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, PNC Bank. 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 email@example.com.