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General Ohio University Discussion/Alumni Events Topic
Topic: New digs for the prez
Page: 2 of 4
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Pete Chouteau
4/3/2015 9:19 AM
I'm not saying they fast-tracked this, but they've already completed the engineering study to install a hanging scoreboard in the pool house.
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Alan Swank
4/3/2015 10:53 AM
DelBobcat wrote:expand_more
As a quick check I went to Trulia and looked at properties on Athens southside. One sold for $358,000 in 2011 and had a 2013 tax assessment of $115,000. That's only 32% of the actual value. Another sold for $150,000 and had a tax assessment of $46,000. That's about 31%. A third had a 2011 market assessment of $305,000 and a 2013 tax assessment of $106,000. That's about 35%.

So if you extrapolate, the Coventry Lane property has a tax assessment of $581,000 and should sell for somewhere between $1,660,000 and $1,936,000. By that measure the university would be getting a very good deal. Throw in the extra lots and the deal gets even sweeter.

Now, that is obviously a very unscientific analysis. But it goes to show that the tax assessments are way lower than the price homes are going for on the market in Athens.
Just for a point of clarification, in Ohio the assessed value is 35% of the appraised value which is consistent with what you have stated. The rub is that the appraised value is $581,000 and the sale price is $1.2. That's what people are saying is overpaying.
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ts1227
4/3/2015 11:20 AM
Alan Swank wrote:expand_more
As a quick check I went to Trulia and looked at properties on Athens southside. One sold for $358,000 in 2011 and had a 2013 tax assessment of $115,000. That's only 32% of the actual value. Another sold for $150,000 and had a tax assessment of $46,000. That's about 31%. A third had a 2011 market assessment of $305,000 and a 2013 tax assessment of $106,000. That's about 35%.

So if you extrapolate, the Coventry Lane property has a tax assessment of $581,000 and should sell for somewhere between $1,660,000 and $1,936,000. By that measure the university would be getting a very good deal. Throw in the extra lots and the deal gets even sweeter.

Now, that is obviously a very unscientific analysis. But it goes to show that the tax assessments are way lower than the price homes are going for on the market in Athens.
Just for a point of clarification, in Ohio the assessed value is 35% of the appraised value which is consistent with what you have stated. The rub is that the appraised value is $581,000 and the sale price is $1.2. That's what people are saying is overpaying.
Exactly, the taxable value is much lower by law. Would the house fetch more than $581K on the open market? It's quite possible because county appraisers typically shoot low compared to a real estate/bank appraiser. But it's not to the tune of hundreds of thousands lower.
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OUs LONG Driver
4/3/2015 2:14 PM
Were any of the surrounding lots included in the deal? Could explain some of the difference.

Trulia.com lists a market valuation of $570,790 from 2011. According to Zillow.com housing market in Athens is up on average 6% since this time 4 years ago. Applying that increase we're up to $605,037. I have no idea how accurate either of those numbers are. Zillow for some reason does not appear to have a Zestimate for the property and a lot of property values nearby have crazy past valuations over the last 5 or 6 years (like up to $20 million for a house selling for $300k now).

I have zero issue with the president moving off campus or living in a $1.2 million house, however, something strange is definitely going on with the price of this specific property or properties.
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ts1227
4/3/2015 7:50 PM
OUs LONG Driver wrote:expand_more
Were any of the surrounding lots included in the deal? Could explain some of the difference.

Trulia.com lists a market valuation of $570,790 from 2011. According to Zillow.com housing market in Athens is up on average 6% since this time 4 years ago. Applying that increase we're up to $605,037. I have no idea how accurate either of those numbers are. Zillow for some reason does not appear to have a Zestimate for the property and a lot of property values nearby have crazy past valuations over the last 5 or 6 years (like up to $20 million for a house selling for $300k now).

I have zero issue with the president moving off campus or living in a $1.2 million house, however, something strange is definitely going on with the price of this specific property or properties.
There were 4 vacant parcels included, and I swear seeing that they aren't that big (like less than an acre combined), but don't hold me to it.

Doesn't change the value a ton. Even if you overvalue the hell out of the land at $100K, you're at $705K.
Last Edited: 4/3/2015 7:52:12 PM by ts1227
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yamaha45701
4/3/2015 9:53 PM
I lived next to the house for years. Been on the property. First off, almost seven acres, most of it woods and some open field in front. The house is HUGE, as it obscenely huge. John Wharton told me that is someone was in the opposite end of the house in the downstairs level, they would not know someone had come home upstairs. It has a $60,000 water feature in the back yard and tons of landscaping. The landscaper/mowing fee each year was over 20K. How much is it worth. At 1.6 million, it is probably a good deal.
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ts1227
4/3/2015 10:34 PM
The parcel the house sits on is only 2.8 acres.
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DelBobcat
4/13/2015 12:27 PM
Alan Swank wrote:expand_more
As a quick check I went to Trulia and looked at properties on Athens southside. One sold for $358,000 in 2011 and had a 2013 tax assessment of $115,000. That's only 32% of the actual value. Another sold for $150,000 and had a tax assessment of $46,000. That's about 31%. A third had a 2011 market assessment of $305,000 and a 2013 tax assessment of $106,000. That's about 35%.

So if you extrapolate, the Coventry Lane property has a tax assessment of $581,000 and should sell for somewhere between $1,660,000 and $1,936,000. By that measure the university would be getting a very good deal. Throw in the extra lots and the deal gets even sweeter.

Now, that is obviously a very unscientific analysis. But it goes to show that the tax assessments are way lower than the price homes are going for on the market in Athens.
Just for a point of clarification, in Ohio the assessed value is 35% of the appraised value which is consistent with what you have stated. The rub is that the appraised value is $581,000 and the sale price is $1.2. That's what people are saying is overpaying.
No the assessed value is $581,000, which means the appraised value is more like $1.6 to $1.7 million.
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Alan Swank
4/13/2015 1:04 PM
DelBobcat wrote:expand_more
As a quick check I went to Trulia and looked at properties on Athens southside. One sold for $358,000 in 2011 and had a 2013 tax assessment of $115,000. That's only 32% of the actual value. Another sold for $150,000 and had a tax assessment of $46,000. That's about 31%. A third had a 2011 market assessment of $305,000 and a 2013 tax assessment of $106,000. That's about 35%.

So if you extrapolate, the Coventry Lane property has a tax assessment of $581,000 and should sell for somewhere between $1,660,000 and $1,936,000. By that measure the university would be getting a very good deal. Throw in the extra lots and the deal gets even sweeter.

Now, that is obviously a very unscientific analysis. But it goes to show that the tax assessments are way lower than the price homes are going for on the market in Athens.
Just for a point of clarification, in Ohio the assessed value is 35% of the appraised value which is consistent with what you have stated. The rub is that the appraised value is $581,000 and the sale price is $1.2. That's what people are saying is overpaying.
No the assessed value is $581,000, which means the appraised value is more like $1.6 to $1.7 million.
Del - go to the Athens County Auditor's website and you'll see that the appraised value is $581,690 and the assessed value is $203,590.
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Alan Swank
4/13/2015 1:21 PM
Moot point and the rumors were true. OU isn't buying the house because it "was discovered that the owner of the home had made a verbal commitment of a gift to OU's athletic program prior to negotiations on leasing the home."
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The Optimist
4/13/2015 1:29 PM
Good chat. Not quite as enjoyable as the discussion last year about Saul's financial ability to purchase a home in Athens County, but still pretty solid quality here.
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Alan Swank
4/13/2015 2:17 PM
The Optimist wrote:expand_more
Good chat. Not quite as enjoyable as the discussion last year about Saul's financial ability to purchase a home in Athens County, but still pretty solid quality here.
Agreed. Amazing what a good protest or two will do as well as some media digging into questionable dealings by a public entity.
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Bobcatbob
4/13/2015 3:48 PM
So.

The story apparently is one of trading or promising a 6 figure donation to OUr athletic program in consideration of a conveniently timed real estate transaction. (Note I am being very careful not to be accusatory in this statement; only repeating aspects of other reports).

Folks, this is Ohio University, a MAC school, sitting in SE Ohio, in it's own little universe of hometown wannabe players. If this can come to pass here, is it any wonder that the A&M's of the world have trouble keeping track of their own high rollers and patrons. All I can say is Holy Crap!

Oh, and where is the Prez gonna live now?
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Alan Swank
4/13/2015 5:23 PM
Bobcatbob wrote:expand_more
So.

The story apparently is one of trading or promising a 6 figure donation to OUr athletic program in consideration of a conveniently timed real estate transaction. (Note I am being very careful not to be accusatory in this statement; only repeating aspects of other reports).

Folks, this is Ohio University, a MAC school, sitting in SE Ohio, in it's own little universe of hometown wannabe players. If this can come to pass here, is it any wonder that the A&M's of the world have trouble keeping track of their own high rollers and patrons. All I can say is Holy Crap!

Oh, and where is the Prez gonna live now?
The castle on Utah would be a great spot if the house on campus is deemed inappropriate. Lots of parking for events, gorgeous formal gardens for entertaining, and on the bus route to campus.
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Ohio69
4/13/2015 5:45 PM
Alan Swank wrote:expand_more
The castle on Utah would be a great spot if the house on campus is deemed inappropriate. Lots of parking for events, gorgeous formal gardens for entertaining, and on the bus route to campus.
Has the owner ever donated to OU? If so, that's a problem from now on it appears. I imagine the university is gonna have to look into building something now. Can't swing a dead cat without hitting a donor in this town.
Last Edited: 4/13/2015 5:47:29 PM by Ohio69
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SBH
4/13/2015 5:56 PM
Back when I was still in school, The Post did an expose on Wharton for selling $50,000 life insurance policies to students. He'd get the kids to sign up for the policies with promises that they wouldn't have to pay until after graduation. Always seemed like a blood-sucker to me.
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Alan Swank
4/13/2015 6:51 PM
SBH wrote:expand_more
Back when I was still in school, The Post did an expose on Wharton for selling $50,000 life insurance policies to students. He'd get the kids to sign up for the policies with promises that they wouldn't have to pay until after graduation. Always seemed like a blood-sucker to me.
Hate to admit it but I bought one of those policies from one of his buddies when I was at Muskingum in 1977. The plan was called College Master. The guy went right down the halls of the frat house and sold a bunch.
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Alan Swank
4/13/2015 6:54 PM
Ohio69 wrote:expand_more
The castle on Utah would be a great spot if the house on campus is deemed inappropriate. Lots of parking for events, gorgeous formal gardens for entertaining, and on the bus route to campus.
Has the owner ever donated to OU? If so, that's a problem from now on it appears. I imagine the university is gonna have to look into building something now. Can't swing a dead cat without hitting a donor in this town.
Sure you can. There are 3 different types of donors: altruistic donors, access donors, and expectant donors. It's the expectant donors that cause the problem.
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D.A.
4/13/2015 8:34 PM
Alan Swank wrote:expand_more
Moot point and the rumors were true. OU isn't buying the house because it "was discovered that the owner of the home had made a verbal commitment of a gift to OU's athletic program prior to negotiations on leasing the home."
Good story, if it were true, but who wants to let the truth get in the way of a salacious tale:

http://www.dispatch.com/content/stories/local/2015/04/13/...

http://www.ohio.edu/compass/stories/14-15/4/VPFA-Coventry...

While the quote is direct and accurate, the rumor you refer to is that there was a quid pro quos between Wharton and OHIO of a donation if the Foundation purchased the home, which is not true.
Last Edited: 4/13/2015 8:52:42 PM by D.A.
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OhioCatFan
4/13/2015 11:47 PM
D.A., I couldn't get either of your links to work.
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74 Cat
4/14/2015 6:26 AM
FWIW the story made the Montana Standard

http://mtstandard.com/news/national/ohio-university-won-t...


and here's what happened at UCLA

http://articles.latimes.com/1992-12-08/local/me-1630_1_ho...
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Alan Swank
4/14/2015 12:14 PM
Plain Dealer, Dispatch, NY Times - it's everywhere:

http://www.cleveland.com/metro/index.ssf/2015/04/ohio_uni...
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Ohio69
4/14/2015 2:04 PM
Kind of a bummer since the house met all the requirements I could think of: big and nice enough to host special events, secluded enough that there's privacy for family members (imagine if the next president had K-12 aged kids), inside city limits, etc.

The secluded nature of house was ideal. Won't get that in many other places inside the city limits.

Oh well.

Wonder what the next scandal/conspiracy will be. There's always something to have some fun paying attention to.
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Alan Swank
4/14/2015 7:10 PM
Ohio69 wrote:expand_more
Kind of a bummer since the house met all the requirements I could think of: big and nice enough to host special events, secluded enough that there's privacy for family members (imagine if the next president had K-12 aged kids), inside city limits, etc.

The secluded nature of house was ideal. Won't get that in many other places inside the city limits.

Oh well.

Wonder what the next scandal/conspiracy will be. There's always something to have some fun paying attention to.
The current house is over 8,000 square feet which is much larger than the new/old house at 4700 and change. Here's an interesting article on college presidents and their age:

http://chronicle.com/article/As-Presidents-Retire-College.../
Last Edited: 4/14/2015 7:11:20 PM by Alan Swank
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Ohio69
4/15/2015 9:01 AM
Alan Swank wrote:expand_more
The current house is over 8,000 square feet which is much larger than the new/old house at 4700 and change. Here's an interesting article on college presidents and their age:
http://chronicle.com/article/As-Presidents-Retire-College...]
Looks like we'll have to agree to disagree on this one. My opinion is it will be better for a president to have a nice sized, more private house. 4,700 square seems good. Gives a president and his/her family a nice place to retreat/unwind and enjoy family (kids or grandkids), friends, hobbies for the few free hours he/she has without students staring at him.

Also, I kind of like the idea of turning Park Place into a pedestrian area with more academic or student services space.

I'd even consider knocking down the current house and the houses next to it and building something much more attractive and useful.
Last Edited: 4/15/2015 9:02:17 AM by Ohio69
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