Tremont West Development Corp. Director/Board Members/Finance Managers, etc., have been busy at work. It seems that they have recently been transferring all of their real estate holdings over to 2406 Professor LLC.
Since I'm not a real estate expert and being a suspicious person by nature, I hear ching, ching, ching with my red flags popping up all over the place. I have also noticed that even with the stepped up housing code enforcement in this area, those properties are some of the worst looking in the community.
A number of these houses once owned by Cleveland Housing Network have been transferred to Tremont West for -0- dolllars and as late as June 03, 2009, a property at 719 College was transferre from Cleveland Housing Network to 2406 Professor LLC., for -0- monies. This house currently needs major, major maintenance and received violations a couple of months ago for most of the lights not working.
Is this a case of getting the house violated in order to gain ownership? If I'm not mistaken 2406 can buy and sell property for a profit.
Is this a case of the pot calling the kettle black? Is Tremont West, aka 2406 Professor the newest slum lords of the hood? Where's our federal money to fix these houses? The lady at 719 College has lived there for years and that house has been in need of major maintenance for as long as she's lived there.
For a look at the list of properties owned by 2406 Professor LLC, just go the the Coounty Auditor's Office Home Page and Click on Property Information, type in 2406 as the owner's name and you can view for yourself.
What is behind a non-profit organization transferring property holdings to a LLC?