Real estate A millionaire who died without heirs left dozens of flats in Helsinki – Now the city is selling them in complete silence

In addition to the city, the giant legacy was awarded to an association that organizes a leisure program for Swedish-speaking people with intellectual disabilities. The Helsinki millionaire participated diligently in the association’s activities. “He was a happy and nice person,” says the CEO.

Helsinki the city quietly sells its inherited homes in the housing market.

Helsinki inherited 44 apartments located in the heart of Helsinki from a late Helsinki homeowner. The homeowner had no heirs, so his vast property ended up in state ownership. From this legacy, the apartments that ended up in Helsinki were just a small slice.

The state handed over the apartments located in Helsinki to Helsinki, as is usually the case in these cases, says Helsinki’s technical director Kari Pudas.

Now the city sells apartments, albeit rather surreptitiously in small lots at a time. The sale of apartments has not been announced separately, and information is also available on the brokerage pages in a rather limited way.

There are a total of 44 apartments and one workspace. They were transferred to the ownership of the City of Helsinki in 2017. The apartments are mainly located in Alppiharju, Helsinki, on Porvoonkatu.

The total value of the apartments is EUR 11.7 million. Some of them are currently for rent.

City sells homes like any home seller: evaluates the value of his home and tracks the bids made on it for a certain price target.

“We have an external expert estimate of the value of the apartments and we believe that the price offered falls within this particular price range. At some point in time, then trades will be made, as long as the price looks right, ”Pudas says.

The apartments will be brought to market in small batches, Pudas says. The city’s first heritage apartments were sold in December, and last week a second batch of apartments at Porvoonkatu 15 was put up for sale. All of them left the brokerage site Oikotie by last Sunday.

Pudas confirms that the apartments have been sold easily. According to him, the apartments have been sold to several different parties.

According to Pudas, the city receives housing from the state for deceased Helsinki residents at regular intervals. A few times a year, he estimates.

“But this is very exceptional, with 44 apartments at a time.”

The money received from housing goes directly to various grants in the social and health sector or in the cultural and leisure sector, for example, the activities of clubs.

“This has been decided by the city government and we follow that guidance. These grants aim to reduce social and health inequalities, ”says Pudas.

In 2021, grants will be targeted at supporting the well-being and functional capacity of older people. Grants from the culture and leisure sector are targeted at promoting cultural activities.

Town’s it is simply not appropriate to own a large number of apartments as housing shares, says the housing program manager Mari Randell From the city of Helsinki.

“It’s not the most sensible way to own homes when you own a lot of homes.”

The city owns a total of 63,500 apartments in Helsinki. Much of them are in subsidiaries and attached to entire buildings, Randell says. In this way, the city is able to manage all the apartments of the same company at once.

“If we owned, say, 800 apartments in housing companies, it would only mean housing company meetings in 800 years. Then there will be renovations and other things. ”

The City of Helsinki has a company that acquires apartments in Helsinki. According to Randell, this housing stock has not been grown for a long time. Therefore, the city has no reason to relocate 44 inherited apartments there as well.

There is also no shortage of service housing in the city, Randell says.

“We have done well with the current housing stock.”

Osan The De Utvecklingsstördas Väl i Mellersta Nyland rf inherited from the apartments of the Helsinki millionaire. The association, which organizes leisure activities for Swedish-speaking people with intellectual disabilities, inherited more than 30 apartments from Porvoonkatu, Viipurinkatu and Lapinlahdenkatu.

Executive Director of the Association Jon Jakobsson says the association has not yet sold the apartments, but is renting them out.

Jakobsson had time to get to know the big owner in Helsinki in person. This was a woman with a developmental disability who participated in the activities of the association from the 1970s until the 2010s. Jakobsson started at the association as a leisure director in 2008 and remembers the great heir from that time.

“He was a happy and nice person. He didn’t notice that he had huge assets, ”says Jakobsson.

According to Jakobsson, the heir’s mother also participated in the association’s activities in the 1970s, 80s and 90s as a parent.

The value of the inheritance received by the association totals about 10 million euros. In addition to the apartments, the heritage includes a beach plot on Karhusaari in Helsinki.

According to Jakobsson, the association did not know about the will until 2017.

“It was a happy surprise,” Jakobsson says.

De Utvecklingsstördas Väl, or DUV, runs clubs and organizes excursions to art exhibitions and hockey matches, for example. Jakobsson says that with the help of the legacy, the association has been able to increase its operations and hire employees.

Evening News told the spring more broadly giant heritage backgrounds.

According to IS, the value of the property left by the Helsinki woman after debts and other expenses was approximately EUR 23.6 million. The state received about 13.9 million euros from this, which, according to IS, is the largest single inheritance the state has ever received.

According to the magazine The woman’s estate was originally from this grandfather. Grandfather was a master builder and real estate investor who built several apartment buildings in Helsinki in the late 19th and early 20th centuries.

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