz Realty for $155,300. This includes two realtor who are interested in demolishing the home and building new. Indiana Landmarks has made two offers on the home. Both have been rejected. If Indiana Landmarks was allowed to purchase the home, it would stabilize the structure, create a protective easement on it, and then sell it. Unless Ruiz Realty is flexible on the purchase price of the home, it is unlikely someone will buy it as listed, as much work is needed to repair water damage on the front of the house and in the basement.
May 21: The McShane home has been listed with Ruiz Realty for $163,530. A number of potential buyers have shown interest in the home. This includes one realtor who is interested in demolishing the home and building new. The CCHS is aggressively working with the city and Indiana Landmarks, who has contacted Chase Bank, the holder of the title, to see if an alternate solution can be found. Potential solutions would be to allow Indiana Landmarks to purchase the home or for the bank to deed the home to Landmarks as a tax write off. Landmarks would then rehab the home, create a protective easement on it, and then sell it.
April 22: The James Gray McShane home, 10000 Range Line Road, went the sheriff sale April 12. The bank lowered the sale price from $305,000, which was what was owed on the property, to $119,000. However, no bids on the home were made. Chase Bank officially took ownership of the home at that time, and contracted with a property management company to prepare it for sale. Late the week of April 15, a local company began to remove debris and trash from the home. It is anticipated that within two or three weeks, a relator will be selected and the home listed for sale.