Cumberland Times-News

Latest news

April 30, 2013

No bids on former Oxford House restaurant

CUMBERLAND — A recovery for downtown real estate continues to struggle as no buyers showed up for the auction of the Oxford House property on Tuesday, forcing the PNC Bank to retain ownership by purchasing the property at the minimum bid of $131,000.

Located on the downtown mall at 127-129 Baltimore St., the property, last operated as the Oxford House restaurant, has a Maryland Department of Assessment and Taxation value of $423,200.

Alex Cooper Auctioneer Inc. of Towson conducted the 11:30 a.m. auction, which saw no interested parties in the five-level commercial structure.

Under a power of sale contained in a deed of trust from William and Margareta Miller, with no bidders, the party will remain in the hands of the current owner, PNCā€ˆBank. PNC, headquartered in Pittsburgh, is ranked as the sixth largest bank in the nation in total assets by Barron’s.

With several commercial buildings for sale downtown, the local real estate market seems to be lagging behind the economic recovery slowly taking hold nationally.

The McMullen Building, the former home of GC Murphy’s at the northeast corner of the downtown mall, was also retained at auction by First Peoples Community Federal Credit Union in March at the minimum bid of $500,000.

The McMullen Building has a tax assessment value of $1.4 million.

Downtown area commercial buildings listed on the market include 123 Baltimore St.; 65 Baltimore, known as the Manhattan; 22 Mechanic St., the former site of Kelley’s; 38-46 Mechanic St., which was the former location of the Cumberland Eagles Club; and 19 Frederick St., which most recently housed the Allegany County Human Resources Development Commission.

Greg Larry can be contacted at glarry@times-news.com.

1
Text Only
Latest news
Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kerry: No Deal Yet on 7-Day Gaza Truce Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Gaza Residents Mourn Dead Amid Airstrikes Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp Cumberbatch Brings 'Penguins' to Comic-Con Raw: Air Algerie Crash Site in Mali Power to Be Restored After Wash. Wildfire Crashed Air Algerie Plane Found in Mali Israel Mulls Ceasefire Amid Gaza Offensive In Case of Fire, Oxygen Masks for Pets Mobile App Gives Tour of Battle of Atlanta Sites
Facebook
Must Read
House Ads
NDN Video
Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot
NDN Video
Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot