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#1552410 --- 07/17/20 01:40 PM $7,372,188.00 ?
bluezone Offline
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Registered: 12/19/04
Posts: 33448
Loc: USA
420 Hamilton street for sale?

$7.3 million?
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#1552411 --- 07/17/20 02:26 PM Re: $7,372,188.00 ? [Re: bluezone]
Ben444 Offline
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Registered: 09/12/18
Posts: 13813
Loc: Seneca County
Originally Posted By: bluezone
420 Hamilton street for sale?

$7.3 million?
I have no idea. Did you see a sign? What do all numbers represent? Why not tell us all you know instead of leaving us hanging? What is at 420 Hamilton street? frown


Edited by Ben444 (07/17/20 03:25 PM)
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#1552413 --- 07/17/20 04:24 PM Re: $7,372,188.00 ? [Re: Ben444]
Formermac Offline
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Registered: 10/22/12
Posts: 18033
Loc: Above ground
I Google map it , it's the Rite Aide across from Walgreen
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#1552415 --- 07/17/20 04:31 PM Re: $7,372,188.00 ? [Re: Formermac]
Ben444 Offline
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Registered: 09/12/18
Posts: 13813
Loc: Seneca County
Originally Posted By: Formermac
I Google map it , it's the Rite Aide across from Walgreen
OK. I never thought of that. LOL I wonder if there is a For Sale sign out front? But I am sure the 7 million dollar price is not on a sign!
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#1552416 --- 07/17/20 04:45 PM Re: $7,372,188.00 ? [Re: Ben444]
Formermac Offline
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Registered: 10/22/12
Posts: 18033
Loc: Above ground
I come back to Geneva quite often, didn't the Rite Aide on Castle Street close? Hope that Rite Aide is having financial difficulties


Edited by Formermac (07/17/20 04:47 PM)
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#1552475 --- 07/18/20 04:20 AM Re: $7,372,188.00 ? [Re: bluezone]
Tacitus Offline
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Registered: 03/23/15
Posts: 339
It's assessed for a little under $2.5 million; of that the land is assessed at a little over $800K. I don't see how you get to over $7 million as a selling price.

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#1552489 --- 07/18/20 10:40 AM Re: $7,372,188.00 ? [Re: bluezone]
roadguy Offline
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Registered: 02/28/02
Posts: 1839
Loc: here
Walgreens now owns a majority of Rite Aids. Maybe they plan to close the location and are seeing if they can get an offer on the property first. $7.3 million seems high for an asking price which is what is listed on Loopnet.
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#1552501 --- 07/18/20 05:45 PM Re: $7,372,188.00 ? [Re: roadguy]
Ben444 Offline
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Registered: 09/12/18
Posts: 13813
Loc: Seneca County
Originally Posted By: roadguy
$7.3 million seems high for an asking price which is what is listed on Loopnet.
Bluezone could of posted where he found the asking price of $7.3 million dollars but he likes everyone chasing their tail.
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#1552515 --- 07/19/20 04:34 AM Re: $7,372,188.00 ? [Re: bluezone]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 339
Prices on Loopnet seem just as believable as most of Blue's posts.

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#1552528 --- 07/19/20 09:27 AM Re: $7,372,188.00 ? [Re: Tacitus]
roadguy Offline
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Registered: 02/28/02
Posts: 1839
Loc: here
Originally Posted By: Tacitus
Prices on Loopnet seem just as believable as most of Blue's posts.


Are you saying the prices on Loopnet are fake?? It's just like realtor.com, the listing comes directly from the realtors selling them.
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#1552537 --- 07/19/20 11:28 AM Re: $7,372,188.00 ? [Re: Tacitus]
bluezone Offline
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Registered: 12/19/04
Posts: 33448
Loc: USA
Originally Posted By: Tacitus
It's assessed for a little under $2.5 million; of that the land is assessed at a little over $800K.


What asking price would you put on the property?


Ncoaip
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#1552559 --- 07/19/20 01:14 PM Re: $7,372,188.00 ? [Re: bluezone]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 339
I think any rational buyer would question an asking price that is triple the assessment.

Or are you saying the building is grossly under-assessed?

What assessment would you put on the property?

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#1552564 --- 07/19/20 02:16 PM Re: $7,372,188.00 ? [Re: Tacitus]
Formermac Offline
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Registered: 10/22/12
Posts: 18033
Loc: Above ground
From my understanding, how many businesses have folded or left Geneva in the last 5 years? Let's name a few, BJ Whole sale, Friendly's restaurant, Tops, Pizza Hut, Olympia shoe store, the store that replaced McCurdy's, In our town ,council members , we were saddled with threatening exoduses who garnered tax abatement or huge assessment reductions. At the cost to home home owners, many business are leveraging reductions in operating cost or they threat to relocate. When I lived in the Finger Lakes area, I recall Gould's Pump later becoming ITT Corp being significantly under valued. Think of the resale advantages of a lowered tax assessment to potential buyers. From my understanding as well, you guys will enjoy the luxury of clean cars seeing that at least two new car washes are being proposed...will they make up for the loss of property tax revenue?

https://www.toptaxdefenders.com/blog/bid/182205/how-does-tax-abatement-work
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#1552586 --- 07/19/20 07:15 PM Re: $7,372,188.00 ? [Re: bluezone]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 339
Quite the opposite. The usual course is for the recent sale to become the assessment in the absence of a PILOT, which is generally granted for a new project or expansion, not a sale. Everyone would be delighted if the property sold for this preposterous amount. Anyone can post a sale offer at an absurd price, but that doesn't mean anyone would consider buying it.

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#1552587 --- 07/19/20 07:40 PM Re: $7,372,188.00 ? [Re: Tacitus]
Formermac Offline
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Registered: 10/22/12
Posts: 18033
Loc: Above ground
Do you have citation and factual data in that regard or is this just a pissing contest with Bluzone? Find out the assessment at your Plaza just South East of Rite Aide..... and maybe we can discuss abatement in the future OK?
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#1552588 --- 07/19/20 07:48 PM Re: $7,372,188.00 ? [Re: bluezone]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 339
Well the assessment is a fact. And, as a matter of policy, sales values becoming the new assessment is also a fact.

The rules for getting PILOTs are generally known, but I will agree that our politicians are pretty easy when it comes to approving them, but even then there is a timeline for getting to full value.

Corporations such as Walmart are constantly challenging their assessments as part of their business model, so you have to hope our Assessors have a good case when a challenge is brought.

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#1552590 --- 07/19/20 07:56 PM Re: $7,372,188.00 ? [Re: Tacitus]
Formermac Offline
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Registered: 10/22/12
Posts: 18033
Loc: Above ground
The primary reason I sold all my property in Geneva is for the fact that it tend to favor businesses promising vast jobs numbers, one favor, abatement on tax assessments, huge discounts given by NYSEG on gas and electric, guess who shoulders the expense seeing that 58 percent of the property there is already tax exempted.
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#1552591 --- 07/19/20 08:02 PM Re: $7,372,188.00 ? [Re: Tacitus]
Formermac Offline
Gold Member

Registered: 10/22/12
Posts: 18033
Loc: Above ground
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#1552625 --- 07/20/20 09:14 AM Re: $7,372,188.00 ? [Re: Tacitus]
Formermac Offline
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Registered: 10/22/12
Posts: 18033
Loc: Above ground
https://www.tax.ny.gov/research/property/reports/exempt/15exrpt.htm

How much more can the government milk out of the city residents in regard to property taxes?
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#1552635 --- 07/20/20 11:42 AM Re: $7,372,188.00 ? [Re: Tacitus]
bluezone Offline
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Registered: 12/19/04
Posts: 33448
Loc: USA
Originally Posted By: Tacitus
I think any rational buyer would question an asking price that is triple the assessment.


Calculate the value of the property using the cap rate and the NOI
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#1552698 --- 07/21/20 04:48 AM Re: $7,372,188.00 ? [Re: bluezone]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 339
If NOI = Net Operating Income, you are comparing the income-generating capacity of the business with the value of the property, ie. the land plus the building. Unless the buyer is also a huge drug store franchise, how does this make sense?

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#1552701 --- 07/21/20 07:20 AM Re: $7,372,188.00 ? [Re: Tacitus]
Formermac Offline
Gold Member

Registered: 10/22/12
Posts: 18033
Loc: Above ground
What was the original premise for this posting? Debating the actual asking price for a commercial parcel. now in your attempt to be correct, you're debating NOI, the subject within itself has nothing to do with independent workings related to demographic,location and local economy. The asking price is correlated to the type of business the willingness of buyer to invest which has no relation to what the local government states. You are now in the operative zone of conflating several factors to make a point.........while you're at it answer my question of the property tax exemption currently in Geneva. Your best bet to to not show your ignorance unless you're on the County board, city council or currently own a vast number of commercial property within Ontario County, any of which is looking at your post...I know one which we had an extensive conversation via phone call yesterday....yes I still have contact with certain elements related to Geneva.

It's ignorance within the city's and county operation which has cost the lost of the Outlet Mall 25 years ago while adding companies that buys permission to pollute the sky with Nitrous Oxide and contaminate the ground water.
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#1553410 --- 07/29/20 08:29 PM Re: $7,372,188.00 ? [Re: Tacitus]
bluezone Offline
Diamond Member

Registered: 12/19/04
Posts: 33448
Loc: USA
Originally Posted By: Tacitus
If NOI = Net Operating Income, you are comparing the income-generating capacity of the business with the value of the property, ie. the land plus the building. Unless the buyer is also a huge drug store franchise, how does this make sense?


If a business generates $750,000 noi it would not make sense to sell it at the assessed value of $2.5 million.

In just over 3 years the new owner would be profiting the full $750,000 noi

There are a number of ways to value a business

Noi

Replacement cost

Future value if there is an expected large expansion of a neighboring business that would draw customers to this business

Hamilton street has been fully developed putting land and buildings at a premium on a high traffic street
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