DeaconCav06
Dickie Hemric
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Does the Joel include the Annex?
Todays article: http://www2.journalnow.com/news/201...quotaggressively-pursuequot-sale--ar-2091027/
The Joel was appraised and valued at 37.1 million, which seems high to me.
The assessed value that the tax assessor's office comes up with rarely equals the market value, and it's often lower. If assessed values equaled market values, there would be no need for appraisers.
I could see that as the replacement cost, but its almost 25 years old now. There's got to be some depreciation on it. I cringe at the thought of having to build a new arena right now.
Yes. And typical coliseum design has changed a lot in the past 22 years since the Joel opened. Which makes the coliseum obsolescent in a number of ways. Compare the design and features of the Joel to the new UVa arena. That's obviously a nicer building from the word go, but that's how they're built now. If Wake were to build an arena now, it would look nothing like the Joel.
The assessed value that the tax assessor's office comes up with rarely equals the market value, and it's often lower. If assessed values equaled market values, there would be no need for appraisers.
ETA: Any potential buyer will hire its own appraiser instead of accepting the seller's appraisal, so Wake is not going to simply accept an appraisal commissioned by the city.
Didn't UVA's new arena cost somewhere in the neighborhood of $150 million? It holds maybe 1,000 more than the Joel. $37.1 million is a bargain. (And that includes the value of the land.)
Right, but the appraiser is only concerned with the cost of rebuilding the same structure plus the land value.
Not true. The assessor's office is required to estimate market value -- what a buyer would pay for the property. Even in mass appraisal an appraiser is expected to account for economic or functional obsolesence as a buyer would take these things into account. In a special purpose building that gets special attention from the assessor's office, it should absolutely be taken into account.
Maybe it's worth $37.1 million and the county missed it. I really don't know.
Disagree. $37.1 would be a rip off. The property has one potential buyer as a coliseum. Otherwise, it's value is only in the land it sits on. The market value of the property is well below $37.1 million IMO. A property like the coliseum is difficult to appraise, because different appraisal types will likely come up with very different numbers. Ultimately, it's only worth what Wake Forest, it's only potential buyer, is willing to pay for it.
Didn't UVA's new arena cost somewhere in the neighborhood of $150 million? It holds maybe 1,000 more than the Joel. $37.1 million is a bargain. (And that includes the value of the land.)