By David DeCamp, Times Staff Writer
Thursday, January 20, 2011
ST. PETERSBURG — Despite a historic real estate slump, the St. Petersburg Housing Authority paid double the publicly appraised value for 5 acres of foreclosed land for its new headquarters.
The housing authority did not seek its own appraisal — a standard government practice — before buying the land for $1 million in July.
The Pinellas County Property Appraiser's Office set the market value of the land, at Gandy Boulevard and Interstate 275, at $501,160 for 2010.
While sales prices often exceed publicly set values, Property Appraiser Pam Dubov said the office has no reason to rethink the value, given foreclosure rates and the bad economy. The value was a $91,000 decrease from 2009.
The land will be home to a 13,000-square-foot housing authority office for 30 employees, though 3 unused acres could be sold.
Plans call for the ...
