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eye-on-ohio / PropertyProject

Our work on the Pulitzer Center property project, please see our readme for our methodology and caveats.
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MLS search? #3

Open walinchus opened 5 years ago

walinchus commented 5 years ago

Is there a way to get what a commercial property sold for in the Multiple Listing Service? Since it doesn't show up in the transfer files? We need to ask a realtor about this.

sam-raudins commented 5 years ago

I spoke to Nate Kelly from Cushman and Wakefield. He said only about a third will be listed publicly, as commercial properties are typically bought and sold through brokers. In terms of LLCs transferring assets and the owner of record staying the same, he said the easiest way to know is to contact the people involved in the transaction. He said to go to the Secretary of State's website and and search for the LLC, find the agent of record and contact them. He also alluded to the idea that in large or important sales, even if it is not on the record, the county may know. Mortgages also provide contacts as well. He was very nice and is open to more questions.

walinchus commented 5 years ago

Oh good.

Of the ones listed, is it possible to get how much they sold for?

sam-raudins commented 5 years ago

I will call him again today and ask! It was a little unclear, I agree.

On Mon, Jul 1, 2019 at 2:07 PM Lucia Walinchus notifications@github.com wrote:

Oh good.

Of the ones listed, is it possible to get how much they sold for?

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sam-raudins commented 5 years ago

Just heard back from Nate after not being able to get a hold of other commercial realtors so far. Nate made sure to clarify that the MLS is for residential properties only, and that commercial properties will be listed in privately run public listing services, like 42 Floors.

In terms of the possibility of knowing how much they sold for, he said these are the options:

  1. Someone reports how much it sold for to the public listing services
  2. It appears in a public record, like a transfer (He noted again, only about 1/3 are sold this way)

When asked about the LLC transfer issue he said, "That's the problem." He said that the LLC transfer scenario complicates what the value is, especially for commercial appraisers.

Finally, he said that if we had a property or a handful of properties we wanted to know, he said he could try to sniff around and see if he could find out. His email is nkelly@crescorealestate.com.