Dennis Orwin, a 74-year-old Columbus innkeeper with a hankering to retire, finds himself between a rock and a hard place as he tries to sell a bed-and-breakfast that he has run for 17 years.
The circa 1884 Ruddick-Nugent House has been on the market more than five years with no takers. He has been waiting to find a motivated buyer willing to plunk down $650,000 to $700,000 to buy a luxury property that covers a whole city block at 16th Street and Grand Avenue.
Finding someone interested in a 6,000-square-foot, eight-bedroom home may be a tall task, though.
Real estate professionals who specialize in tourism properties say finding financing to swing the purchase of a bed-and-breakfast can be tricky, and most commercial bankers steer clear of such deals unless the buyer contributes a large down payment and already has experience in the hospitality industry.
All content copyright ©2014 The Tribune, a division of Home News Enterprises unless otherwise noted.