|
|
Post by bob on Mar 9, 2007 18:47:41 GMT -6
I guess your sources read the traverse hearing docs. BB produced documents from 2 different builders offering 420k/acre. Their "expert" appraiser valued the land at 500k/acre citing "Best use" for the property. I think this might be the same appraiser who used the BB land comp of million dollar homes on acre lots 50 miles away. So if the bids were before what BB claims the Dec 2005 condemantion was and just after the 25 acres just sold for 235K , why didn't they sell? That is a 78% increase in less than a year. BB passed on a 78% increase and now, land prices have fallen and they want it to stick the SD because of their bad decision of not selling to the $425 bid. Yes, My source DID read the docs, and I was mistaken it was dated 12/7/05. so it was after the SD inital Nov05 offer, but before the 12/22/05 filing. Their "expert" used comps from the area Rt59 and Goudy , Naperville 328k/acre Highlake w/o Winfield Rd, (winfield) 509,600k/acre (a bit far maybe) Plainfield Rd w/o Wolf Rd (Cook Co.) 447,619k/acre (also a bit far?) Keim n/o Royce Rd, Naperville 513,600k/acre s/e corner of Rt 59 and 83rd St, 432,870k/acre s/w corner 75th St and Beebe Dr, Naperville Part 1 - 533,602k/acre Part 2 - 729,288k/acre s/e corner of 75th and 59 (Costco) 526,785k/acre By definition Emenint Domain proceedings HAVE to use Highest and Best use for their valuations. |
|
|
|
Post by proschool on Mar 9, 2007 18:47:49 GMT -6
The District already purchased the 25 acres farthest from both 75th Street and Route 59 and not adjoining any existing road for $257,500 per gross acre. But the property was not purchased by the District in an "arms-length" transaction. The District admitted to the Boundary Committee that the 25 acres had only been obtained through a "loop-hole" and the price was a settlement price between the District and the Brach-Brodie Estates based on the threat of condemnation. Therefore, the price for the initial 25 acres would probably not be an acceptable "comparable" transaction and price.
IIRC the last boundary committee met before the 25 acres were condemned. Does anyone else rememeber?
|
|
|
|
Post by bob on Mar 9, 2007 18:49:27 GMT -6
It was then found out that most of their comps were zoned commercial rather than muliti -family dwelling.
I didn't provide the numbers Bubbagump did.
Memmory and search function, better than me doing numbers.
Do you want the thread where it was discussed?
|
|
|
|
Post by doctorwho on Mar 9, 2007 18:52:59 GMT -6
It would be exactly the opposite of being responsible to fiduciary ( I am getting to really hate that word lately) -guidelines -- it would be spending money for something that is worthless. It would be wasting our money. I am not sure how much clearer that can be explained. What value would this appraisal possibly have- it has NO bearing on either the quick take of the hearing scheduled ? Please explain to us how this is pro-active for anything ? It would not be pro-active it would be senseless. If it came back at $1M per acre or $1 per acre it would be meaningless. really, why the rant on something that makes zero financial or logical sense....I am just not seeing the point ? Please enlighten us as to why this should be done. nothing is EVER a waste if it sheds light and gives you the upper hand.... why do you the think the attys for BB haven't disclosed their appraisals?? Because the longer they wait, the more 'accurate' the appraisal will be for their case and getting the price they want. Otherwise, they would save the appraisal fee and submit the 15 month old appraisal submitted by our SB why would a current appraisal be admitted into evidence in the case - the case is not being tried in the here and now, it is retro active -- there is no upper hand on what it is today - it is irrelevant and not germaine to any legal conclusion. Ric, I want this resolved ASAP, if I thought for a second this would have any bearing on the case I would agree with you...it just doesn't |
|
|
|
Post by Arch on Mar 9, 2007 19:35:50 GMT -6
They (Macom) are just throwing a bucket of barf against the wall hoping something sticks. As evidenced by their data, the truth is irrelevant...so in my book, so are they. Arhw Keep slinging mud and holding onto empty old promises cause you 'changed your vote from no to yes so it must be so' instead of preparing for other plans. Your word everything is FLUID  I did my homework, thank you. |
|
|
|
Post by ric on Mar 9, 2007 19:39:06 GMT -6
nothing is EVER a waste if it sheds light and gives you the upper hand.... why do you the think the attys for BB haven't disclosed their appraisals?? Because the longer they wait, the more 'accurate' the appraisal will be for their case and getting the price they want. Otherwise, they would save the appraisal fee and submit the 15 month old appraisal submitted by our SB why would a current appraisal be admitted into evidence in the case - the case is not being tried in the here and now, it is retro active -- there is no upper hand on what it is today - it is irrelevant and not germaine to any legal conclusion. Ric, I want this resolved ASAP, if I thought for a second this would have any bearing on the case I would agree with you...it just doesn't DR I am not a lawyer and neither are you (even with your three big school attendances .... let's defer to someone who really is a lawyer REAL LAWYER ON THIS BOARD 1. is a current appraisal of the land within the boundaries of quick take?? 2. can it hurt the SB to find out what the CURRENT value is of BB in the event that the QT price of BB is too rich for our budget and we are in need buying another property (and also to balance what MACOM is presenting as their OPENING BID?? DR this has nothing to do with submitting anything...it has everything to do with being FIDUCIARILY RESPONSIBLE WITH OUR TAX $ |
|
|
|
Post by Arch on Mar 9, 2007 19:45:56 GMT -6
Regardless of the price, you just logically set this up to be irrelevant. If the price set by the court is too rich for the SB, then WHAT DOES IT MATTER what the current value is? Again, being fiducially responsible is not spending money on an assessment that doesn't matter anyway. All one has to do is look at any other recent land sales to get a ballpark.
How many of them in our area have been over 300K / acre and where were they and when and for how much did they sell?
|
|
|
|
Post by ric on Mar 9, 2007 19:52:21 GMT -6
why would a current appraisal be admitted into evidence in the case - the case is not being tried in the here and now, it is retro active -- there is no upper hand on what it is today - it is irrelevant and not germaine to any legal conclusion. Ric, I want this resolved ASAP, if I thought for a second this would have any bearing on the case I would agree with you...it just doesn't DR I am not a lawyer and neither are you (even with your three big school attendances .... let's defer to someone who really is a lawyer REAL LAWYER ON THIS BOARD 1. is a current appraisal of the land within the boundaries of quick take?? 2. can it hurt the SB to find out what the CURRENT value is of BB in the event that the QT price of BB is too rich for our budget and we are in need buying another property (and also to balance what MACOM is presenting as their OPENING BID?? DR this has nothing to do with submitting anything...it has everything to do with being FIDUCIARILY RESPONSIBLE WITH OUR TAX $ ? |
|
|
|
Post by ric on Mar 9, 2007 19:53:56 GMT -6
Arhw Keep slinging mud and holding onto empty old promises cause you 'changed your vote from no to yes so it must be so' instead of preparing for other plans. Your word everything is FLUID I did my homework, thank you. once a student always a student arhw fluidity.............................. |
|
|
|
Post by Arch on Mar 9, 2007 19:58:31 GMT -6
I did my homework, thank you. once a student always a student arhw fluidity.............................. This, coming from someone who once asked Eagledad why he contributed to the bantor on the board. Pot, meet kettle. |
|
|
|
Post by ric on Mar 9, 2007 20:01:05 GMT -6
once a student always a student arhw fluidity.............................. This, coming from someone who once asked Eagledad why he contributed to the bantor on the board. Pot, meet kettle. stay on topic please!! |
|
|
|
Post by Avenging Eagle on Mar 9, 2007 20:09:28 GMT -6
They have and it has been discussed in a previous thread. If I remember they are using their rt 59 75th street corner. The new townhomes near Rt 59 and North Aurora and two other palces outside of our SD. BOB you pride yourself on numbers....help us newbie's out,.,, what were the three above mentioned appraisals for these properties?? and thanks ric, I also pulled up some of the townhomes and houses near the land on zillow last fall and posted the information. I guarantee that those prices have now fallen below last fall's price on zillow. ETA: They did fall...here is a view of the value of one of those houses today vs. Nov. 06  There is your free appraisal. |
|
|
|
Post by ric on Mar 9, 2007 20:19:28 GMT -6
BOB you pride yourself on numbers....help us newbie's out,.,, what were the three above mentioned appraisals for these properties?? and thanks rice, I also pulled up some of the townhomes and houses near the land on zillow last fall and posted the information. I guarantee that those prices have now fallen below last fall's price on zillow. There is your free appraisal. thank you are you an appraiser or a lawyer?? FYI zillow is nothing more than a real estate front, but believe in what you wish |
|
|
|
Post by Avenging Eagle on Mar 9, 2007 20:24:35 GMT -6
rice, I also pulled up some of the townhomes and houses near the land on zillow last fall and posted the information. I guarantee that those prices have now fallen below last fall's price on zillow. There is your free appraisal. thank you are you an appraiser or a lawyer?? FYI zillow is nothing more than a real estate front, but believe in what you wish The numbers are based on actual sales data, not lies or inuendos. Pull up any house near BB and run it through zillow, and you will see the same graph. www.zillow.comIf you do that, then you also can be an appraiser! |
|
|
|
Post by doctorwho on Mar 9, 2007 20:27:18 GMT -6
rice, I also pulled up some of the townhomes and houses near the land on zillow last fall and posted the information. I guarantee that those prices have now fallen below last fall's price on zillow. There is your free appraisal. thank you are you an appraiser or a lawyer?? FYI zillow is nothing more than a real estate front, but believe in what you wish If not coming from the Supreme Court, it is rendered useless info |
|
