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| This letter of intent, above, was submitted to the county yesterday--offering $73,000.00 per acre for a portion of OLF 8. Our two most recent estimates have come in at $46,000.00 and $51,000.00 per acre, respectively, for portions of this property. How in the world could anyone have believed, less than one year ago, that the entire 636 parcel was only worth $4.75 Million?? Talk about totally missing the mark and being dead wrong! |
Yesterday evening just as the BCC's regular meeting was to commence--I received the above document in an email.
I immediately forwarded this to the County Attorney and Acting County Administrator Amy Lovoy with the request that they share this offer with my counterparts on the board and appropriate staff....
There is TREMENDOUS interest in this property, because it is extremely valuable and most folks recognize this. I still find it incredible that less than one year ago there was noise being put out by folks that the entire 636 acres was "only worth $4.75 Million..." Even more incredible and amazing is that there were astonishingly gullible and naive folks that actually believed this fiction.
Here we are in February 2019 and that fiction is officially, totally, and completely Debunked.....
Let's look at actual facts on the two 2016 appraisals of OLF 8. The Fruitticher Lowery Appraisal Group valued the entire OLF 8 property at $6.67 million on June 27, 2016. They based that value on the county's initial plan to develop the site just as a large commerce park. A month earlier, the Brantley appraisal had said the site would be worth $17.8 million IF developed as mostly residential with just 56 acres of commercial. So as a commerce park, the land was appraised to be worth not much more than a third of the highest and best value of residential with a small amount of commerce.
ReplyDeleteOf course this was a great deal and worth it. I understand your intent in posting this. Yes #winning
ReplyDeleteEach new offer coming in is even more exciting, especially after having to endure the reign of terror from the MT chair and SNL supa staaar.
Theresa Blackwell: The appraisal from 2016 that showed the value at $17.8 Million actually had the valuation for the commercial portion of this property higher than the residential. Go back and re-read it if you do not believe me. But, that is a moot point at this stage, as the most recent appraisals already consider what NFCU will use the property for (because we all know it will be recreation fields and parking facilities) and even still--the valuation is $50,000 per acre--which extended out to 636 acres equals $30 Million. The purpose of this post was to illustrate just how ridiculous the belief and the statement was in March of last year, that this entire property was "Only worth $4.75 Million." That was one of the most foolish things I have ever heard anyone say from that dais since I have been on this board. It is equally surprising that anyone with a brain would believe that rubbish statement. Luckily, everyone now knows that the value GREATLY exceeds what one naysayer commissioner exclaimed. He was wrong, and the rest of us were right, as is becoming a typical occurrence.
ReplyDeleteThe Cult of Underhill is losing members.
ReplyDeleteI don't recall anyone saying OLF 8 was worth $4.75 million.
ReplyDeleteThe 2019 Lowery appraisal agreed that the county's intent to sell the eastern portion to Navy Federal would be the highest and best use for those acres, knowing that the county was planning to do that. With that use, he valued it at $4.59 million, $45,000 per upland acre. Mr. Lowery had valued OLF 8 at just $12,040 per upland acre in June,2016. Curious that his own estimated value per upland acre nearly quadrupled in just 2.5 years, increasing by nearly 374%.
In the Sherrill appraisal of the eastern acres of Jan., 2019, the appraiser said he was aware of the county's plan to sell the eastern portion to Navy Federal but the highest and best use is to be based on what would bring the highest value if sold on the open market. He said that use would be primarily residential with some commercial on Nine Mile Road. With that use, he valued the land at $50,000 per upland acre.
The Sherrill appraisal mirrored the highest and best use of the 2016 Brantley appraisal that determined the highest and best use for the entire property would be mainly residential with 56 acres of commercial. In May, 2016, Brantley valued the land at $32,895 per upland acre. In 2.5 years, Sherrill had increased the value estimate by 52%.
In both the appraisals with residential use, the land value was considerably higher. The Sherrill 2019 appraisal lays out data to support the need for continuing residential building in the area.
Theresa--go read the PNJ article from March 18th 2018 and you will see who it was that downplayed, deliberately in my opinion, the real value of the OLF 8. I'm not going to join the dots for you. That guy was dead wrong, and he has been dead wrong and on the bottom of a lot of losing 4-1 votes lately as well. But I digress. I really don't want to debate the nuanced distinctions of estimates that were prepared 3-5 years ago. The important thing to note is that the appraisals from 2019 that have valued just 100 acres of the field (for non-residential purposes) are coming in between $45k and $51k per acre (and that parcel is more than 50% unusable wetlands) The recent offer for COMMERCIAL not residential use of 15 acres was pegged at a significantly higher price of $73K per acre. No matter which way one chooses to slice and dice the values--the bottom line is I was right last March and the self-proclaimed "oracle" of all things financial was dead wrong once again--that's why he was the lone dissenting vote on March 15th of last year. Just imagine if he had been able to sway the board's vote that day, leaving the OLF X unfinished and non-transferable to the Navy? Just imagine that. We would have been sitting stuck at $9 Million into OLF 8 and dead in the water--that money would have been gone with no chance of recovering it. All I can say is this. The OLF 8 deal will be a good one for the taxpayers, the "Oracle" was wrong. The stormater pond he tried to kill but four of us approved was a good thing. The ordinance for pop up tent car sales is good, that's why 4 of us supported it. When will people wake up and realize the "Oracle" is nothing but a guy who speaks well and can be very opinionated, but that is also wrong on things a LOT? When will you see this?
ReplyDeleteThe "Oracle" lol
ReplyDeleteI'll connect a few dots. "The amount of just this phase of construction is greater than the value of OLF 8," Underhill said. "Just this alone, without all of the other money we've already spent, or the money we're going to spend to get to the land swap, is more than the value of the land we're going to get." "Underhill said the land should instead be used for a multi-use residential and commercial center" Underhill PNJ March 2018
Hint
Hemmer
builder..as is activist spouse.