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Old GM Property Unloaded At Attractive Prices
Man Buys Home For Less Than He Sold It To GM For
POSTED: 7:47 am EDT July 22, 2009
BEDFORD, Ind. -- The sales outlook for some once-contaminated General Motors properties in Bedford appears better than expected.The land, buildings and homes were bought by GM after toxic waste leaked from its plant. The waste has since been cleaned up, but the property is now part of the newly-formed Motors Liquidation Company.Experts predicted that such properties might be hard to sell in the current economy, but at least one family has signed on because the asking price was attractive, 6News' Rick Hightower reported.Not many of the Bedford properties are listed yet, but they will include old buildings, farmland and homes.The Adams family bought a home from GM at what they called a great, low price. They had sold the same home to GM a few years ago when property values were much higher."We bought it back for cheaper than they gave us for it," said Rick Adams. "We decided to stay here. We didn't have to leave."The Adams' stayed in the home rent free for a year while GM cleaned up soil on the property that it contaminated with PCBs from the nearby transmission plant.The company is now selling all the homes and properties that it cleaned up as part of a post bankruptcy agreement.Of all the properties Motors Liquidation will try to unload, about 50 are in Bedford, including large parcels of land, homes and a church. The Pentecostal Church on 2nd Street has been shut down for several years, but it will soon be on the market.There is already interest in the church property, which will list in the $200,000 range. Although property values remain low, Realtor Cedar Orman said the new listings are a positive for the community."It's going to be pretty exciting, because there's a lot of incentive for first-time home buyers," Orman said. "The market is probably going to be pretty active when they see some 50 properties go on there."Orman said the properties are being listed with multiple realtors. Anyone interested in the Bedford property can contact the plant for information about what's available.Plant manager John Lancaster said that the company is still working on soil cleanup in several areas, including a wetlands north of town that will become a nature area with trails.There are no plans for the company to hold onto any properties outside the plant."We will return those properties after they are remediated and the right buyer comes along," he said. "We have also worked with Habitat for Humanity, which has benefited people here as well."Other properties for sale include 16 plants and associated real estate in Delaware, Ohio, New York, Pennsylvania, Virginia and Michigan.The GM Stamping Plant in Indianapolis and an industrial park in Anderson will also be sold.
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