Jon Knudsen of Albloggerque, a blog site based in the Nob Hill neighborhood of Albuquerque, says El Vado Motel being put up for sale for $3.25 million is “sad lesson in greed.”
It sure seems like the owner is not only asking the city to bail him out of an idea that wouldn’t fly with the community, he wants to get rich beyond what he would have made if his set of condos had been built. Sin Verguenza. Shameless.
Go read it. He gets one thing wrong, though. Richard Gonzales didn’t buy El Vado for $1.3 million. He bought it for between $660,000 to $670,000, according to two trustworthy sources in Albuquerque.
So Gonzales is not shooting for $2 million in net profit in three months, but nearly $2.6 million, give or take a few thou.
Knudsen’s sentiment still applies. Just more so.
NOTE: Knudsen’s blog has been update to reflect the more accurate selling price.
Thanks for the info and the link. I have added your figures to the post.
You’re welcome, Jon. And thank you for your blog and keeping an eye on that wonderful old property.