No Appraisal on AME land

[macy]

I've been looking into the importance of getting an appraisal prior to purchasing a parcel of land for a school site.

Has anyone else looked into this? As far as I can tell, it is a part of the Build Smart program.

Also something that many others states require.

Here's an example.

www.newsobserver.com/news/story/639639.html

I will post more examples as I come across them. It would be interesting to know how many states require appraisals.

[macy]

Appraisal Before Purchase: An appraisal is the best way to assure that the district is receiving a fair price for the parcel being offered. The appraisal takes into account the current market conditions and the selling price of similar
properties in the area.

Build Smart Guidelines, State of Illinois, Chapter 3 page 15.

[kimmie]

So the SB looked at the Build Smart Guildlines and said how many guildlines can we not follow, lets make a game of it!!

I don't understand how they got here, how it could happend and why more people of 204 don't get it!

[JB]

Apr 18, 2008 10:01:06 GMT -6 macy said:

Appraisal Before Purchase: An appraisal is the best way to assure that the district is receiving a fair price for the parcel being offered. The appraisal takes into account the current market conditions and the selling price of similar
properties in the area.

Build Smart Guidelines, State of Illinois, Chapter 3 page 15.

You think the fair market value could be less? Would news of contamination next door really do that? Of course, we'd probably have AME suing us now if they thought the SB pulled that prank to lower the price.

[Arch]

They ignore the simple formula for stand-off distance from the pipeline safety groups to calculate PIRs.

They choose to locate a school 220 feet away from a pipe that has a PIR of 700 feet... let alone multiple pipes so the effect you would have are a 1 2 3 failure due to their close proximity of each other.

You think they give a damn about any other standards or safety recommendations?

I'll say this though.. I brought my mom here from the Quad Cities last night and we drove by the site at 3:30 am.. she said we have Davenport IA beat on the dumbest place for a school. They wanted to relocate their Central HS down to the edge of the Mississippi River. In 1993, the HS would have been under at least 8 feet of water if it were there. She thought no one could top that stupidity for school location... until now.

[macy]

State of Arizona requires TWO appraisals.

"Step III. Additional Information Required (Modified November 1, 2007)
After the completion of Step II, if the school district receives preliminary approval by the Board to accept the site, the Board will approve monies to allow the district and staff to verify, gather and submit the following information about the site. Preliminary approval by the Board will also result in monies being allocated to cover closing costs. The district will provide documentation of the actual expenditures from the monies provided.
1. An appraisal of the land that documents that the proposed cost is at or below the fair market value.
Two appraisals are ordered for all land purchases, one is ordered for donations. Appraisals can typically be completed in 4-6 weeks. "

[macy]

Apr 18, 2008 10:08:31 GMT -6 JB said:

Apr 18, 2008 10:01:06 GMT -6 macy said:

Appraisal Before Purchase: An appraisal is the best way to assure that the district is receiving a fair price for the parcel being offered. The appraisal takes into account the current market conditions and the selling price of similar
properties in the area.

Build Smart Guidelines, State of Illinois, Chapter 3 page 15.

You think the fair market value could be less? Would news of contamination next door really do that? Of course, we'd probably have AME suing us now if they thought the SB pulled that prank to lower the price.

Yes I do think the fair market value could be less. Unfortunately, without an appraisal we'll never know.

I also agree that we'd probably have AME suing us since the district's land report of 2005 pointed to possible environmental concerns on the property.

[d204mom]

Apr 18, 2008 10:48:42 GMT -6 macy said:

Apr 18, 2008 10:08:31 GMT -6 JB said:

You think the fair market value could be less? Would news of contamination next door really do that? Of course, we'd probably have AME suing us now if they thought the SB pulled that prank to lower the price.

Yes I do think the fair market value could be less. Unfortunately, without an appraisal we'll never know.

I also agree that we'd probably have AME suing us since the district's land report of 2005 pointed to possible environmental concerns on the property.

A private party can have an appraisal done of any property. There are no rules against that as far as I know. For a house, the appraiser must have access but for open land, why would the appraiser need to walk the property, it would be based on public records / zoning / adjacent properties / comps etc., right?

Does someone in real estate have another opinion?

[cornholio]

Apr 18, 2008 11:01:51 GMT -6 d204mom said:

Apr 18, 2008 10:48:42 GMT -6 macy said:

Yes I do think the fair market value could be less. Unfortunately, without an appraisal we'll never know.

I also agree that we'd probably have AME suing us since the district's land report of 2005 pointed to possible environmental concerns on the property.

A private party can have an appraisal done of any property. There are no rules against that as far as I know. For a house, the appraiser must have access but for open land, why would the appraiser need to walk the property, it would be based on public records / zoning / adjacent properties / comps etc., right?

Does someone in real estate have another opinion?

Does anyone have the Tax ID for the property?

[rural]

Apr 18, 2008 10:08:35 GMT -6 Arch said:

They ignore the simple formula for stand-off distance from the pipeline safety groups to calculate PIRs.

They choose to locate a school 220 feet away from a pipe that has a PIR of 700 feet... let alone multiple pipes so the effect you would have are a 1 2 3 failure due to their close proximity of each other.

You think they give a d**n about any other standards or safety recommendations?

I'll say this though.. I brought my mom here from the Quad Cities last night and we drove by the site at 3:30 am.. she said we have Davenport IA beat on the dumbest place for a school. They wanted to relocate their Central HS down to the edge of the Mississippi River. In 1993, the HS would have been under at least 8 feet of water if it were there. She thought no one could top that stupidity for school location... until now.

I hope you have some more interesting site seeing planned for her during this visit!

[Arch]

Apr 18, 2008 11:41:39 GMT -6 rural said:

Apr 18, 2008 10:08:35 GMT -6 Arch said:

They ignore the simple formula for stand-off distance from the pipeline safety groups to calculate PIRs.

They choose to locate a school 220 feet away from a pipe that has a PIR of 700 feet... let alone multiple pipes so the effect you would have are a 1 2 3 failure due to their close proximity of each other.

You think they give a d**n about any other standards or safety recommendations?

I'll say this though.. I brought my mom here from the Quad Cities last night and we drove by the site at 3:30 am.. she said we have Davenport IA beat on the dumbest place for a school. They wanted to relocate their Central HS down to the edge of the Mississippi River. In 1993, the HS would have been under at least 8 feet of water if it were there. She thought no one could top that stupidity for school location... until now.

I hope you have some more interesting site seeing planned for her during this visit!

It can only get better from there.

[doctorwho]

Apr 18, 2008 11:41:39 GMT -6 rural said:

Apr 18, 2008 10:08:35 GMT -6 Arch said:

They ignore the simple formula for stand-off distance from the pipeline safety groups to calculate PIRs.

They choose to locate a school 220 feet away from a pipe that has a PIR of 700 feet... let alone multiple pipes so the effect you would have are a 1 2 3 failure due to their close proximity of each other.

You think they give a d**n about any other standards or safety recommendations?

I'll say this though.. I brought my mom here from the Quad Cities last night and we drove by the site at 3:30 am.. she said we have Davenport IA beat on the dumbest place for a school. They wanted to relocate their Central HS down to the edge of the Mississippi River. In 1993, the HS would have been under at least 8 feet of water if it were there. She thought no one could top that stupidity for school location... until now.

I hope you have some more interesting site seeing planned for her during this visit!

well she might be a little tired after the excursion from Arch's house to AME and back -- ( Might feel like she was almost home )

[snerdley]

Apr 18, 2008 10:01:06 GMT -6 macy said:

Appraisal Before Purchase: An appraisal is the best way to assure that the district is receiving a fair price for the parcel being offered. The appraisal takes into account the current market conditions and the selling price of similar
properties in the area.

Build Smart Guidelines, State of Illinois, Chapter 3 page 15.

The key question I have (with some experience and education in this area) is what are the comparable properties in the area.

It sounds like from the board meeting and the CB meeting that they pulled that number out of their a**es. Sorry.

I'm not convinced that the relevant properties are Hammond, Macom and certainly not BB. What I think is more relevant is undeveloped land closer to that site. Just like housing prices vary from Bolingbrook to Naperville to Aurora to Oswego. You would want to know as a buyer what similar houses in the area went for. You might get more "house" for your money in one area than another.

And like I said before, if they get an appraisal now, the whole thing should be released to the public, because I would be suspicious of how the value was derived if I couldn't see the analysis behind it.