Joel Purchase?

[RacerDeac]

There was a figure of about $8 or $9 million for the Joel floating around for awhile in the press. Does anyone know where that came from?

From a Journal article earlier this week.
http://www2.journalnow.com/sports/2...salem-city-council-to-renew-talks-ar-2087084/

City officials said last year that Joel Coliseum was worth around $8.8 million. They have not explicitly said what their asking price may be for Bowman Gray.

Doesn't matter now that the politicians have heard $37 million from an appraiser. Any offer Wake makes will seem too low to them now.

 

[HeavyPetter]

Yeah, and they'll keep hanging on to the property and losing money. Idiots.

What kind of lease rate do you think Wake will be able to negotiate in 2015 when we've been averaging 3,000/game for five years, entertainment acts have completely dropped W-S from their tours, and the arena is five years older?

 

[DinDC]

Yeah, and they'll keep hanging on to the property and losing money. Idiots.

What kind of lease rate do you think Wake will be able to negotiate in 2015 when we've been averaging 3,000/game for five years, entertainment acts have completely dropped W-S from their tours, and the arena is five years older?

More Joyce Meyer? http://www.joycemeyer.org/

 

[DinDC]

I would have to guess that the city's appraiser was asked to estimate the market value in today's market. His cost approach would have to take into account the economic and functional obsolesence of the structure. His measurement of these would be difficult, but nobody would build a structure just like the Joel today. It would be like building a warehouse with 14' ceilings.

Yes. You have to estimate market value in the first place to get to any sort of assessment ratio. SC does this.

Tax assesors use the same methods as fee appraisers. They often just don't have the correct assumptions about rental rates, cap rates, and vacancy levels or know about interior upfit, which accounts for their differing values on commercial properties especially.

I wonder if the Appraisal Institute will give CE credit to anyone reading this thread.

 

[FreeStateDeac]

Joel Coliseum?

Has there ever been any conclusion to the report last spring that the city was trying to sell the Joel to Wake?

Anyone know status?

 

[WT901]

Has there ever been any conclusion to the report last spring that the city was trying to sell the Joel to Wake?

Anyone know status?

Still under discussion I believe. Probably won't be this season if what I'm hearing is right. But WFU is definitely trying to make it happen.